Standard Chartered · Strategy · Bitcoin · Decrypt
Last week, Bitcoin treasury company Strategy sold 3,588 BTC for about $216 million between June 29 and July 5
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In a note published Friday, Standard Chartered's Geoff Kendrick wrote that the bank sees the sales as "mostly noise rather than a signal" of Bitcoin's medium-term direction, and kept its end-2026 forecast of $100,000.
Key facts
- Strategy's BTC stack, bought for $63.7 billion, is worth around $54 billion at current prices, and the firm booked an $8.3 billion loss on its digital assets last quarter, almost all of it unrealized
- Last week, Bitcoin treasury company Strategy sold 3,588 BTC for about $216 million between June 29 and July 5 to cover preferred-share dividends and top up a cash reserve, leaving it with 843,775 BTC
- The shares are designed to trade near their $100 par value, but they slid to an intraday low of $71.25 on June 26 after the company disclosed its first Bitcoin sale earlier that month
- Bitcoin changed hands around $64,440 on Friday, up 3.8% on the week but down 42% over the past year and about 49% below its October 2025 record of $126,080, per CoinGecko data
Summary
Strategy has started selling Bitcoin to fund dividends on its preferred stock, a shift from its long-standing "never sell" stance that has unsettled the market. Standard Chartered calls the selling "mostly noise" and a communication problem, and is sticking to its end-2026 Bitcoin forecast of $100,000. Bitcoin trades around $64,440, up 3.8% on the week but down 42% on the year, while Myriad traders give Strategy a slim chance of holding 1 million BTC this year. Strategy's turn from hoarding Bitcoin to selling it, to pay dividends on its preferred stock, has "muddied" Bitcoin's near-term prospects, according to a new Standard Chartered note that nonetheless urges investors to look past it. Last week, Bitcoin treasury company Strategy sold 3,588 BTC for about $216 million between June 29 and July 5 to cover preferred-share dividends and top up a cash reserve, leaving it with 843,775 BTC.