In short
- Strategy has begun selling Bitcoin to fund its preferred investment, a shift from its long-standing “don’t sell” strategy that has been disrupting the market.
- Standard Chartered calls the transaction “usually noise” and a communication problem, and it is sticking to the end of 2026 Bitcoin prediction of $ 100,000.
- Bitcoin trading around $64,440, 3.8% for the week but down 42% for the year, while Myriad traders give Strategy a small opportunity to hold 1 million BTC this year.
Strategy has changed from saving Bitcoin to sell, to pay dividends on his preferred stock, has “disrupted” Bitcoin prospects in the near term, according to a new report by Standard Chartered that encourages investors to look ahead.
Last week, Bitcoin treasury company Strategy sold 3,588 BTC for about $216 million between June 29 and July 5 to cover their preferred shares and increase their savings, leaving them with 843,775 BTC. This came after the 32 BTC token sale at the beginning of June it started its worst week since 2022.
In a note published on Friday, Standard Chartered’s Geoff Kendrick wrote that the bank sees the sale as “more noise than a sign” of the instructions Bitcoin medium-says, and continued its End 2026 Mapa 100,000 $.
Story of the mNAV Strategy
For years Strategy he ran a simple machine: as long as its shares sell better than the price of Bitcoin Holdings, the price measured by the metric called mNAV, it can issue a stock, buy more BTC, and increase its price as well The price of Bitcoin. The price has evaporated.
Standard Chartered puts mNAV around 1 for the business value, while the follower trades lower: BitcoinTreasuries it has assets of about 0.7 times the value of Bitcoin on a diluted basis, minus about a third. In any case, the machine stopped. Strategy’s BTC stack, bought for $63.7 billion, is worth about $54 billion at current prices, according to the company. they deposited $8.3 billion of its digital assets last quarter, almost all of it was not done.
The opinion of the company STRC
With this expansion stopped, Strategy is repurchasing Bitcoin as collateral for STRC, a long-term preferred stock known as “Stretch” that pays a 12% annual dividend and has a net worth of $10 billion, on Standard Chartered.
The shares were designed to trade near their $100 price, but fell to $71.25 on June 26 after the company disclosed its earnings. the first Bitcoin transaction at the beginning of that month. The price action since then shows that “the market is still not convinced about this pivot,” Kendrick wrote. Under the “BTC Monetization Program” unveiled on June 29, the Strategy ends up to $1.25 billion by selling Bitcoin for the money to be paid.
Kendrick said that clear communication is “the key to encouraging the markets that a large sell-off is not possible,” which should return STRC to $100 par and further reduce the pressure on Bitcoin. Because the stock is “highly-collateralised” with Bitcoin behind it, he wrote, the signature effect can remove the need for the Strategy to sell any more. The analyst noted that the shared storage space now has $2.55 billion, about a year and a half.
What the market thinks
Bitcoin changed hands at around $64,440 on Friday, up 3.8% for the week but down 42% from last year and about 49% below its October 2025 record of $126,080, on CoinGecko data.
Investors are skeptical that the Strategy’s buying strategy will resume slowly. A market at Myriadprediction platforms for Decrypt‘s parent company Dastan, puts the chance of the company holding more than 1 million BTC before 2027 at around 13%. The system holds 843,775 today, more than 4% of all Bitcoin that will ever exist.
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