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  • Standard Chartered strategist walks back $120K BTC call, admits target might be ‘too low’

    Standard Chartered strategist walks back $120K BTC call, admits target might be ‘too low’

    Standard Chartered strategist walks back $120K bitcoin call

    • Geoffrey Kendrick pointed to several factors driving the bullish momentum.
    • As of Thursday, Bitcoin was trading just shy of the $100,000 mark.
    • Software company MicroStrategy has ramped up its Bitcoin purchases.

    Bitcoin’s relentless rally is prompting some analysts to revise their boldest predictions.

    Standard Chartered’s Geoffrey Kendrick, a well-known Bitcoin bull, has now admitted that his earlier forecast of $120,000 for the world’s largest cryptocurrency might be too conservative.

    In an email shared with clients on Thursday, Kendrick said, “I apologise that my USD120k Q2 target may be too low,” acknowledging the accelerating momentum in Bitcoin’s price.

    As of Thursday, Bitcoin was trading just shy of the $100,000 mark—up over 3% to $99,293, after briefly touching $99,897.

    Kendrick, who heads digital asset research at Standard Chartered, originally predicted last month that Bitcoin would reach a record high of $120,000 in the second quarter of 2025.

    His thesis was built on two major trends: a strategic shift of capital away from US assets and increasing accumulation of bitcoin by institutional “whales”—major holders with large buying power.

    Now, he believes those estimates may underestimate Bitcoin’s real potential.

    “The dominant story for Bitcoin has changed again,” Kendrick noted. “It is now all about flows. And flows are coming in many forms.”

    Kendrick pointed to several factors driving the bullish momentum, including surging institutional investment via US spot Bitcoin ETFs.

    Over the past three weeks alone, Bitcoin ETFs have seen $5.3 billion in inflows, according to his analysis.

    This suggests that mainstream financial players are steadily increasing their exposure to digital assets.

    He also highlighted big-ticket moves by institutional investors.

    Software company MicroStrategy has ramped up its Bitcoin purchases, effectively acting as a proxy stock for Bitcoin exposure.

    Meanwhile, the Abu Dhabi sovereign wealth fund has taken a position in BlackRock’s IBIT bitcoin ETF, and even the Swiss National Bank has reportedly invested in MicroStrategy shares.

    With Bitcoin price predictions now being revised upward and institutional capital flowing in at record levels, Kendrick’s new outlook signals a potentially explosive summer for crypto markets.

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  • Amazon shareholders call for the company to hold 5% of its assets in Bitcoin

    Amazon shareholders call for the company to hold 5% of its assets in Bitcoin

    • MicroStrategy’s stock has outperformed Amazon’s stock by 537% in the past year
    • The proposal calls for Amazon to include some Bitcoin to maximize shareholder value without taking on too much risk
    • Last week, Michael Saylor, CEO of MicroStrategy called on Microsoft to adopt Bitcoin, calling it “digital capital”

    A group of Amazon shareholders has requested that the company allocate 5% of its assets in Bitcoin.

    The National Center for Public Policy Research, a free-market, independent conservative think tank, submitted the proposal to Amazon for consideration at its 2025 annual shareholder meeting.

    The proposal, shared by Tim Kotzman, a podcast host covering Bitcoin and MicroStrategy, recommends adding “assets to its treasury that appreciate more than bonds, even if those assets are more volatile short-term.”

    The proposal points to Bitcoin’s price, which has increased more than 131% over the past year, outperforming corporate bonds by more than 126%, on average.

    “MicroStrategy – which holds Bitcoin on its balance sheet – has had its stock outperform Amazon stock by 537% in the previous year,” the proposal said.

    “And they’re not alone. Institutional and corporate Bitcoin adoption is becoming more commonplace: more public companies such as Tesla and Block have added Bitcoin to their balance sheets; Amazon’s second and fourth largest institutional shareholders – BlackRock and Fidelity, respectively – offer their clients a Bitcoin ETF; and the US government may form a Bitcoin strategic reserve in 2025.”

    The proposal points out that while Bitcoin is a “volatile asset,” Amazon’s stock was the same in the past. Because of this, companies have “a responsibility to maximize shareholder value over the long-term as well as the short-term,” adding:

    “Diversifying the balance sheet by including some Bitcoin solves this problem without taking on too much volatility. At minimum, Amazon should evaluate the benefits of holding some, even just 5%, of its assets in Bitcoin.”

    Michael Saylor calls Bitcoin “digital capital”

    The shareholder proposal comes as Michael Saylor, CEO of MicroStrategy, said to Microsoft that Bitcoin is the best asset a company should own, claiming it represents the “greatest digital transformation of the 21st century.”

    In a three-minute video posted on X last week, Saylor said:

    “Microsoft can’t afford to miss the next technology wave, and Bitcoin is the next wave. Bitcoin represents the greatest digital transformation of the 21st century; it represents digital capital.”

    Talking about long-term capital, Saylor noted that risk – including general taxes, politics, recession, regulation, war, and the weather – is destroying over $10 trillion in capital each year.

    Because of this, investors are turning their attention to digital capital, such as Bitcoin, to avoid these risks. In Saylor’s view, “it makes sense” for Microsoft to buy and hold Bitcoin rather than buy back stock or hold bonds.

    “If you’re going to outperform, you’re going to need Bitcoin,” Saylor said. “You’ve surrendered hundreds of billions of dollars of capital over the past five years, and you’ve just amplified the risks that your own shareholders face. If you want to escape that vicious cycle, you’re going to need an asset without counterparty risk.”

    In Saylor’s opinion, that lies with Bitcoin.

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  • Grayscale applies for a covered call Bitcoin ETF

    Grayscale applies for a covered call Bitcoin ETF

    • Grayscale Investments files for covered call Bitcoin ETF post-SEC’s GBTC approval.
    • Covered call strategy leverages options on Grayscale Bitcoin Trust, targeting income.
    • Grayscale’s legal triumph shapes the evolving regulatory landscape for cryptocurrency.

    Cryptocurrency asset manager Grayscale Investments continues its strategic moves in the crypto market, recently applying for a covered call Bitcoin ETF.

    This comes hot on the heels of the successful launch of its spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC). The move signifies Grayscale’s commitment to diversifying its offerings and expanding its presence in the cryptocurrency landscape.

    Grayscale continues crypto market forays

    Grayscale Investments’ bold move follows the approval of its spot Bitcoin ETF, GBTC, by the US Securities and Exchange Commission (SEC). The covered call ETF is designed to allow investors to generate income from options on Grayscale’s Bitcoin Trust.

    The Grayscale Bitcoin Trust Covered Call ETF will involve the strategic sale of call options, enhancing investor yield by combining asset purchases with option writing.

    The covered call strategy incorporated in Grayscale’s ETF suits investors anticipating minimal movement in the underlying Bitcoin price over the long term. Investors employing the covered call strategy often have a long-term asset retention plan while seeking to generate income through options trading.

    Grayscale’s move to introduce a covered call Bitcoin ETF aligns with the broader industry trend of expanding investment avenues in the cryptocurrency market.

    Background: Grayscale’s journey to Bitcoin ETFs

    Grayscale’s foray into the covered call ETF space comes on the heels of a complex regulatory journey. The asset management firm had initially faced hurdles when the SEC rejected its application to convert the existing Grayscale Bitcoin Trust into an ETF.

    However, a federal appeals court ruled in Grayscale’s favour in August 2023, prompting optimism and paving the way for the recent SEC approval.

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