Track market-moving stories before they get noisy

11h35 ▪ 7 min read ▪ by Ghiles A.

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Bolivia changes its monetary strategy after fifteen years of artificial stability. The country abandons its fixed peg to the dollar due to the decline of its reserves and economic pressure. This decision also revives the debate around financial alternatives like Bitcoin, as cryptocurrencies advance in economies facing currency tensions. The new exchange rate regime marks a new stage for the boliviano and transforms the country’s monetary environment.

In Brief Bolivia abandons its fixed peg to the Dollar after fifteen years to adopt a flexible exchange rate regime due to the exhaustion of its reserves. The end of monetary control occurs as the gap between the official rate and the parallel market Dollar rate has widened significantly. The lifting of restrictions on cryptocurrencies in 2024 caused a strong rise in trading volumes and accelerated the adoption of stablecoins in the country. Bolivian banks are beginning to integrate services related to digital assets, notably USDT, amid financial transformation. Facing currency tensions, Bitcoin appears as a strategic reserve considered by several states and could be a diversification path for Bolivia. Bolivia Abandons Its Dollar Peg After Fifteen Years of Control The US dollar just took another hard hit in Bolivia, where it played a central role in the fixed exchange system established since 2011. The country has just ended this system. The Minister of Economy José Gabriel Espinoza announced in a press release the abandonment of the official rate of about 6.96 bolivianos per US dollar. The country now adopts a flexible floating exchange rate regime, with a rate determined by market forces. This decision comes as the old mechanism no longer reflected the economic reality.

Before this announcement, the Central Bank’s reference rate had already exceeded 10 bolivianos per dollar. The gap between the official exchange rate and the parallel market had significantly increased, reaching about 12.9 to 13.1 bolivianos per dollar by late 2025. The old monetary system could no longer maintain sustainable stability. The government chose a new approach to address accumulated imbalances.

The fixed exchange rate regime worked when Bolivia had enough reserves to support its currency. In 2014, foreign exchange reserves exceeded 15 billion dollars, giving the central bank the means to defend the official rate. Since then, reserves have sharply decreased, reducing their intervention capacity. Rising budget deficits also made maintaining this model increasingly difficult.

The shift to a flexible system is part of a broader economic stabilization strategy. This evolution could also accompany new dealings with international financial institutions. For Bolivian authorities, the goal is to restore a balance between the official market and economic reality. This transformation also opens a new chapter for alternative monetary solutions.

The Rise of Cryptocurrencies Accelerates in the Country For ten years, Bolivia had banned virtual assets on its territory. The situation changed in June 2024, when the central bank lifted restrictions with resolution no. 082/2024 from its board. This opening quickly changed the local financial landscape. Users began exploring cryptocurrencies more as a tool for protection against monetary tensions.

Transaction volumes via official channels rose from 46.5 million dollars in the first half of 2024 to 294 million dollars in the first half of 2025. This increase represents a rise of over 530% in one year. The Bolivian crypto market thus developed a new dynamic after the end of restrictions. Local players gradually adopted new digital uses.

In April 2026, three Bolivian banks already offered services related to USDT. This evolution shows that stablecoins now hold an important place in the national financial ecosystem. Bolivia’s central bank also signed a memorandum of understanding with El Salvador’s National Digital Assets Commission in 2025. The country thus seeks to better understand opportunities related to digital assets.

The disappearance of the fixed rate could, however, change the demand for cryptocurrencies. If citizens can access foreign currencies at market price via official channels, the use of certain stablecoins as protection against dollar shortages could evolve. However, the infrastructure built in recent years remains in place. Users now have digital wallets and master virtual asset transactions.

This situation shows that monetary crises can accelerate stablecoin adoption. Bolivia thus becomes a case observed by crypto market players. Investors now monitor volume evolution after the exchange regime reform. Continued institutional demand around USDT could confirm the lasting establishment of cryptocurrencies in the local financial system.

And Why Not Bitcoin as a New Strategic Reserve? Beyond stablecoins, Bitcoin appears as a monetary alternative used by several states seeking to diversify their reserves. Unlike traditional currencies, its supply is limited to 21 million units. This characteristic makes it a digital asset considered by some governments as a long-term store of value. Its decentralized operation represents a major difference from currencies controlled by central banks.

The United States has integrated Bitcoin into its strategic thinking around national digital asset reserves. This approach is based on the idea that an asset independent from the classic monetary system can strengthen a country’s financial diversification. El Salvador has also placed Bitcoin at the core of its monetary policy since its official adoption. The country continues accumulating Bitcoin reserves totaling 7,696.37 BTC in a logic of financial sovereignty despite IMF pressures.

Bhutan is also among the countries that have developed significant exposure to Bitcoin. Thanks to its energy resources, the country has participated in the development of Bitcoin mining and holds this digital asset in its reserves. This strategy shows that some states now consider Bitcoin a new financial instrument on the same level as certain traditional reserves. The objective is to have an alternative asset in the face of global economic uncertainty.

In this context, Bolivia could also consider Bitcoin as a complementary tool to strengthen the diversification of its reserves. After abandoning its dollar peg and facing difficulties in maintaining sufficient foreign currency levels, the country has an opportunity to explore new financial mechanisms. A Bitcoin reserve would not replace traditional currencies but could offer additional protection against tensions on international markets.

For Bolivia, progressively integrating Bitcoin into a national strategy could represent a new step in modernizing its financial system. The experience of other countries shows that a digital asset can become a diversification instrument when framed by a clear policy. As the country seeks to restore economic stability, BTC could become an additional component of its strategic reserves alongside traditional assets.

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Ghiles A.

Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Think of a mid-sized Japanese hotel company pivoting to become one of the world’s largest corporate Bitcoin holders. That’s Metaplanet in a nutshell.

Metaplanet (TSE: 3350) now counts approximately 212,571 domestic shareholders, a figure that works out to roughly 0.2% of Japan’s population. That shareholder base grew 66% in recent months.

From 10,000 to 212,000 shareholders in two years When Metaplanet launched its Bitcoin treasury strategy in April 2024, the company had around 10,000 shareholders. It blew past 64,000 on the way to today’s 212,571 figure. The company’s long-term target is exceeding one million shareholders.

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Metaplanet is essentially trying to redirect capital toward Bitcoin through the comfort of a traditional stock listing. Strategy, formerly MicroStrategy, pioneered this model in the US.

The company now holds 40,177 BTC, making it Asia’s largest corporate Bitcoin holder and the third-largest among public companies globally, behind Strategy and Twenty One Capital. It purchased 5,075 BTC in Q1 2026 alone as part of its ongoing accumulation push.

Building the infrastructure for Bitcoin yield products In June 2026, the company acquired Siiibo Securities for approximately $13 million. The deal gives Metaplanet a Type I financial instruments business license, which is the regulatory key needed to sell Bitcoin-linked yield products directly to Japanese investors.

The company is also pursuing a $5.4 billion equity facility, denominated at roughly 770.9 billion yen. That capital is earmarked for buying more Bitcoin. Metaplanet’s stated ambition is to accumulate up to 210,000 BTC in total, which represents 1% of Bitcoin’s total 21 million supply cap.

What this means for investors The dilution risk is a key consideration. A $5.4 billion equity facility means Metaplanet will be issuing a lot of new shares. If Bitcoin’s price rises fast enough, the BTC-per-share metric improves. If Bitcoin stalls or drops, shareholders absorb dilution without the offsetting gain.

If Metaplanet successfully launches Bitcoin yield products for Japanese retail investors via the Siiibo Securities acquisition, it creates a revenue stream beyond simple price appreciation, potentially differentiating it from pure treasury plays.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

June 29 : Bitcoin miner and AI infrastructure firm Ionic Digital filed on Monday to go public through a direct listing.

The company was formed in January 2024 to acquire the cryptocurrency mining assets of Celsius Mining, a subsidiary of Celsius, which received U.S. bankruptcy court approval for a restructuring in November 2023.

A direct listing allows a company to list its existing shares on an exchange without an underwritten offering. No new shares are created, and insiders can sell their holdings instantly.

Ionic's registered stockholders plan to sell up to 10.8 million shares of common stock in the listing.

As part of Celsius' reorganization, Ionic issued about 37 million Class A shares to Celsius creditors, turning them into shareholders in the new company.

New Jersey-based Celsius filed for Chapter 11 protection in July 2022, one month after freezing customer accounts to prevent withdrawals. It is one of several crypto lenders to go bankrupt following the rapid growth of the industry during the COVID-19 pandemic.

Last week, Ionic raised $400 million at a pre-money valuation of $2 billion in a funding round led by new investors Attestor, Oaktree Capital Management and Sachem Head Capital Management.

Ionic plans to list its shares on Nasdaq under the symbol "IOND". J.P.Morgan, Jefferies and BTIG are the financial advisors for the listing.

Japanese Bitcoin treasury firm Metaplanet has announced its plan to expand its Bitcoin ambitions, with Director of Bitcoin Strategy Dylan LeClair revealing that the company intends to acquire an additional 170,000 BTC as part of its long-term goal of controlling 1% of Bitcoin’s total supply.

The strategy would increase Metaplanet’s holdings to 210,000 BTC by the end of 2027, making it one of the world’s largest Bitcoin treasuries. At Bitcoin’s fixed maximum supply of 21 million coins, the target represents approximately 1% of all Bitcoins that will ever exist. Such a milestone would place the Tokyo-listed company alongside Strategy among the most influential institutional owners of the digital asset.

5/5 Proposals Approved at the @Metaplanet Extraordinary Shareholder Meeting

1) Approve shift of capital stock and capital reserve to capital surplus to increase capacity for preferred share dividends & potential share buybacks. ✅

2) Increase the total number of authorized…

— Dylan LeClair (@DylanLeClair) December 22, 2025

Metaplanet Is Doubling Down on Its Bitcoin Treasury Strategy The latest target follows board approval of Metaplanet’s revised Bitcoin accumulation plan, which significantly expands the company’s original objective.

Rather than stopping at 40,000 BTC, the company now plans to acquire a total of 210,000 BTC by the end of 2027. Since the company already holds roughly 40,000 BTC, the updated strategy implies purchases of approximately 170,000 additional Bitcoin over the next 18 months.

LeClair described the goal in straightforward terms.

“Our target is 1% of the Bitcoin supply.” The executive has consistently argued that Metaplanet measures success not through fiat-denominated returns but by increasing Bitcoin per share, a philosophy that mirrors Strategy Executive Chairman Michael Saylor’s long-standing approach to corporate treasury management.

To finance the expansion, the company plans to continue using equity issuance, preferred shares, warrants, and other capital market instruments rather than relying solely on cash generated from operations.

Earlier this year, Metaplanet announced a major equity financing initiative designed specifically to accelerate Bitcoin accumulation. The company has repeatedly emphasized that the objective is to raise capital efficiently while minimizing shareholder dilution.

Corporate Competition for Bitcoin Is Intensifying Metaplanet’s announcement highlights how competition among corporate Bitcoin treasury companies is escalating.

Over the years, Strategy has dominated the corporate Bitcoin accumulation narrative. However, more recently, treasury companies like Metaplanet, Twenty One Capital and MARA Holdings have created an institutional race to accumulate scarce Bitcoin supply.

Top Bitcoin treasury companies. Source: Bitcointreasuries.net

If Metaplanet succeeds, its holdings would account for one out of every hundred Bitcoin that will ever exist. That concentration could have broader implications for market liquidity.

Unlike exchange-traded funds, which purchase Bitcoin on behalf of investors, treasury companies typically accumulate BTC as long-term balance sheet assets. Those coins are rarely sold, effectively reducing the liquid supply available to the market.

The strategy also reflects growing confidence among Bitcoin-focused corporates that long-term appreciation will outweigh short-term volatility.

LeClair has repeatedly argued that Bitcoin should be viewed as a superior treasury reserve asset capable of protecting corporate purchasing power over time, particularly in an environment of persistent fiat currency debasement.

Whether investors continue supporting those financings will depend largely on Bitcoin’s long-term performance and Metaplanet’s ability to generate value on a per-share basis.

For more details, visit the official Decrypt platform.

TL;DR Strategy has approved a new Digital Credit Capital Framework for active capital management. Under the framework, the company could sell up to $1.25 billion worth of Bitcoin. The move does not mean Strategy is abandoning Bitcoin, but it does show a more flexible treasury model. Strategy Adds A New Layer To Its Bitcoin Playbook Strategy has approved a new Digital Credit Capital Framework that could allow the company to sell up to $1.25 billion worth of Bitcoin as part of a broader active capital management approach.

That sounds dramatic because Strategy has spent years being viewed as the public-market symbol of relentless Bitcoin accumulation. Investors are used to hearing about purchases, convertible notes, preferred stock, and balance-sheet expansion. A framework that allows Bitcoin sales naturally gets attention because it cuts against the simplest version of the story.

But the more useful read is a little more nuanced. This is not necessarily “Strategy turns bearish on Bitcoin.” It is closer to Strategy formalizing how it may manage liquidity, dividends, buybacks, and reserves while still operating around a Bitcoin-heavy balance sheet.

Why A Bitcoin Sale Authorization Matters The authorization matters because it changes how investors think about Strategy’s treasury model.

A company can be bullish on Bitcoin and still need a mechanism for capital management. That is especially true when the company has layered financing instruments around its balance sheet. Dividends, credit products, buybacks, cash reserves, and market volatility all create situations where flexibility may become valuable.

The risk is perception. Strategy’s brand is closely tied to Bitcoin conviction. Any suggestion that it could sell BTC, even for corporate finance reasons, may invite questions from investors who bought into the idea of continuous accumulation.

That does not mean the framework is negative by default. A rigid treasury strategy can become fragile if market conditions change. A flexible one can be stronger, provided investors trust the rules and understand when sales may happen.

The Bigger Question For Bitcoin Treasury Companies This development also speaks to the next phase of Bitcoin treasury adoption. The first phase was simple: buy BTC and hold it. The next phase may be more complicated: manage Bitcoin-backed capital structures in public markets.

That is where the story gets more interesting. If Strategy can use its Bitcoin position to support credit products, dividends, reserves, or buybacks, then it is no longer just a holder. It becomes a capital manager built around Bitcoin as the core reserve asset.

For Bitcoin, the immediate market impact depends on whether any sales actually occur and how they are executed. A maximum authorization is not the same thing as a completed sale. Still, traders will watch closely because Strategy remains one of the most closely followed corporate BTC holders.

The takeaway is simple: Strategy’s Bitcoin story is maturing. The company is not just stacking BTC; it is building rules around how that stack can support a wider financial structure. That may make the model more durable, but it also makes it more complex.

—

This article was written by the News Desk and edited by Samuel Rae.

Bitcoin infrastructure company Breez has added a feature to its developer toolkit that lets users send USDC (USDC) and USDt (USDT) across more than 30 blockchain networks directly from a Bitcoin balance, without first converting or holding stablecoins.

According to an announcement shared with Cointelegraph, the feature uses the Lightning Network alongside automated conversion to route payments from Bitcoin (BTC) to USDC or USDT before delivering funds to the recipient's preferred blockchain.

When a user enters a recipient's wallet address, the Breez SDK identifies the destination blockchain, calculates a conversion route and displays the amount, network and fees before the payment is confirmed. The transaction is then routed through liquidity providers, including Flashnet and Boltz, which convert the sender's Bitcoin into stablecoins and deliver it on the recipient's chosen blockchain.

Roy Sheinfeld, CEO of Breez, told Cointelegraph the feature does not require USDT or USDC to be issued on the Lightning Network. Instead, it relies on "interoperability" to let users spend from a Bitcoin balance while recipients receive stablecoins on supported blockchain networks.

Breez said users continue holding Bitcoin until they initiate a payment, while recipients receive stablecoins on their preferred blockchain without requiring the sender to manage separate stablecoin balances. The feature is non-custodial and initially supports only outbound stablecoin payments, with support for receiving stablecoins from external blockchain networks planned for a future release.

The feature is designed to allow developers to add stablecoin payments without integrating multiple blockchain networks or requiring users to manage separate Bitcoin and stablecoin balances.

Bitcoin payment infrastructure expandsThe launch comes as companies expand Bitcoin and the Lightning Network, a layer-2 payment network designed to make Bitcoin transactions faster and less expensive, into new financial and commercial applications.

In February, Secure Digital Markets, an institutional trading and lending desk, completed a $1 million Bitcoin payment to Kraken over the Lightning Network in less than half a second, demonstrating the protocol's potential for high-value institutional transfers. The transaction illustrated how Lightning is increasingly being tested for use cases beyond small retail payments.

That same month, Bitcoin infrastructure company Voltage introduced a US dollar-settled revolving credit line that embeds business credit into Lightning payment flows, allowing companies to settle repayments in either US dollars or Bitcoin. The product is intended to enable businesses to access working capital using Lightning for payments, without holding crypto on their balance sheets.

Event platform Satlantis also launched a Bitcoin-native ticketing platform with embedded Lightning wallets, allowing organizers to sell tickets and accept BTC alongside traditional payment methods.

In March, Tether-backed Bitcoin infrastructure startup Ark Labs in a $5.2 million funding round to develop technology supporting stablecoin issuance, transfers and settlement on Bitcoin.

Lightning adoption has continued to grow. A February report from River estimated the network surpassed $1 billion in monthly transaction volume in late 2025, up from around $12 million in 2021.

Lightning Network transaction volumes continue to grow. Source: River

Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

TLDR: Table of Contents

TLDR:Bitcoin Weekly Death Cross Raises Fresh BTC Price ConcernsMichael Saylor Hints at More Bitcoin Buying Despite Strategy Valuation Pressure Bitcoin approaches a rare weekly death cross as traders monitor long-term market direction closely. Strategy’s mNAV has dropped below 1.0 for the first time during this market cycle. Michael Saylor hinted at more Bitcoin discussions despite growing valuation concerns. Technical signals and institutional buying remain key factors shaping Bitcoin sentiment. Bitcoin could soon print a rare weekly death cross as bearish technical signals return to the market. At the same time, Michael Saylor has hinted that Strategy may continue accumulating Bitcoin despite growing pressure on its valuation. 

The two developments have reignited discussion around Bitcoin’s price outlook and institutional demand. Investors are now watching technical charts alongside corporate buying activity for the next major market signal.

Bitcoin Weekly Death Cross Raises Fresh BTC Price Concerns Crypto Rover shared that Bitcoin is approaching a weekly death cross, a technical pattern that appears when the long-term moving average falls below the shorter trend. The account noted that the previous weekly death cross preceded another 28% decline in Bitcoin’s price.

🚨 BITCOIN WEEKLY DEATH CROSS IS NOW INCOMING.

Last time this happened, BTC crashed another -28%.

If history repeats again, the real bottom may not come until late Q3 or early Q4 2026.

That would also perfectly match Bitcoin’s 4-year cycle. https://t.co/NgE8PlCamN pic.twitter.com/sbPGjGTIv4

— Crypto Rover (@cryptorover) June 28, 2026

The same post highlighted Bitcoin’s historical four-year market cycle. According to Crypto Rover, another extended correction could align with the later stages of the current cycle if previous patterns repeat.

The signal has attracted attention because weekly chart formations appear far less often than daily indicators. Traders typically monitor them for broader market direction rather than short-term volatility.

Despite the technical setup, the pattern alone does not determine future price action. Market participants continue weighing macroeconomic conditions, liquidity, and institutional demand alongside historical chart behavior.

Michael Saylor Hints at More Bitcoin Buying Despite Strategy Valuation Pressure While bearish technical signals circulated, Michael Saylor posted that more charts would be needed, a familiar response that often precedes fresh Bitcoin discussions. His comment followed renewed debate surrounding Strategy’s ability to continue funding Bitcoin purchases.

🚨 JUST IN: Michael Saylor hints at buying more $BTC.

What's interesting is the timing.

Strategy's mNAV has now fallen below 1.0 for the first time this cycle, meaning the company is trading below the market value of the Bitcoin it holds.

Management has previously indicated… https://t.co/WkFYTYOyBi

— Wise Advice (@wiseadvicesumit) June 28, 2026

Wise Advice pointed to Strategy’s market value relative to its Bitcoin holdings. The account noted that the company’s modified net asset value, or mNAV, has fallen below 1.0 for the first time during the current market cycle.

According to the same discussion, Strategy previously suggested that issuing new equity below roughly 1.22 times mNAV could reduce shareholder value. That threshold has prompted questions about whether additional equity-funded Bitcoin purchases remain practical under current market conditions.

Even so, Saylor’s brief response has kept attention on Strategy’s long-standing Bitcoin accumulation strategy. 

Investors now await any official filings or announcements that could clarify whether another Bitcoin purchase is approaching while the company navigates changing market dynamics.

MicroStrategy’s $64 billion Bitcoin (BTC) bet has become a stress test for everyone who funded it. BTC now trades below $60,000, and the renamed company, Strategy, sits at a discount to its own holdings.

The question dividing investors is no longer whether Strategy gets liquidated tomorrow. It is who absorbs the losses while the company keeps its coins and keeps paying to hold them.

How the Bitcoin Flywheel was BuiltBy June 22, Strategy held 847,363 BTC bought for $64.1 billion, an average of $75,651 each. That is the largest corporate Bitcoin position anywhere.

MicroStrategy Bitcoin Purchases in 2026. Source: StrategyThe model runs like a flywheel. The company sells stock and debt, buys more Bitcoin, and its shares climb when BTC rises. However, falling prices spin the machine in reverse.

BTC has fallen below $60,000 this week, its lowest level since 2024. The stock has slid with it, dropping under the value of the Bitcoin on its books.

A new accounting standard made the pain visible. Since 2025, FASB rule ASU 2023-08 forces firms to mark Bitcoin to fair value each quarter. As a result, Strategy booked a $14.46 billion unrealized loss in early 2026. That produced a $12.54 billion net loss, or $38.25 for every diluted share.

Michael Saylor's Strategy currently has a $14 billion unrealized loss on bitcoin.

Tom Lee's Bitmine currently has a $10.5 billion unrealized loss on ETH.

This is why it's foolish to follow the smart money and not take profit.

They can survive a crypto winter, most of will not!

— Layah Heilpern (@LayahHeilpern) June 25, 2026 Follow us on X to get the latest news as it happens

Who Actually Pays for MicroStrategy’s Bitcoin BetThe bill does not fall on Strategy alone. As the flywheel slows, the cost spreads to five groups, in rough order of exposure.

Common shareholders They stand first in line. When the stock trades below the value of its Bitcoin, the company still raises cash by selling new shares. Each sale buys less Bitcoin than it hands away.

“If we decide to sell $1 billion of MSTR stock and buy $1 billion of Bitcoin… when you do it at 1.0x MNAV… it is dilutive. It is a minus 48 basis point yield. It costs the shareholders $310 million,” Michael Saylor, Executive Chairman, Strategy, said during Q1 2026 earnings call.

Existing owners are left holding a smaller claim on the same coins, and that dilution is how the strategy gets funded.

Investors in other treasury companies The copycats have fared worse than the original. Their shares once traded far above the Bitcoin they held, lifted by hype.

As that premium faded, many Bitcoin treasury company stocks fell much harder than Bitcoin itself, leaving late buyers deep underwater.

“If that’s not already a bubble burst, how would that bubble burst?” Tom Lee, Chairman of BitMine, said while many treasury stocks traded below net asset value.

Passive and index fund investors This group never chose the bet. MSCI has proposed removing companies whose digital assets exceed half their total assets from its global indexes.

“Feedback from the consultation confirmed institutional investor concern that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in the MSCI Indexes,” MSCI said in its official announcement earlier this year.

Strategy clears that bar with ease. An exclusion would force index funds and pension trusts to sell automatically, whatever the price, just to keep tracking the benchmark.

Convertible bondholders and preferred shareholders These investors lent on the assumption that MicroStrategy could always refinance. If Bitcoin stays depressed into 2027, that assumption breaks.

“Proceeds from the bitcoin sales are expected to be used to fund distributions on preferred stock,” Strategy indicated in the June 1 Form 8-K.

Bondholders can demand cash, and preferred holders still expect dividends, both drawing on a reserve of just $1.4 billion.

MicroStrategy itself The company is the backstop of last resort. On its first quarter 2026 earnings call, Michael Saylor again framed Strategy as a net buyer that never sells.

“We will probably sell some Bitcoin to fund a dividend just to inoculate the market, just to send the message that we did it.”

Yet if financing freezes while debt and dividends come due, keeping that vow could become impossible.

“We will sell Bitcoin when it is advantageous to the company. We are not going to sit back and just say we will never sell the Bitcoin,” Strategy co-CEO Phong Le added.

The Real Test Arrives in 2027MicroStrategy faces no margin call today. Its main debt is unsecured, so a falling price alone cannot trigger a forced sale. The threat is a date, not a level.

Holders of a $1.01 billion convertible note can demand repayment on September 15, 2027. If the shares sit below the conversion price, that claim becomes a cash bill the company must cover.

Strategy has neared this edge before. A 2022 Silvergate loan backed by Bitcoin carried a margin call near $21,000 before the firm repaid it. Moving to unsecured notes and preferred stock removed the automatic trigger, but not the obligation.

Microstrategy took a loan to buy more #bitcoin a few months ago using 19,000 $BTC as collateral.

Margin call price is $21,000…

Time to post some more collateral I think!

— Lark Davis (@LarkDavis) June 13, 2022 Some peers have already blinked. This month one Nasdaq company sold Bitcoin to repay debt, and its shares jumped. Analysts have also questioned Strategy’s exit liquidity if it is ever forced to sell at scale.

For now, no forced sale looms. The pressure has simply moved from a price trigger to a calendar. The number that matters is no longer $60,000, but the September 2027 repayment date.

Grayscale Research Head Zach Pandl said that Strategy’s 50 basis point increase in the STRC dividend next week may not be enough to restore market confidence.

According to Pandl, such an increase would raise the company’s dividend obligations by approximately $100 million over the next two years. However, this step is not expected to significantly improve investor confidence.

Pandl stated that a more effective step to restore market confidence might be for Strategy to sell over $3 billion worth of Bitcoin. He noted that this sale would be enough to cover almost all of the cash liabilities the company will face over the next two years.

Pandl stated the following in his assessment:

“What I expect to happen for Strategy next week is a 50 basis point increase in the STRC dividend. That translates to approximately $100 million in additional dividend obligations over the next two years, and that probably won’t help market confidence. What I hope will happen is that the company sells over $3 billion worth of Bitcoin to cover almost all of its cash obligations over the next two years. That would likely restore market confidence.”

*This is not investment advice.

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Galaxy Digital CEO Mike Novogratz has linked Bitcoin’s latest price drop to growing concern around Strategy, the company formerly known as MicroStrategy.

Summary

Novogratz says Strategy stress has become a core reason behind Bitcoin’s latest confidence shock. Weak crypto demand and strong-dollar policy comments added macro pressure as traders watched support levels. Related Strategy reports show STRC pressure, dividend costs, and cash reserves remain market concerns. Speaking on an All Things Markets episode, Novogratz said the sell-off reflects a mix of Strategy pressure, weak crypto sentiment, and macro stress.

Strategy pressure takes center stage Novogratz said the current Bitcoin weakness is tied to what he called a “MicroStrategy-led breakdown in confidence.” He said the problem is not only Bitcoin’s price, but also investor concern around Strategy’s funding model.

Mike Novogratz (@novogratz) is sounding the alarm this week. If the ultra-wealthy don't figure out a way to share the gains from AI, the pitchforks are coming, and history tells us exactly what that looks like. We're breaking down the widening wealth gap, Alan Greenspan's lasting… pic.twitter.com/egwAeghtUn

— Anthony Scaramucci (@Scaramucci) June 27, 2026 Strategy remains the largest public corporate holder of Bitcoin. Its stock and preferred securities have become a key part of how traders judge risk across the wider Bitcoin market.

The comments follow weeks of debate over Strategy’s capital structure. As previously reported, the company’s Bitcoin flywheel has come under pressure as its stock traded below the value of its Bitcoin holdings.

That shift matters because Strategy used its stock premium for years to raise capital and buy more Bitcoin. When that premium weakens, raising fresh capital becomes harder and market confidence can fade.

STRC weakness adds to market concern Novogratz also pointed to poor trading in Strategy’s preferred products. He said “the Saylor thing is real” and noted that the company’s perpetuals were trading weakly.

The pressure centers on STRC, Strategy’s preferred stock product. STRC was designed to trade close to $100, but market stress has pushed it below that level at several points.

As previously reported, CryptoQuant said Strategy’s annual dividend obligations had risen to about $1.2 billion. The firm also said dividend coverage had dropped to about 14 months as cash reserves declined.

That warning added to earlier concerns after Strategy sold 32 BTC in late May. The sale raised about $2.5 million and marked the company’s first reported Bitcoin sale since December 2022.

Macro pressure weighs on Bitcoin Novogratz also cited macro policy as another reason for Bitcoin’s weak price action. He pointed to hawkish central bank signals and stronger support for the U.S. dollar.

He said “strong dollar is weak Bitcoin.” His view is that a stronger dollar can reduce demand for risk assets, including Bitcoin, during periods of market stress.

That view fits with the wider market mood. Bitcoin has also faced pressure from ETF outflows, weaker liquidity, and cautious options positioning.

Aspreviously reported, ETF flows and Strategy concerns have weighed on trader sentiment. Bearish exposure near the $60,000 area also showed that traders were preparing for more downside risk.

Bitcoin faces key support test Novogratz said the $59,000 to $60,000 zone is now important for Bitcoin. He warned that if this level fails, the market could open a path toward $45,000.

He also said the next move remains hard to call. In his words, the chance of a deeper drop or recovery is “50/50” because the setup is complicated.

The comments show how closely traders now watch Strategy as part of the Bitcoin market. The company’s balance sheet, STRC performance, and cash position have become market signals.

For now, Bitcoin’s next test sits near the same level Novogratz named. A hold above the $59,000 to $60,000 area could calm traders, while a break below it may bring more selling pressure.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Bitcoin is trading near $60,000 after a volatile week that pushed the largest cryptocurrency to its lowest level since late 2024. 

Summary

Bitcoin is holding near $60,000 despite Middle East tension and renewed pressure from Strategy concerns. Analysts say a break above $66,000 could revive momentum, while $58,000 remains key support. On-chain data shows weaker short-term holder dominance, a structure often seen near accumulation zones. The price has stayed calm through the weekend, even as new tension in the Middle East tested risk appetite across global markets.

BTC had opened the previous business week with strength, rising to about $65,500 after reclaiming support near $64,000. That move failed to hold. Sellers later pushed the asset below $62,400, then toward $59,000, before another drop sent Bitcoin near $58,000.

Bitcoin steadies after sharp weekly sell-off Bitcoin’s latest price action shows a market trying to hold a base after a fast decline. BTC now trades around the $60,000 area, with bulls defending the zone after repeated tests below that mark.

The weekend calm stands out because the U.S. and Iran exchanged fresh blame over the broken ceasefire. Earlier this month, Bitcoin had climbed above $65,500 after a U.S.-Iran deal eased oil and inflation fears across markets.

That relief rally did not last. Bitcoin soon lost strength as traders returned to concerns around liquidity, ETF flows, and Strategy-related risk.

The current setup leaves BTC stuck between two near-term levels. A move below $58,000 could invite more selling, while a clean recovery above $64,000 to $66,000 may show that buyers are regaining control.

Strategy fears remain a market pressure point One of the main pressure points remains Strategy, the company formerly known as MicroStrategy. Growing concern around its capital structure has affected Bitcoin sentiment because the firm remains the largest corporate holder of BTC.

As previously reported, Bitcoin fell below $60,000 for the second time in June as liquidations topped $850 million. Strategy shares also dropped sharply as traders watched the company’s stock, preferred shares, and Bitcoin treasury.

Another report said Strategy’s Bitcoin flywheel has started to work in reverse. The company once used a stock premium to raise capital and buy more BTC, but weaker market pricing now makes that model harder to sustain.

CryptoQuant has also urged Strategy to pause Bitcoin purchases and rebuild cash reserves. The firm said dividend coverage tied to STRC had fallen to about 14 months as cash reserves declined.

This pressure does not mean Strategy must sell Bitcoin now. Still, the market is watching whether further stress in STRC or MSTR could create more fear around BTC.

Analysts split on breakout or deeper chop Crypto analyst Market Watcher said Bitcoin’s weekly structure remains clear. The analyst pointed to a downtrend from the July and August highs near $70,000 and $67,000 and said a break of that line would make them more willing to deploy capital.

$BTC (1W)

break of downtrend (July ~70k, august ~67k): more actively looking to scale capital into positions while trading the breakout momentum

indecisive summer chop (~59k – ~66k): doing mostly nothing, day trading whats there

break of main trend (~ 58k): popcorn and TL on… pic.twitter.com/XB5uU0sICt

— Market Watcher (@watchingmarkets) June 28, 2026 The same analyst described the current zone as “indecisive summer chop” between about $59,000 and $66,000. That range matches the current market, where BTC has not broken down fully but has also failed to reclaim lost momentum.

Market Watcher said a break of the main trend near $58,000 would change the setup. The analyst also compared the current downtrend to the December 2022 and January 2023 breakout, which later started a major BTC uptrend.

EGRAG CRYPTO took a longer view and focused on Bitcoin’s 12-month cycle. The analyst said the usual rhythm has been three years up and one year down, but this cycle may be different if 2026 closes as a red yearly candle.

EGRAG said the four-year cycle remains intact for now, but added that structure matters more than hope. That view keeps attention on the yearly close and whether Bitcoin can regain a stronger long-term pattern.

#BTC – The 12M Cycle Is Flashing Something Different 👀

The historical $BTC rhythm has been clear:
🔸3 years UP → 1 year DOWN
🔸3 years UP → 1 year DOWN
🔸3 years UP → 1 year DOWN

But this cycle is different so far:
🔸2 years UP → and now potentially 2 years DOWN
🔸That is… pic.twitter.com/dczPLUMesG

— EGRAG CRYPTO (@egragcrypto) June 27, 2026 On-chain data points to possible reset CryptoQuant analyst Crazzyblockk said Bitcoin’s short-term holder realized dominance has fallen to 27.6%. The analyst said that places BTC inside a historical undervaluation zone where long-term holders control most realized capital.

In past cycles, market tops formed when short-term holders held most realized capital. That often showed heavy speculation and late-cycle buying.

Bitcoin’s short-term holder realized dominance, source: CryptoQuant analyst Crazzyblockk Bear markets have shown the opposite setup. Short-term holders realize losses, their share of realized capital falls, and long-term holders regain control.

The analyst said current data looks closer to past accumulation phases than cycle tops. However, they also warned that bottoms often form through a process, and another capitulation phase remains possible.

Another CryptoQuant analyst, Facundo Fama, pointed to long-term holder SOPR. The analyst said when LTH-SOPR moves near or below 1, long-term holders are selling coins at or near a loss.

The last time LTH-SOPR stayed below 1 on the monthly timeframe for more than three months was in October 2022, when BTC traded near $20,000. That data does not guarantee a bottom, but it shows that long-term holder stress has returned to a rare zone.

Bitcoin price outlook Bitcoin’s short-term outlook now depends on whether bulls can defend $58,000 and recover the $64,000 to $66,000 range. A close above that upper band could support a stronger recovery attempt.

A loss of $58,000 would weaken the current base and could expose lower areas as traders reduce risk. In that case, Bitcoin may revisit deeper support before building a new range.

For now, BTC is neither breaking down nor confirming a strong reversal. The market remains calm near $60,000, but that calm depends on support holding, Middle East risk staying contained, and Strategy-related fear easing.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Every four years, Bitcoin cuts its mining rewards in half. Fidelity Digital Assets has spent the last two years building a detailed case for why concerns about network security are overblown.

The firm’s June 2026 report, titled “Bitcoin’s Programmed Security: Part Two,” is a follow-up to its March 2024 analysis and digs into the economic mechanics that keep Bitcoin resilient even as miners earn fewer coins per block. The core argument: the combination of rising hash rates, automatic difficulty adjustments, and growing transaction fee revenue creates a self-reinforcing security model that doesn’t collapse when subsidies decline.

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The numbers behind the argument Since the 2016 halving, Bitcoin’s hash rate has surged by over 8,000%. Since 2020, it has climbed 394%. Both of those stretches included halvings that cut miner rewards in half.

The most recent halving occurred in April 2024, dropping block rewards from 6.25 BTC to 3.125 BTC. The next one, expected around 2028, will reduce rewards further to 1.5625 BTC.

Why the doomsday math doesn’t add up Bitcoin’s difficulty adjustment mechanism recalibrates every 2,016 blocks (roughly two weeks), automatically adjusting how hard it is to mine a block. If miners drop off the network, difficulty falls, making it cheaper for remaining miners to operate. If miners flood in, difficulty rises.

Fidelity notes that while temporary hash rate dips have occurred after halvings, none have resulted in significant security breaches. The report also finds that even in projected low-subsidy environments beyond 2040, the cost of mounting a 51% attack on the network remains disproportionate to any potential gains from doing so.

Transaction fees as the long-term bridge During the April 2024 halving, transaction fees in a single block reached approximately 12 times the block subsidy. That spike was partly driven by the Runes protocol launch, which created unusual demand for block space.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Cardano founder Charles Hoskinson has highlighted the success of Midnight’s Glacier Drop as a major driver of new user adoption for the Cardano ecosystem. 

In a recent commentary, Hoskinson described the Midnight project as a success story, pointing to the impact of its Glacier Drop campaign. Beyond distributing tokens to eligible participants across multiple blockchain ecosystems, he emphasized that the initiative introduced thousands of users from rival networks to Cardano’s infrastructure for the first time.

Glacier Drop Attracts Users From Multiple Blockchains: Hoskinson  According to Hoskinson, the airdrop attracted holders from Bitcoin, XRP, and several other blockchain ecosystems. To claim their NIGHT tokens, eligible users had to interact directly with the Cardano network. Notably, many participants used Cardano wallets and decentralized applications for the first time to complete the redemption process.

Midnight is a privacy-focused partner chain designed to deliver programmable privacy features for enterprises and real-world applications while remaining connected to the broader Cardano ecosystem.

Through the Glacier Drop initiative, Midnight distributed NIGHT tokens to users across ecosystems such as the XRP Ledger, Bitcoin, and Solana instead of limiting eligibility to Cardano holders alone.

Users who held at least $100 worth of eligible native assets qualified for the airdrop and became eligible to receive a share of the NIGHT token allocation.

To complete the claim, participants had to:

Visit the Glacier Drop portal. Sign a transaction using their wallet on the originating blockchain. Provide an unused Cardano address as the destination wallet. Receive their NIGHT tokens directly on the Cardano network. Hoskinson Sees the Process as an Onboarding Engine Hoskinson believes this redemption model will serve as a powerful onboarding mechanism for Cardano.

By requiring users from competing ecosystems to interact with Cardano infrastructure, the Glacier Drop encouraged them to explore Cardano wallets, decentralized applications, and transaction processes firsthand.

As users claim their rewards, some might become active participants in the Cardano ecosystem rather than passive recipients of an airdrop.

Midnight’s Popularity Surged After Launch The Glacier Drop also played a major role in Midnight’s early momentum. NIGHT quickly became one of the most trending crypto assets globally for several weeks following its launch. The token also reached a market cap of $1 billion within weeks.

The initiative also generated significant activity on Cardano. Within just 42 days, Midnight-related activity recorded 354,000 transactions on the network.

Today, the ecosystem continues to expand, with Midnight recording 77,311 unique wallets and 929,540 transactions linked to the project. However, the market valuation of NIGHT has plummeted to $504 million at press time, translating to a unit price of $0.03035. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly called for public comment on their approach to harmonizing regulatory frameworks for crypto futures. The proposed public comment on the SEC CFTC framework comes amid the recent approval of crypto perpetual futures in the U.S.

Calls For Public Comment On SEC CFTC Framework In a press release, the SEC and CFTC issued a joint request for public comment on potential approaches to further harmonize regulatory frameworks applicable to portfolio margining across securities, security-based swaps, futures, swaps, and related positions. The public comment period will remain open for 60 days after the publication in the Federal Register. This is significant as the CFTC notably regulates prediction markets, which trade swaps.

Furthermore, this follows the launch of crypto perpetual futures in the U.S., with Kalshi securing CFTC approval to offer BTC, ETH, XRP, and HYPE futures. The request for public comment on the SEC CFTC framework also comes amid the rise in tokenized securities, with platforms such as Hyperliquid offering perpetuals for these securities.

The SEC and CFTC noted that the request for comment will assist them in evaluating whether greater coordination or alignment in portfolio margining requirements may improve risk management efficiency, reduce unnecessary market fragmentation, and enhance consumer protections.

Meanwhile, this marks the latest coordination between the SEC and CFTC towards providing clear frameworks that boost the crypto and financial markets. As CoinGape reported, the SEC and CFTC are pushing to clarify the definitions of derivative products, including definitions of swaps and security-based swaps, and how to treat them.

A Move To Further Promote Innovation SEC Chair Paul Atkins noted that further harmonizing the SEC CFTC framework will ensure that jurisdictional overlap does not stifle innovation and efficiency. “Cross-margining offers a clear opportunity to unlock liquidity that remains frozen in separate accounts, and we encourage market participants to provide feedback on ideas that will help improve coordination between both agencies,” he said.

Commenting on this move, CFTC Chair Michael Selig said that fostering enhanced cooperation between the two agencies on portfolio margining promises to unlock untapped capital while ensuring a more robust risk management framework and market protections. The CFTC is currently facing a lawsuit from the CME over its approval of crypto futures.

The CME argues that crypto perpetuals are swaps, not futures contracts, and that the regulator approved these products the wrong way. These crypto futures are already seeing significant demand, with Kalshi’s products recording over $1 billion in trading volume in under two weeks after they launched.

Under the leadership of Michael Saylor, Strategy has reaffirmed its commitment to Bitcoin, even as the cryptocurrency experiences a sharp pullback. On Thursday, the price of Bitcoin fell to as low as $58,000—its lowest level since October 2024. This decline means Bitcoin has now dropped about 52% from its all-time high above $126,000 reached last year.

Strategy stands firm as Bitcoin downturn continuesAccording to recent data, Bitcoin repeatedly found support around the $60,000 mark throughout the year. After rebounding from this level in February and again in the first half of June—reaching as high as $67,000—the latest wave of selloffs has once again put this threshold under pressure. As of publication time, Bitcoin was down 3.95% over the past 24 hours to $59,729, and had dropped 4.16% for the week.

Michael Saylor emphasized that volatility tests every capital structure, and he underscored that Strategy remains steadfast in its Bitcoin focus, disciplined capital allocation, credit integrity, and commitment to long-term value creation.

Strategy has emerged as one of the most prominent companies regularly adding Bitcoin to its balance sheet since 2020. Originally a software firm, Strategy has become well-known in recent years for its institutional approach to acquiring Bitcoin. Saylor has made this strategy central to the company’s corporate identity.

Balance sheet pressure and growing criticismAs cryptocurrency market losses deepened, Strategy has faced more than $13 billion in unrealized losses on paper. Nonetheless, the company’s management remains convinced that the current volatility is not reason enough to alter its core investment strategy. The company’s statements have consistently highlighted its focus on transparency and unwavering execution.

However, this approach is not without its critics. Crypto analytics firm CryptoQuant argued that Strategy should temporarily pause its Bitcoin purchases and focus on strengthening its reserves. According to CryptoQuant, adopting a more systematic purchasing schedule—rather than buying only when new capital is raised—would represent a more cautious strategy.

CryptoQuant believes that it would be more prudent for Strategy to first rebuild its reserves and then adopt a more structured timing model for its future Bitcoin acquisitions.

Strategy boosts reserves and maintains Bitcoin buying policyMost recently, Strategy increased its dollar reserves by $300 million, bringing the total to $1.4 billion. The company reported that these additional funds would continue to back the credit quality of its digital debt securities.

During the same period, Strategy acquired an additional 520 BTC for $35 million, raising its total Bitcoin holdings to 847,363 coins. This demonstrates that, even amid significant price declines, Strategy has not abandoned its accumulation policy.

Supporters argue that the losses currently remain unrealized and that the outlook could improve dramatically if Bitcoin finds a bottom and begins to climb again. Nonetheless, as market pressure persists, attention remains fixed on Strategy’s debt structure, reserve management, and the timing of its new acquisitions.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

An "Indestructible" Balance Sheet@Strategy executive @CJ_Bitcoin has moved to reassure investors that neither a drop in $BTC's price nor a slide in the company's equity can threaten its Bitcoin reserves. In comments shared on June 26, he described the balance sheet as an "indestructible" digital fortress, capable of absorbing significant market drawdowns without triggering forced liquidations or margin calls.

The confidence is rooted in how Strategy structures its debt. Unlike retail traders or hedge funds that use margin loans, Strategy does not rely on high-leverage facilities with automatic liquidation thresholds. Most of its debt consists of long-dated convertible notes, with maturities extending to 2032 and beyond, typically carrying low interest rates between 0% and 1%, with no margin maintenance covenants tied directly to Bitcoin's price. That means a falling $BTC price does not automatically force the company's hand. If Bitcoin appreciates, the value of the company's holdings rises, strengthening its balance sheet. If Bitcoin declines, the debt does not automatically trigger asset sales.

Analysts have broadly echoed that view. No margin calls can be triggered by a price decline in the coin, and forced liquidation probably would not even become a realistic possibility until Bitcoin fell to around $8,000. Absent a "Black Swan" event, involuntary Bitcoin sales remain highly unlikely before debt maturities arrive in 2028, leaving insolvency rather than margin calls as the only plausible risk scenario.

Scale and ContextStrategy's conviction has been tested before. During the 2022 crypto winter, pressure was intense. Critics questioned whether the company could survive its leveraged Bitcoin bet, and calls for forced liquidation circulated widely. Strategy did not sell a single coin. Instead, it held its position and began planning the capital raises that would define the next three years.

As of May 25, 2026, Strategy holds 843,738 Bitcoin, giving it 220,900 Bitcoin per share (in sats), alongside $6.7 billion in aggregate principal of convertible notes and $15.5 billion in aggregate notional preferred stock outstanding. According to data from BitcoinTreasuries.net, Strategy now controls approximately 4% of Bitcoin's fixed 21 million supply.

The picture is not without complications. In early June, Strategy disclosed in an SEC filing that it sold 32 Bitcoin at an average price of $77,135 per coin to help meet obligations tied to its preferred stock. The transaction was tiny relative to its overall holdings, but the symbolism was enormous, as a line that investors once assumed would never be crossed just got crossed. Critics, including gold advocate Peter Schiff, continue to argue that the firm's leverage structure creates latent risks, though Strategy has not indicated any intention to sell its Bitcoin holdings, and Saylor has repeatedly stated his commitment to holding the asset long-term.

For now, @CJ_Bitcoin's message is clear: short-term price volatility in either $BTC or $MSTR is not a strategic threat to the reserve itself.

Sources:
CCN: Strategy Has No Liquidation Risk Until Bitcoin Falls to $8,000
Strategy Inc: Q1 2026 Financial Results (Official Press Release)
Strategy Form 8-K, May 2026 (SEC Filing)

While most of the crypto market sold off on June 25, Sei Network's native token $SEI moved in the opposite direction, trading near $0.058 and up roughly 9% on the day as Bitcoin slipped under $60,000 and most major altcoins stayed firmly in the red.

The move was backed by real volume. CoinGecko data shows 24-hour trading volume for $SEI surged around 190% to approximately $72 million, confirming the price action was not a low-liquidity drift. @SeiNetwork was among the day's clear standouts in an otherwise weak market.

Short squeeze and Giga hype fuel the rally Two catalysts appear to be driving the outperformance. The first is a short squeeze that built around the $0.06 level, forcing leveraged bears to cover their positions and amplifying the upside move. The second is growing anticipation around the network's upcoming Giga upgrade.

Sei Labs published the Giga roadmap in late May 2026, targeting over 200,000 transactions per second and sub-400 millisecond finality. At the core of the performance leap is a protocol called Autobahn, a multi-proposer consensus mechanism. Traditional blockchains rely on a single block proposer at a time, creating a bottleneck. Autobahn lets multiple validators propose blocks simultaneously, which is how throughput scales from thousands to hundreds of thousands of TPS.

For context, Sei's prior throughput benchmarks sat in the range of 5,000 to 12,500 TPS. The Giga upgrade represents roughly a 40 to 50-fold increase in raw capacity. Beyond consensus, the upgrade also introduces asynchronous execution, allowing the network to process transactions in parallel and decouple execution from the consensus layer itself.

Phased rollout, not a single launch The upgrade is not a single event. Sei Labs is rolling it out progressively throughout 2026, with no single definitive launch date, and has set up a public milestone tracker at giga.seilabs.io.

Alongside the Giga upgrade, Sei Network committed in 2026 to becoming an EVM-only chain, deprecating its original CosmWasm smart contracts and native Cosmos transaction types through community-approved proposal SIP-3. Binance confirmed support for the full transition to EVM compatibility starting June 1.

The day's price action suggests the market is beginning to price in that technical roadmap, at least in the short term. Whether the rally holds will depend on whether the Giga milestones continue to arrive on schedule and whether broader crypto sentiment improves.

This article is for informational purposes only and does not constitute financial advice.

Sources:
Crypto Briefing: Sei Giga Upgrade Roadmap, Targets 200,000 TPS and 400ms Finality
CoinGecko: Sei (SEI) Live Price and Market Data

Strategy’s preferred shares are trading well below their $100 par value, and the company just spent $1.38 billion in cash to buy back its own debt instead of buying more Bitcoin. For a firm whose entire identity revolves around accumulating as much Bitcoin as humanly possible, that’s a notable pivot.

The STRC preferred shares have slid to roughly 14% below par, pushing yields up to around 11.5%. Meanwhile, Bitcoin short interest has jumped 9%, adding external pressure to a company that has effectively turned itself into a leveraged Bitcoin proxy.

The debt buyback that raised eyebrows In May 2026, Strategy repurchased $1.5 billion in face value of its 0% convertible senior notes due in 2029. The price tag: approximately $1.38 billion in cash, a discount that looks smart on paper but raises uncomfortable questions about what the company is prioritizing.

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Strategy didn’t use that $1.38 billion to buy more Bitcoin. It used it to reduce its debt load. The company currently holds between 843,738 and 846,842 BTC, acquired at an average cost of roughly $76,000 per coin. That puts the total acquisition cost basis at approximately $63.88 billion, making Strategy the largest corporate holder of Bitcoin on the planet by a wide margin.

The $1.5 billion dividend problem Strategy’s annual preferred dividend obligation sits at roughly $1.5 billion. The company’s older convertible notes carried 0% coupons, meaning they cost nothing to service until maturity or conversion. The newer preferred share structure is a fundamentally different animal. An 11.5% yield on preferred shares trading below par tells you the market is pricing in meaningful risk that those dividends might become difficult to sustain.

The suspension of new Bitcoin acquisitions is particularly telling. Strategy built its entire brand on relentless accumulation, and stepping off that treadmill, even briefly, changes the narrative.

Rising short interest adds pressure Bitcoin short interest climbing 9% during this period isn’t coincidental. Nearly 850,000 BTC represents a meaningful percentage of Bitcoin’s liquid supply, and even the perception that forced selling might occur can move markets.

Strategy’s financial health depends on Bitcoin’s price. Bitcoin’s price is partially supported by the market’s confidence that Strategy won’t sell. The broader “digital credit” market is also feeling the chill — when STRC trades 14% below par, it sends a message to every issuer considering similar structures that the market’s risk appetite has limits.

What this means for investors The key metric to watch is whether Strategy resumes Bitcoin purchases or continues prioritizing debt reduction. The spread between STRC’s trading price and its par value is another real-time indicator of market confidence.

Strategy’s decision to repurchase its 0% notes at a discount — buying back debt at 92 cents on the dollar — is rational treasury management, but it also means the market was willing to sell that debt at a loss. The 9% increase in Bitcoin short interest is worth monitoring as a sentiment gauge, as shorts continuing to build while Strategy’s bonds trade below par could create a volatile environment where any negative catalyst gets amplified.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

2026.06.14 10:47:19

On June 14, U.S. Securities and Exchange Commission (SEC) filings show the regulator has formally approved a rule change proposed by NYSE Arca that enables the listing and trading of the T. Rowe Price Active Crypto ETF. An actively managed cryptocurrency ETF, the fund will invest in a basket of digital assets meeting SEC-defined "eligible asset" criteria. While it uses a cryptocurrency index as its benchmark, it will not track that index passively. The filing notes the fund is projected to hold roughly 5 to 15 distinct cryptocurrencies, including major tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Litecoin (LTC), Polkadot (DOT), Dogecoin (DOGE), and Chainlink (LINK). The SEC filing also reveals the fund may hold stablecoins—primarily USDC—as "tokenized cash" during normal operations to cover expenses and rebalance assets, though these will not count toward its core investment portfolio. The approval notice stresses the product must adhere to NYSE Arca’s rules around anti-manipulation, disclosure, liquidity, and risk management. It also requires the fund to have information barriers (often called "firewalls") and position transparency mechanisms in place to uphold market fairness and prevent insider trading. Analysts say this ETF’s approval further expands cryptocurrency’s footprint within the traditional financial sector, marking the arrival of actively managed multi-crypto ETFs as tradable products under mainstream regulatory oversight.

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New York, New York, May 13th, 2026, Chainwire

Proposed protocol upgrade extends Stacks' live Proof-of-Transfer mechanism to let BTC holders earn native Bitcoin yield without bridging, wrapping, or surrendering custody.

Stacks Labs today published a whitepaper outlining the first self-custodial Bitcoin Staking mechanism generating Bitcoin-native yield. The whitepaper details a proposed upgrade to Stacks’ existing Proof-of-Transfer (PoX) consensus mechanism that enables BTC holders to earn Bitcoin-denominated yield while their Bitcoin remains locked on the L1 under their own keys.

The whitepaper addresses a fundamental gap in the market: Bitcoin represents over $1.3 trillion in idle capital, yet BTC holders have had no path to earn Bitcoin yield on that capital without bridging to another chain, wrapping their BTC, or handing custody to a centralized lender. Existing approaches, including restaking protocols that require moving BTC off L1 or rely on intermediary trust assumptions, leave holders exposed to risks Bitcoin was designed to eliminate. Stacks’ Bitcoin Staking mechanism is the first mechanism where BTC stays on Bitcoin, under the holder's own keys, while generating native Bitcoin yield. The publication follows last week’s launch of the Stacks 2026 roadmap (stacks.co/roadmap), which laid out a three-phase plan for building Bitcoin-native finance. Bitcoin Staking is Phase 1 of that plan: the mechanism that anchors long-term BTC capital on-chain and establishes the economic foundation for the phases that follow, including a 100x throughput increase and a full suite of Bitcoin-native lending, borrowing, and programmable capital products.

The mechanism builds directly on PoX, which has operated in production since January 2021 and distributed more than 4,200 BTC in stacking rewards to date. Bitcoin Staking extends this existing infrastructure.

How It Works

Under Bitcoin Staking, participants form “protocol bonds” where participants pair a BTC timelock on Bitcoin with a corresponding STX lock on Stacks for a 6-month bonding period, targeting a fixed yield subject to the risks inherent to the protocol. The BTC remains on the Bitcoin blockchain, secured by Bitcoin consensus, under participant-controlled keys for the full bonding period.

BTC yield is generated the same way it is today under PoX: Stacks miners bid BTC to compete for STX block rewards and transaction fees. That miner-paid BTC is distributed to eligible participants. Bitcoin Staking changes who is eligible and how rewards are prioritized, not how they are generated.

Bitcoin Staking distributes PoX rewards according to a waterfall structure. Paired BTC-plus-STX positions form the primary tranche and receive the target yield rate for their respective bonds. After protocol bond obligations are met, excess miner revenue is split between STX-only stakers and a reserve fund that buffers payouts when miner revenue falls short. 

Phased Rollout

The whitepaper proposes Bitcoin Staking launches in two phases. The first, PoX-5, is a managed bootstrap period expected to run approximately 12 months. During this phase, Stacks Endowment sets capacity and yield parameters and intends to work with a set of institutional partners who have been onboarded ahead of launch. Initial program conditions target 3,000 BTC in capacity at a 3% BTC APY with a 5% minimum STX pairing ratio. Partner onboarding for the bootstrap phase is underway; interested institutions can contact Stacks Endowment directly.

During the bootstrap phase, Bitcoin Staking will progressively decentralize, eventually transitioning to PoX-6, a permissionless consensus-encoded operation. In this phase, a permissionless sealed-bid clearing auction determines capacity allocation while yield rates, and ratio requirements are determined on-chain from miner economics, reserve fund status, and prior-period participation data. This phase is the fully decentralized end state described in the whitepaper.

Both phases require community governance approval through the Stacks Improvement Proposal (SIP) process. 

Participation Paths

BTC holders can pair native Bitcoin, timelocked on L1, with STX for full protocol bond participation. sBTC holders, the Bitcoin-backed asset on Stacks, can pair sBTC with STX through L2 smart contracts, enabling pooled participation and DeFi integrations. STX holders can stake without any Bitcoin commitment and receive residual yield as the third tranche of the waterfall. Pooled participation options exist across all paths for smaller holders. 

"Bitcoin is the world's most trusted asset precisely because of its design and safety principles on the L1. Bitcoin Staking changes the calculus; holders can now earn yield denominated in BTC, trustlessly, while their Bitcoin stays exactly where it belongs. This whitepaper is the culmination of years of protocol-level work to make Bitcoin programmable without compromising what makes it Bitcoin." — Muneeb Ali, Founder, Stacks.

“Bitcoin holders have been waiting for a way to put their capital to work without giving it up. What we’ve built on Stacks has already distributed over 4,200 BTC in real yield since 2021. Bitcoin Staking takes that proven infrastructure and makes BTC itself the yield-bearing asset, under the holder’s own keys, on Bitcoin. The whitepaper is the technical specification for Phase 1 of what we laid out in the roadmap last week — and the institutional partners we’ve been working with are ready to move.” — Alex Miller, CEO, Stacks Labs.

Availability

The full Bitcoin Staking whitepaper is available today here. The Stacks 2026 roadmap, which provides the broader context for Bitcoin Staking as Phase 1 of the network’s development plan, is available at stacks.co/roadmap. Community discussion and the SIP governance process will follow publication. Technical specifications, implementation documentation, and partner onboarding details will be published in subsequent releases. Institutions interested in participating in the PoX-5 bootstrap program should contact Stacks Endowment at [email protected].

About Stacks

Stacks is the leading Bitcoin layer by BTC deployed, providing infrastructure for a growing range of Bitcoin-native applications. The network enables Bitcoin-native financial applications, from lending and borrowing to autonomous AI agents, all settled with Bitcoin finality. Users can learn more at stacks.co.

ContactPR & Events
Shannon Voight
Stacks Labs
[email protected]

Disclaimer: Press release sponsored by our commercial partners.

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Bitcoin-native asset management company UTXO Management has become one of the first institutional participants in Bitcoin Staking on the Stacks network, marking a notable shift in how corporate Bitcoin holdings may be used.

The initiative introduces a structure that allows institutions to earn bitcoin-denominated yield without transferring custody or moving assets off the Bitcoin base layer. 

For treasury managers holding large BTC reserves, the model presents a new option that preserves core Bitcoin properties while addressing rising pressure to generate returns.

Bitcoin Staking on Stacks requires participants to lock BTC in a Bitcoin timelock alongside a smaller allocation of STX, the Stacks network’s native token, in what the protocol defines as a “protocol bond.” 

The BTC remains under the participant’s control throughout the process, while the STX component determines the scale of participation in the system. The initial bonding period is set at six months.

The yield target for the protocol is near 3% annual percentage yield, paid in bitcoin. Unlike lending-based models, the return does not rely on counterparty borrowing. Instead, it is derived from Stacks’ Proof-of-Transfer consensus mechanism. 

Under this model, miners bid BTC to secure the right to produce blocks on the Stacks network, and that BTC is distributed to eligible participants, including those engaged in Bitcoin Staking.

Proof-of-Transfer has operated for several years and has distributed more than 4,200 BTC since 2021. Bitcoin Staking builds on this framework, extending its reward structure to a broader class of participants.

The protocol is expected to reach mainnet later this summer, opening with an initial bootstrapping phase managed by the Stacks Endowment.

Staking tradeoffs as bitcoin gains traction The model introduces trade-offs that institutions must evaluate. Participants must hold STX equal to about 5% of the BTC position, which creates exposure to a second asset. The bonded BTC remains illiquid during the lockup period, though an early exit option exists for the BTC portion. Yield levels depend on network dynamics, including miner demand and STX market conditions, which introduces variability.

Despite these factors, UTXO’s participation signals growing institutional interest in productive Bitcoin strategies that maintain self-custody. 

The structure avoids lending desks and synthetic wrappers, both of which require relinquishing some control or altering the nature of the underlying asset.

Corporate Bitcoin treasuries have expanded in recent years. The top 100 companies now hold more than 1.2 million BTC, representing about 5% of total supply. 

Executives see Bitcoin Staking as a response to that scrutiny. Tyler Evans, Chief Investment Officer of Nakamoto and UTXO, described the model as a way to generate yield while preserving Bitcoin’s settlement and custody features. 

Stacks founder Muneeb Ali framed the development as a step toward transforming idle Bitcoin into productive capital within a secure framework.

Disclaimer: Bitcoin Magazine is published by BTC Inc, a subsidiary of Nakamoto Inc. UTXO Management is also a subsidiary of Nakamoto Inc. (NASDAQ: NAKA)

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.

Bitcoin builders have a three-week window to pitch their projects for funding. The Stacks Endowment opened applications for its Q2 2026 Builder Grants on June 5, with the deadline set for June 26 and funding decisions expected by July 1.

The grant program is specifically focused on what the Endowment calls “Bitcoin-native finance,” a category that spans decentralized finance protocols, perpetual contracts, real-world asset tokenization, agentic applications, and privacy-enhancing tools.

What’s on the table Previous 2026 grant cycles offered two distinct tracks. Builder Grants provided up to $50K for established teams with proven track records. Getting Started Grants offered up to $10K for early-stage projects still finding their footing.

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Applications close June 26, and funding decisions land by July 1. That’s a five-day review window.

The Stacks Endowment recently received a 25 million STX donation through SIP-031, which significantly bolsters its capacity to fund builders across the ecosystem.

Why Bitcoin Layer 2 development matters right now Stacks positions itself as a leading Bitcoin Layer 2 solution, enabling smart contracts and DeFi functionality that settle directly on Bitcoin.

What this means for investors The Stacks Endowment’s mission is to manage the ecosystem’s long-term treasury and allocate capital toward sustainable growth. The 25 million STX donation through SIP-031 signals that the broader Stacks community is willing to put real resources behind this strategy.

Builders interested in applying have until June 26 to submit their proposals. The rapid funding timeline, with decisions by July 1, means approved teams could be deploying capital before most traditional venture processes even schedule their first call.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

PANews reported on February 23 that the IoTeX team tweeted that on February 21, they discovered an attack on the Ethereum side of their multi-chain bridge ioTube. The attackers stole 410 million CIOTX tokens and approximately $4.4 million in assets through four steps. Currently, over 86% of the CIOTX has been locked or frozen, 12.8% (52.4 million CIOTX) is being frozen in cooperation with Binance and other platforms, and only 0.4% (1.7 million CIOTX) remains at risk after being exchanged on DEXs. Regarding the bridge's reserve funds, the attackers exchanged the stolen reserve tokens (including USDC, USDT, WBTC, WETH, and other assets) for approximately 2,183 ETH . Of this, 1,572 ETH has been transferred to the Bitcoin network via THORChain.

The IoTeX team has taken emergency measures, including distributing patch fixes, freezing related addresses, and working with exchanges to freeze funds. The ioTube bridge service will be restored after an independent security audit, along with a compensation plan and security upgrades. The team is committed to ensuring the safety of community assets and will release a more detailed compensation plan and hold a community AMA within the next 48 hours.

Previously reported, IoTeX suffered a loss of approximately $2 million in assets and is expected to be operational within 48 hours . Upbit has added IoTeX (IOTX) to its transaction alert list .

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On July 24, 2025, Taiwan-based trading platform WOO X became the latest victim in a bruising summer of crypto breaches when attackers made off with roughly $14 million in unauthorized withdrawals from nine user accounts, forcing the exchange to pause withdrawals while it investigated and promised to reimburse affected users.

New chain-analysis shared by Yehor Rudytsia, Head of Forensics and Incident Response at Hacken, paints the post-heist picture as far more organized than a one-off theft. According to Rudytsia, the exploit, which Hacken dates to July, resulted in total losses of about $14 million and was carried out by a DPRK-linked actor tracked in law-enforcement circles as “TraderTraitor.”

Hacken says it is actively monitoring the on-chain movements and is supporting recovery efforts by flagging malicious addresses to the wider security community. The laundering choreography, as mapped by Hacken, left half the stolen funds on EVM networks and the rest on Tron and Bitcoin.

In the last 24 hours, on-chain traces show that the bulk of the EVM-side proceeds, more than $7 million, were routed through THORChain and swapped into Bitcoin, a technique observers have increasingly flagged as a common laundering path after major exchange thefts earlier this year. Rudytsia noted that THORChain’s native cross-chain swap functionality has repeatedly been used to convert large sums of ETH and ERC-20 tokens into BTC, making it attractive to sophisticated operators moving stolen assets across ecosystems.

On-chain Evidence Hacken’s report also documents the handling of the Tron-denominated portion (about $2.5 million in TRX). Those funds, the team found, were converted into USDT, bridged to Ethereum via LayerZero infrastructure, and from there, some of the bridged USDT was again pushed to Bitcoin through THORChain.

On-chain evidence of a nine-figure USDT transfer arriving on Ethereum from a LayerZero executor appears in public transaction records from October 1, 2025, which match the pattern Hacken described.

Complicating the trail, part of the funds that surfaced on Ethereum were sent to a wallet previously tied to the BingX hot-wallet exploit in 2024, itself attributed by investigators to North Korean-linked groups, suggesting either reuse of laundering infrastructure or coordination across multiple thefts.

The address that received those transfers is publicly visible on Ethereum explorer records, and investigators say the link deepens the picture of an organized laundering chain connecting multiple high-profile incidents.

Taken together, the movements indicate that roughly $8–9 million from the WOO X breach was bridged on the same day from Ethereum to Bitcoin, almost entirely via THORChain, leaving an estimated 90% of the stolen value now sitting on Bitcoin addresses as perpetrators accelerate conversion into the oldest and most liquid on-chain asset.

Security teams monitoring the flows warn that once funds consolidate on Bitcoin, conventional tracing and intervention become harder and the risk of eventual cash-out increases. Rudytsia told Blockchain Reporter that Hacken is continuing to monitor the accounts and will push flagged addresses to exchanges and compliance partners in the hope of freezing or otherwise freezing flow paths where possible.

For now, the case is a fresh reminder that as cross-chain tooling gets more powerful, it also gives sophisticated attackers faster, lower-friction routes to turn stolen tokens into harder-to-trace assets, and that forensic work on multiple chains, together with cooperation from on- and off-ramp services, remains the only immediate line of defence in today’s time.

AUTHOR

Mushumir Butt is a seasoned crypto journalist with over three years of experience reporting on the world of blockchain and cryptocurrency. At Blockchain Reporter, he delivers insightful news, in‐depth project reviews, and precise price analysis and predictions. With a strong background in SEO and digital marketing, Mushumir excels at breaking down complex trends into clear, accessible content, ensuring readers stay ahead in the fast‐paced crypto space.

XRP (CRYPTO: XRP) became the best-performing large-cap cryptocurrency Monday following the launch of Ripple Labs' USD-backed stablecoin RLUSD.

What happened: The payments-focused cryptocurrency rose 3.51% in the last 24 hours, outpacing the returns of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

With the latest push, XRP's monthly gains zoomed to 138%, the biggest among cryptocurrencies in the top 10 by market capitalization.

The rally was likely powered by significant buying interest from whale investors. Noted cryptocurrency analyst Ali Martinez highlighted that whales purchased over 830 million XRP, worth over $2 billion at prevailing market prices.

See Also: If You Invested $1,000 In Bitcoin When The First Bitcoin ETF Was Filed, Here’s How Much You’d Have Today

The readings of moving averages supported the coin’s bullish potential. XRP's price was greater than nearly all of its exponential moving averages and simple moving averages, indicating that investors’ current expectations are higher than their average expectations over the past period.

However, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages, flashed a ‘Sell' signal. 

The Bull Bear Power indicator, used for measuring the strength of buyers and sellers in the market, was ‘Neutral" as of this writing.

Moreover. XRP's Open Interest, a measure of its speculative interest, rose 5.26% in the last 24 hours and nearly 450% since Nov. 5, the presidential election day, data from Coinglass revealed.

About 75% of all Binance traders with an open interest were positioned long on the asset, signaling the expectation of further upsides.

Why It Matters: Optimism around XRP was tied to several factors, with the most notable being the launch of RLUSD from Ripple, a payments company that uses XRP for its operations.

Ripple President Monica Long said Monday that the release marked a new chapter for the XRP Ledger, the blockchain technology powering Ripple's operations.

Ripple planned to position RLUSD for a range of financial applications, including instant cross-border settlements, Treasury operations, and integration with decentralized finance protocols.

Furthermore, with SEC Chair Gary Gensler’s tenure coming to an end and being succeeded by cryptocurrency-friendly Paul Atkins, investors feel more confident about XRP.

Ripple has been locked in a nearly four-year-long legal battle with the SEC over the status of XRP, and any change in the agency’s top leadership is viewed with optimism.

Price Action:  At the time of writing, XRP was exchanging hands at $2.49, up 3.65% in the last 24 hours, according to data from Benzinga Pro.

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