**[Standard Chartered Bank Maintains $100,000 Bitcoin Price Target: Strategy Selling Bitcoin Not a Sign of Worsening Risk]** Odaily Planet Daily News – Standard Chartered Bank stated that it maintains its prediction that Bitcoin will reach $100,000 by the end of 2026. The bank believes the recent market downturn triggered by developments related to Strategy (formerly MicroStrategy) is not due to a deterioration in the company’s balance sheet but rather stems from the market’s insufficient understanding of its strategic adjustments. Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, noted in a report that Strategy’s recent actions are disrupting short-term market expectations for Bitcoin. Previously, the market had embraced the company’s narrative of "never selling Bitcoin," but now Strategy appears to be shifting toward a more complex capital operation model. Whether this change can be clearly communicated will determine when market pressure eases. Currently, Strategy holds 843,775 Bitcoins, accounting for over 4% of Bitcoin’s total supply of 21 million. Between 2020 and mid-2025, Strategy’s mNAV (enterprise value/Bitcoin asset value) consistently exceeded 1, enabling the company to finance Bitcoin purchases through stock issuance and achieve shareholder value growth. The commitment to "never selling Bitcoin" was central to the market’s acceptance of this model. However, with the current mNAV approaching 1, the leverage effect of this financing model is weakening. Kendrick believes Strategy is transitioning from a "Bitcoin accumulation tool" to a "Bitcoin credit support tool," using its Bitcoin holdings as the credit foundation for its perpetual preferred stock, STRC. STRC, currently valued at approximately $10 billion, is Strategy’s largest financial instrument, offering an annualized dividend yield of 12%, paid in cash every two weeks, and maintaining its price near the $100 par value through an adjustable interest rate mechanism. Standard Chartered Bank stated that STRC is currently trading around $90, while Strategy’s dollar reserves for dividend payments amount to approximately $2.55 billion, sufficient to cover about 17.4 months of dividend payouts. Kendrick emphasized that Strategy’s policy adjustment to allow Bitcoin sales does not necessarily mean the company will continue selling. He believes that as long as the market trusts the new capital structure arrangement to stabilize STRC’s price, Strategy may not need to sell Bitcoin at all. He likened this mechanism to a central bank’s "whatever it takes" commitment: the mere restoration of market confidence could prevent actual intervention from being necessary. (The Block)