Bitcoin has climbed back above $64,000 after Standard Chartered reaffirmed its $100,000 year-end 2026 price target and argued that recent selling linked to Strategy has not weakened Bitcoin’s long-term outlook.
Summary
- Standard Chartered says Strategy-related concerns, not Bitcoin fundamentals, caused the recent market pullback.
- The bank has reaffirmed its $100,000 Bitcoin price target for the end of 2026 despite recent volatility.
- Wells Fargo increased its Strategy stake while trimming IBIT holdings and expanding its crypto options positions.
Standard Chartered said the recent decline in Bitcoin was driven more by uncertainty over Strategy’s changing treasury approach than by any deterioration in the cryptocurrency’s fundamentals.
In a research note, the bank maintained that the latest pullback should not be viewed as a sign that the longer-term bull case has changed.
Strategy’s treasury changes remain at the center of investor attention
According to Standard Chartered’s Global Head of Digital Assets Research, Geoff Kendrick, investors have largely misunderstood Strategy’s evolving use of its Bitcoin holdings. Rather than continuing to rely mainly on debt and equity issuance to accumulate Bitcoin, the company is increasingly using its treasury to support credit-focused products, including its perpetual preferred stock, STRC.
Standard Chartered said this development has altered how some investors interpret Strategy’s role in the Bitcoin market. The bank added that clearer communication around the company’s treasury plans could help reduce concerns over future Bitcoin sales.
In its report, Standard Chartered compared the importance of credible corporate commitments with the way central banks use consistent policy signals to build market confidence.
Earlier this year, Strategy’s Bitcoin sale triggered a sharp market reaction after investors questioned whether the company might continue reducing its holdings. According to the report, the announcement contributed to Bitcoin falling from around $80,000 to nearly $60,000, while Strategy shares and STRC also declined as investor confidence weakened.
Even during that period, however, Standard Chartered kept its forecast that Bitcoin could reach $100,000 by the end of 2026, arguing that the market had overreacted to uncertainty surrounding Strategy rather than changes in Bitcoin itself.
Institutional positioning continues to evolve
As Bitcoin recovered to trade near $64,500, institutional investors also adjusted their exposure to Strategy and crypto investment products.
As previously reported by crypto.news, Wells Fargo disclosed in its latest filing with the U.S. Securities and Exchange Commission that it increased its holding in Strategy by 125%, lifting its position to nearly 726,000 shares after adding about $41.5 million in exposure.
The same filing also showed that Wells Fargo reduced its position in BlackRock’s iShares Bitcoin Trust by 75,102 shares compared with the previous quarter.
At the same time, the bank opened a new IBIT call position and expanded its put exposure during a period of elevated market uncertainty tied to the U.S.-Iran conflict, indicating a more balanced options strategy instead of relying solely on spot ETF holdings.
Beyond Bitcoin-related investments, the SEC filing showed that Wells Fargo also increased its exposure to Ethereum- and Solana-linked products, suggesting continued institutional participation across multiple digital asset markets despite recent volatility.
Standard Chartered argued that if Strategy succeeds in explaining how its treasury model is changing, concerns about additional Bitcoin sales could ease further. With Bitcoin trading back above the $64,000 level while the bank maintains its long-term forecast, the report said investor confidence could continue improving as uncertainty around Strategy’s financing strategy fades.
