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Standard Chartered reiterates $100,000 Bitcoin target, cites Strategy shift

The bank links Strategy’s recent sell-off to investor misunderstanding of its move toward Bitcoin-backed STRC, noting STRC pays a 12% dividend and had about $2.55 billion of USD reserve for coverage.

Reported · Written up by our desk · Market Structure

Standard Chartered reaffirmed its end-2026 Bitcoin price target of $100,000, calling the setup “a screaming buy,” and said the recent weakness reflected how Strategy has communicated its changes rather than a deterioration in Bitcoin fundamentals.

In a Friday note to investors, the bank argued Strategy’s balance sheet concerns were overstated, pointing to a shift in how the company plans to monetize its holdings. It said that the market’s prior pricing depended on a “never sell” perception that supported Strategy’s mNAV model, but that with mNAV near 1.0, the prior arithmetic no longer works.

Standard Chartered described Strategy’s pivot toward holding Bitcoin as backing for STRC, a perpetual preferred stock it said functions like a credit product. It noted that STRC pays a 12% annual dividend in cash, settles twice a month, and resets monthly to keep the security near its $100 par value, with about $10 billion notional outstanding.

The bank also cited specific stress points in the structure, saying an internal loop emerged after STRC moved away from par, including an intraday low of $71.25 on June 26. It traced the divergence to a June 1 disclosure that Strategy sold 32 BTC in the prior week, and said STRC still traded near $90, while a USD reserve of $2.55 billion equaled 17.4 months of dividend coverage.

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