Bitcoin dropped from $80,000 to $60,000 after Strategy Inc. disclosed on June 1 that it had sold 32 BTC the previous week. That announcement rattled markets and triggered panic selling across the board.
Standard Chartered’s Global Head of Digital Assets Research, Geoffrey Kendrick, pushed back on that reaction. He called the selloff a “communication challenge” on Strategy’s part, not a sign of trouble with Bitcoin itself.
Strategy holds 843,775 BTC, making it the largest corporate holder of Bitcoin in the world. For years, the company operated under a “never sell bitcoin” approach, using debt and equity issuance to keep buying more.
Standard Chartered Says Bitcoin at $64K Is a “Screaming Buy,” Maintains $100K Target
According to The Block, Standard Chartered’s Head of Digital Assets Research Geoffrey Kendrick said recent concerns surrounding Strategy reflect a communication issue rather than balance sheet… pic.twitter.com/iEqndNVEYY
— Wu Blockchain (@WuBlockchain) July 10, 2026
That model worked when Strategy’s market value, measured by its mNAV, sat well above 1.0. It could issue shares, buy Bitcoin, and generate more value than the cost of the shares issued.
With mNAV now close to 1.0, that strategy no longer works in the same way. Strategy is now positioning its Bitcoin holdings to back STRC, its perpetual preferred stock, which pays a 12% annual dividend.
STRC has around $10 billion notional outstanding, making it Strategy’s largest financial instrument. It broke sharply from its $100 par value, hitting an intraday low of $71.25 on June 26, and currently trades around $90.
Strategy has announced a monetization program to sell Bitcoin from time to time, including to raise up to $1.25 billion for its dividend reserve. Its current USD reserve stands at $2.55 billion, covering about 17.4 months of dividend payments.
Kendrick said that if Strategy communicates this plan clearly, it should remove the need for further Bitcoin sales. He compared it to a central bank making a credible commitment to the market, and called Bitcoin at $64,000 “a screaming buy.”
JPMorgan analysts said formalizing Bitcoin sales creates “avoidable two-way risk,” since Strategy would now act as both a buyer and seller of the asset.
Grayscale’s head of research, Zach Pandl, took a different view. He argued the sales actually strengthen Strategy’s balance sheet and help Bitcoin find a more stable floor.
Strategy’s most recent sale was 3,588 BTC for approximately $216 million, its largest single disposal on record.
At the time of writing, Bitcoin was trading near $63,971, up 1.5% in the past 24 hours. Strategy shares were flat at around $93.99.
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