Standard Chartered has maintained its forecast of $100,000 per bitcoin by the end of 2026, according to The Block. The bank maintains that the decline in the bitcoin price this summer, amid the sale of bitcoins by Strategy — is a temporary phenomenon, and once Michael Saylor’s company demonstrates to the community that its new strategy is effective, pressure on the price of the first cryptocurrency will ease, RBC reports.
“I view what’s happening at MSTR as a communication issue, nothing more,” wrote Jeffrey Kendrick, head of digital asset research at Standard Chartered.
Strategy holds 843,775 bitcoins, or more than 4% of the 21 million coins that will ever be in circulation. But due to the price drop, the company’s unrealized gains have exceeded $8 billion.
From 2020 through mid-2025, Strategy’s mNAV—the ratio of the firm’s value to the value of its Bitcoin assets—was significantly above 1, allowing the company to issue shares and buy Bitcoin. The report notes that the primary goal of this model was to convince the market that Strategy would never sell its assets.
Why Strategy Began Selling Bitcoin
In May 2026, Strategy began selling Bitcoin for the first time in several years. The company announced a monetization program that would allow it to sell Bitcoin from time to time, including to replenish its dollar reserve, which is used to meet its obligations.
According to Kendrick, after backing away from its promise to “never sell Bitcoin”, Strategy needs to convince the market that this is not a weakening of its business model, but rather a strategic shift. The analyst believes that how quickly the pressure on Bitcoin eases will depend on how clearly this idea is communicated.
He says that effectively demonstrating the new mechanism should free Strategy from the need to sell bitcoins, thereby supporting the price of STRC preferred shares. These shares are currently trading below their $100 par value, which is holding back the company’s potential.
The expert compared this mechanism to a central bank that promises to do “whatever it takes” and is trusted so much that such measures are never actually necessary. Kendrick expects STRC to return to $100 in the near future, which will limit further pressure on Bitcoin.
The analyst described the developments surrounding Strategy as “market noise” rather than a signal of a change in Bitcoin’s medium-term outlook. In his view, the current price of around $64,000 per coin remains an excellent buying opportunity.
Last week, Strategy sold 3,588 BTC for approximately $216 million, marking its largest sale to date. The proceeds were used to pay dividends on STRC and to replenish its U.S. dollar reserves.
