Michael Saylor is no stranger to being the center of attention whenever he talks about Bitcoin. But this time, the spotlight comes from an unwelcome direction: a Standard Chartered analyst has openly stated that Saylor’s messaging is “muddying the waters” for Bitcoin’s near-term outlook.
Geoff Kendrick, head of global digital assets research at Standard Chartered, wrote in a note to clients that Strategy’s recent moves - and how Saylor communicates them - are confusing the market just when Bitcoin needs clarity to regain its footing.
From ‘Never Sell’ to Selling for Dividends
At the root of the confusion is Strategy’s own shift in direction. The company, which for years pledged never to let go of a single Bitcoin, has now established a framework allowing BTC sales to fund dividends and replenish cash reserves. Earlier this month, Strategy offloaded roughly $216 million worth of Bitcoin, trimming its stash to 843,775 coins according to a filing submitted to U.S. securities regulators on July 6.
According to Kendrick, the issue with the old “never sell” stance was its limitations: the massive Bitcoin reserve could not do much, or at least appeared to do little. Strategy began shifting its messaging over the past few months - selling BTC twice and announcing a Bitcoin monetization program. But it is this half-baked transition that the analyst says has caused the market to misinterpret its moves.
Numbers That Have Investors on Edge
The anxiety is not unfounded. Strategy’s common stock under the ticker MSTR has lost more than 70% of its value since July 2025, closing at $94.64 on Friday - tumbling far from its 52-week high of $457.22. Its STRC preferred shares, designed to stay around $100 per share, also sank to their lowest level since being introduced a year ago.
Kendrick argues that clear communication regarding MSTR’s new strategy - using Bitcoin as a backstop for STRC - is key to reassuring the market that a massive fire sale will not happen. Ironically, he noted, if that signal were communicated clearly, Strategy might not even need to actually sell Bitcoin at all, as market confidence alone would support the price. Standard Chartered maintains its year-end Bitcoin price target of $100,000.
The real test comes on July 30, when Strategy reports second-quarter earnings - with analyst consensus at $4.28 per share, after the company missed estimates in six of the last eight quarters. Until that report is released, Bitcoin holders should keep in mind one point emphasized by Standard Chartered: sometimes what rattles prices is not the selling itself, but the lack of clarity around when and why it happens.
Reported by Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
