Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, said the market has misunderstood Michael Saylor’s latest adjustment to Strategy Inc.’s Bitcoin approach. In his view, the recent selling pressure reflects confusion over the company’s revised structure rather than any change in Bitcoin’s long-term outlook.
Kendrick said Strategy is moving Bitcoin away from its role as a reserve accumulation asset and toward use as collateral backing STRC preferred shares. He maintained his forecast that Bitcoin will reach $100,000 by the end of 2026.
At the time of publication, BTC was trading at $64,322.89, while Strategy’s stock, MSTR, closed Friday at $94.64. Kendrick also said STRC has roughly $10 billion in unpaid notional value and argued that Bitcoin backing leaves the preferred shares in a heavily overcollateralized position.
Standard Chartered points to market confusion
According to ChainCatcher, Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, said the market has misread Michael Saylor’s adjustment to Strategy Inc.’s Bitcoin strategy. He said the recent selling pressure came from confusion around that shift, not from any change in Bitcoin’s long-term outlook.
Bitcoin now framed as collateral for STRC
Kendrick said Strategy is moving Bitcoin from a reserve accumulation asset to collateral supporting STRC preferred shares.
He kept his forecast for Bitcoin at $100,000 by the end of 2026. At press time, BTC traded at $64,322.89, while Strategy shares, MSTR, closed Friday at $94.64.
STRC notional value stands near $10 billion
Kendrick also said STRC has about $10 billion in unpaid notional value, adding that Bitcoin backing leaves the preferred stock in a highly overcollateralized position.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
