Strategy Bitcoin Sales 'Mostly Noise,' Standard Chartered Says, Holding $100K BTC Call
DECRYPT ·
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, in order 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. That came after a token sale of just 32 BTC in early June that triggered its worst week since 2022 . 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.
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