Strategy Bitcoin Sales 'Mostly Noise,' Standard Chartered Says, Holding $100K BTC Call
Standard Chartered says Strategy’s recent Bitcoin sales to fund preferred-stock dividends have clouded near-term BTC sentiment, but are likely “noise rather than a signal” for the medium term. Strategy sold 3,588 BTC for about $216 million in late June/early July, after a smaller June sale, leaving 843,775 BTC. The company’s old model—issuing stock above net asset value to buy more Bitcoin—has stalled as its mNAV premium disappeared, with some trackers showing its equity trading at a discount to its BTC holdings. Strategy is now using Bitcoin as collateral for STRC, a perpetual preferred stock with a 12% dividend. A new “Bitcoin Monetization Program” allows up to $1.25 billion in BTC sales to support dividends, but Standard Chartered says clear communication could reassure markets and reduce the need for further sales. The bank kept its $100,000 Bitcoin forecast for end-2026.
