Standard Chartered has reaffirmed its $500,000 Bitcoin price target for before Trump leaves office, with the bank's Global Head of Digital Assets Research Geoffrey Kendrick standing by his forecast even as Bitcoin trades over $64,000, roughly 49% below the $126,198 all-time high set in October 2025. According to Standard Chartered's latest analysis, Trump's renewed public endorsement of Bitcoin at a White House event on July 6 has brought the long-term forecast back into focus, with the president explicitly citing geopolitical competition as his primary rationale. "If we don't have it, China's going to have it," Trump stated, emphasizing that digital asset dominance is a sovereignty question rather than just a financial one. The China framing carries specific policy weight, as China has maintained one of the world's strictest bans on crypto trading and mining since 2021 while developing its own central bank digital currency, giving the White House's pro-crypto posture a national security anchor that is harder to walk back than market-driven endorsements.
According to Wells Fargo's latest SEC filing, the $2.5 trillion asset manager increased its holding in Michael Saylor's Strategy (MSTR) by 125% to nearly 726,000 shares, adding roughly $41.5 million in exposure. At the same time, the bank reduced its position in BlackRock's iShares Bitcoin Trust (IBIT) by 75,102 shares compared with the previous quarter, while also opening a new IBIT call position and increasing its put exposure during a period of heightened market uncertainty linked to the U.S.-Iran conflict. The filing reveals Wells Fargo disclosed 6.5 million shares in BlackRock Bitcoin ETF (IBIT) in its latest SEC filing, showing the bank's continued exposure to Bitcoin through multiple vehicles. Notably, Strategy plans sell Bitcoin, but Grayscale claims Strategy's Bitcoin sales are good for markets, highlighting the complex dynamics of Bitcoin treasury strategies in the current market environment.
The filing shows Wells Fargo increased its holdings in BlackRock's iShares Ethereum Trust (ETHA) by about 65%, taking its position to more than 1.10 million shares valued at approximately $17.56 million. The bank also reported ownership of 257,157 shares of the Bitwise Ethereum ETF, 4,637 shares of the Grayscale Ethereum Staking ETF, and 623 shares of VanEck's Ethereum ETF (ETHV). Additionally, Wells Fargo purchased 13,280 shares of Grayscale Solana Trust (GSOL) and 1,638 shares of the Fidelity Solana Fund (FSOL), adding Solana exposure alongside its existing Bitcoin and Ethereum allocations. The bank's strategy reflects a preference for established Bitcoin treasury companies over direct mining or trading firms, as evidenced by new positions in the Trump family-backed American Bitcoin Corp (ABTC) and Strive Asset Management's treasury vehicle (ASST).
Beyond exchange-traded funds, Wells Fargo increased investments in several crypto-related companies, with its position in Bitmine Immersion (BMNR) climbing from 2,323 shares to 21,547 shares, an increase of about 828%, lifting its exposure to the company's Ethereum treasury strategy to roughly $426,000. The filing also shows new positions in American Bitcoin Corp. (ABTC), the Trump family-backed Bitcoin treasury company, and Strive Asset Management's treasury vehicle (ASST). At the same time, Wells Fargo expanded its Robinhood (HOOD) holding by 65% to about 2.56 million shares while opening put option positions valued at nearly $116,000. The bank's strategic shift is evident in contrasting moves, as Wells Fargo sharply reduced its stake in Galaxy Digital by about 97% and reduced its Coinbase (COIN) position by about 25%, indicating selective adjustments across individual equity holdings while maintaining overall crypto market exposure.
The bank's crypto investment strategy reflects broader market dynamics, with Wells Fargo maintaining Bitcoin exposure across multiple vehicles while rebalancing its holdings rather than cutting outright. According to the filing, the bank lowered its holdings in the Invesco Galaxy Bitcoin ETF (BTCO), the ARK 21Shares Bitcoin ETF, and the Fidelity Wise Origin Bitcoin Fund (FBTC), while adding to positions in Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust (GBTC), and Bitwise Bitcoin ETF (BITB), with its BITB stake rising 24% from the previous quarter. The bank also cut its stake in Galaxy Digital by roughly 97% and reduced its Coinbase (COIN) position by about 25%, indicating selective adjustments across individual equity holdings while maintaining overall crypto market exposure. Notably, Strategy plans sell Bitcoin, but Grayscale claims Strategy's Bitcoin sales are good for markets, highlighting the complex dynamics of Bitcoin treasury strategies in the current market environment.
