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Strategy’s Bitcoin sales seen as short term distraction by Standard Chartered

Standard Chartered kept its end 2026 Bitcoin target at $100,000 even after Strategy sold 3,588 BTC for about $216 million to fund preferred share dividends, leaving it with 843,775 BTC.

Reported · Written up by our desk · Market Structure

Strategy has started selling Bitcoin to fund dividends on its preferred stock, a change from its prior “never sell” stance that has unsettled parts of the crypto market, according to a note discussed by Decrypt.

Standard Chartered characterized the sales as “mostly noise rather than a signal” for Bitcoin’s medium term direction, while reiterating its end 2026 forecast of $100,000. Bitcoin was trading around $64,440 at the time of the report, up 3.8% on the week but down 42% on the year.

The reporting cites that between June 29 and July 5, Strategy sold 3,588 BTC for about $216 million to cover preferred share dividends and top up a cash reserve, resulting in holdings of 843,775 BTC. Decrypt also notes Strategy’s earlier June token sale of 32 BTC triggered its worst week since 2022.

Standard Chartered pointed to a stalled “machine” model for Strategy, saying the premium that previously supported accumulation has evaporated, with mNAV around 1 on an enterprise value basis. The outlet also reports that Strategy booked an $8.3 billion loss on digital assets last quarter, almost all unrealized, and has repurposed its Bitcoin stack as collateral for STRC, a perpetual preferred stock known as “Stretch” that pays a 12% annual dividend and has about $10 billion outstanding.

Latest closeBitcoin $63,968.27 ▲1.2%

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