Bitcoin-MSTR Panic Is ‘Mostly Noise’ – BTC A ‘Screaming Buy’ At $64K, Says Standard Chartered

• Standard Chartered's Geoff Kendrick kept his year-end Bitcoin forecast at $100,000 and said concerns about Strategy's recent BTC sales are "mostly noise."
• The analyst added that Strategy's Bitcoin holdings are evolving from an accumulation asset into collateral supporting its STRC preferred stock.
• He also noted that Strategy has a $2.55 billion cash buffer, which can generate 17 months’ worth of STRC dividend payments, reducing the need for future Bitcoin sales. 

Standard Chartered's Geoff Kendrick maintained his $100,000 target for Bitcoin (BTC) on Friday, and said concerns around Strategy (MSTR) selling the apex cryptocurrency are “mostly noise.”

“I see what is happening at MSTR right now as a communication challenge, nothing more,” Geoffrey said in an email. “Michael Saylor is trying to tell investors that the purpose of the Bitcoin MSTR owns has changed.” He added that Bitcoin at $64,000 is a “screaming buy” alongside MSTR’s stock, currently trading at around $94. 

MN Fund Founder Michael van de Poppe echoed a similar sentiment, adding that while many investors may not buy Bitcoin at $60,000 because they anticipate the price to fall to $40,000, the apex cryptocurrency is still likely to hit $ 500,000 in the coming years. 

Bitcoin’s price rose over 2% in the last 24 hours, trying to hold above the $64,000 threshold but running into resistance at $65,000. Retail sentiment around the leading cryptocurrency on Stocktwits trended in ‘bullish’ territory over the past day, accompanied by ‘normal’ levels of chatter. 

Meanwhile, MSTR’s stock price gained 2.5% in morning trade, with retail sentiment also trending in ‘bullish’ territory over the past day. Chatter remained at ‘low’ levels. 

MSTR's Pivot From Accumulation To Collateral

Strategy, the largest Bitcoin treasury company and holder of 843,775 BTC after announcing it had sold over 3,500 BTC on Monday, built a "never sell Bitcoin" reputation for itself between 2020 and mid-2025.

It issued shares while its mNAV, a metric dividing enterprise value by BTC holdings, traded well above 1.0. That let the company raise cash, buy more Bitcoin, and grow shareholder value simultaneously.

With MSTR’s mNAV now hovering near 1.0, Kendrick said Strategy is shifting the purpose of its Bitcoin holdings entirely, from an accumulation vehicle to collateral backing its perpetual preferred stock, STRC. 

Why The Market Is Struggling To Believe MSTR’s Pivot

Kendrick wrote that Strategy executive chairman Michael Saylor "needs to convince us he can sell Bitcoin if needed" for markets to accept the new collateral framing and that that messaging shift has come at a cost.

STRC, designed to trade near its $100 par value, fell to an intraday low of $71.25 on June 26 after Strategy disclosed on June 1 that it had sold 32 BTC the prior week, the kind of sale that contradicts years of "never sell" positioning. 

Kendrick cited Standard Chartered's research showing STRC and Bitcoin prices have moved in tandem since that announcement, with Bitcoin sliding from around $110,000 in early May to roughly $75,000 by late June.

He compared the dynamic to central bank forward guidance. Kendrick stated that once markets fully believe a central bank will do "whatever it takes," it often ends up not needing to act at all. 

He expects the same to play out with Strategy, with MSTR’s $2.55 billion cash reserve enough to cover 17.4 months of STRC dividends. The analyst stated that if investors accept that Bitcoin now backs STRC as collateral, the company won't need to keep selling to prove the point, which should remove pressure on Bitcoin's price. 

Bitcoin’s price has fallen over 25% this year, while MSTR’s stock has dropped nearly 40%. 

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