Bitcoin holds above $64,400 as Strategy pivots its Bitcoin strategy

Bitcoin traded above $64,400 on Friday, buoyed by Standard Chartered’s $100,000 end‑2026 price target and a clearer view of Strategy’s shift from a “never sell” stance to a more nuanced monetisation approach【1】. The move matters because Strategy, the largest corporate Bitcoin holder, controls 843,775 coins (over 4 % of the total supply) and its policy signals can sway market sentiment.

Strategy’s pivot and its market impact

Strategy disclosed on June 1 that it sold 3,588 BTC, its largest single disposal, raising about $216 million to fund preferred‑stock dividends and replenish its reserve【1】. The sale broke the company’s long‑standing “never sell” narrative, prompting Geoffrey Kendrick of Standard Chartered to argue that the firm is now treating Bitcoin as collateral for its perpetual preferred stock (STR C), which pays a 12 % annual dividend and carries a $100 par value. With the mNAV (enterprise value divided by Bitcoin value) hovering near 1.0, the previous premium that let Strategy issue shares and buy Bitcoin no longer applies, making the new “complex approach” critical for market perception【1】.

Price reaction and on‑chain context

BTC’s price held above $64,400, roughly $400 above the $64,000 level Kendrick labeled a “screaming buy.” This price sits near the recent intraday low of $71.25 that STR C hit on June 26 after the disclosure, suggesting the market has absorbed the shock without a sustained downtrend【1】. STR C’s USD reserve of $2.55 billion—enough for 17.4 months of dividend coverage—remains a buffer that could support Bitcoin’s price if the preferred‑stock mechanism functions as intended【1】. Meanwhile, the broader crypto market cap data from Blockchain.com shows Bitcoin’s dominance still strong, with the largest listed holdings ranging from $146 to $1,080 across various addresses, underscoring continued concentration among major holders【3】.

Regulatory backdrop

Separately, the CLARITY Act hearing in New York on July 17 highlights ongoing legislative efforts to cement Bitcoin’s commodity status, though the bill’s passage hinges on a Senate vote that remains uncertain【2】. While the act would not immediately shift price, permanent legal certainty could encourage institutional inflows, aligning with Standard Chartered’s long‑term bullish outlook.

What to watch

• Bitcoin price at $65,000 resistance and $62,000 support.
• Further Strategy BTC disposals or purchases, especially any moves that alter the mNAV above or below 1.0.
• Senate action on the CLARITY Act before the August recess, which could lock in Bitcoin’s commodity classification.

The significance lies in whether Strategy’s new monetisation model can sustain Bitcoin’s price rally without reverting to large sell‑offs, and whether legislative certainty will cement institutional confidence in the asset’s long‑term trajectory.