Strategy's sale of 32 Bitcoin shouldn't have mattered, but it did. The company still holds hundreds of thousands of BTC, yet the market reaction was swift, exposing a core assumption: companies buy Bitcoin and they never sell it.
Michael Saylor's Strategy rattled the market after disclosing the sale of 32 Bitcoin - its first reported BTC liquidation outside a 2022 tax-related transaction. The sale, while tiny relative to its massive holdings, challenged the narrative that Strategy would only accumulate. Shares of MSTR fell sharply. According to Delphi Digital, the old 'never sell' meme is now broken in practice.
In the US, JPMorgan CEO Jamie Dimon escalated his fight against crypto. He said banks would oppose the latest version of the CLARITY Act, arguing that crypto companies are being granted privileges without the same regulatory burdens. The comments underscore a growing divide between banking and crypto.
French Bitcoin treasury company Capital B asked shareholders to approve a massive $122 billion fundraising mandate - 5 billion euros in new equity and roughly $116 billion in credit instruments to finance future Bitcoin purchases. The vote is set for June 17. Capital B currently holds 3,139 BTC.
Finally, Coinbase invested in the ProShares GENIUS Money Market ETF, a fund designed to hold assets that qualify as stablecoin reserves under the GENIUS Act. The move highlights growing interest in stablecoin reserve assets as the US moves closer to a federal regulatory framework.
