Investing.com — Standard Chartered told investors in a note on Friday that uncertainty around Strategy’s evolving approach to its holdings is creating near-term noise for the cryptocurrency, but maintained its end-2026 Bitcoin price forecast of $100,000, arguing that clearer communication from the company should soon remove the overhang.
Analyst Geoff Kendrick said Strategy, formerly MicroStrategy and the largest corporate Bitcoin holder with 843,775 coins representing more than 4% of the total 21 million that will ever exist, “appears to be pivoting from its ‘never sell Bitcoin’ mantra to a more complex approach.”
The pivot has been driven by Strategy’s mNAV metric, which divides enterprise value by Bitcoin holdings, falling to around 1.0 from well above that level between 2020 and mid-2025.
With the original share-issuance-to-buy-Bitcoin model no longer as effective at those valuations, Standard Chartered said Strategy is now “pivoting towards holding Bitcoin as backing for its preferred stock,” , which acts as a credit product.
Kendrick stated that STRC, which has approximately $10 billion notional outstanding, “is heavily over-collateralised and should therefore trade back to $100” from around $90 currently.
He added that effective communication of Strategy’s new approach “is key to reassuring markets that wholesale selling is unlikely,” adding that “if this signalling proves effective, it should remove the need for to actually sell any .”
Standard Chartered views recent Bitcoin price weakness as “mostly noise rather than a signal of BTC’s medium-term direction,” maintaining its year-end forecast of $100,000.
