In Bitcoin news today, shareholders of Satsuma Technology voted by more than 90% on Monday to sell the company’s remaining 668 BTC, worth roughly $43.5M at current prices, and to cancel its LSE delisting, overruling four of six board members and formally ending a Bitcoin treasury experiment that lasted less than 12 months.

The decision crystallizes one of the sharper destructions of investor capital in the UK crypto space: against the £163.6M raised in August 2025, shareholders now expect to recover between £26.8M and £30M after wind-down costs, less than 20 pence on the pound.

This latest Bitcoin Treasury firm news dropped as BTC climbed a modest +0.4% overnight, dropping under $66,000 since yesterday but still trading at $65,700, with a daily trading volume of $31.8Bn.

Bitcoin News Today: From £163M Raise to Fractional Recovery

Satsuma started life as TAO Alpha, a small AI firm, before rebranding and pivoting to a Bitcoin treasury accumulation strategy. In August 2025, it hired Mark Moss, an American Bitcoin commentator with over 700,000 YouTube subscribers, as Chief Bitcoin Strategist.

The firm then raised £163.6M through convertible notes led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken participating. Some investors contributed 1,097 BTC directly in place of roughly $97M in cash.

The stock peaked around £14 per share in June 2025. Bitcoin reached its $126,000 all-time high in October before sliding into the current crypto winter, dragging Satsuma’s share price with it.

By December 2025, the company was already liquidating assets to stay solvent, selling 579 BTC for £40M to repay noteholders who declined to convert their debt into equity.

The CFO departed in February 2026; the CEO followed in March. By April, shares had lost more than 99% of their June 2025 peak value, trading at fractions of a penny. At that point, Pantera Capital, holding approximately 6.7% of Satsuma’s stock, began publicly calling for a full liquidation, with a straightforward rationale.

The company’s market cap had fallen well below the value of the Bitcoin on its balance sheet, making the equity position strictly worse than owning the underlying coin. A shareholder group representing more than 20% of issued capital formally put the resolution to a vote.

The board split hard. Four of the six directors opposed liquidation, arguing that Satsuma remained a viable, publicly listed corporate vehicle for Bitcoin. Two sided with shareholders. The 90%-plus vote to wind down left the board majority’s position moot.

Discover: The Best Crypto to Diversify Your Portfolio

The DAT Model Under Scrutiny

Satsuma’s collapse is the most visible failure yet of the DAT, a digital asset treasury structure that proliferated across UK small-caps in 2025.

These companies, modeled loosely on MicroStrategy’s approach, give equity investors indirect exposure to Bitcoin while bolting on a thin operating business to satisfy UK listing rules on alternative investment fund classification.

The structure works when Bitcoin price momentum and equity premiums reinforce each other; it unravels quickly when both reverse simultaneously, as the convertible note obligations create a sell-to-survive dynamic at exactly the wrong point in the cycle.

The broader regulatory environment for UK crypto companies adds another layer of structural pressure that pure-play listed treasuries are poorly positioned to absorb.

The wind-down proceeds through a “B Share Scheme,” a UK legal mechanism for distributing cash assets back to shareholders. Estimated termination costs run to £2.7M: legal fees, severance, delisting charges, and run-off insurance.

Combined with the £40M recovered from December’s BTC sale, the total capital returned is roughly £66–70M, against the £163.6M raised.

Critically, convertible noteholders rank above common equity in the payout waterfall, so ordinary shareholders may receive considerably less than even those aggregated figures suggest.

Satsuma was the second-largest UK-listed Bitcoin treasury company by holdings at the time of the vote. The Smarter Web Company, holding 2,878 BTC, currently sits at the top of that ranking and has not indicated any plans to wind down, though Satsuma’s outcome will sharpen investor focus on the NAV-to-market-cap gap across all remaining UK crypto treasury vehicles.

The contrast with Michael Saylor’s approach, maintaining Bitcoin conviction through drawdowns rather than liquidating under shareholder pressure, is a live debate in the corporate Bitcoin treasury space right now.

Bitcoin News: Court Approval and Satsuma Delisting Timeline

UK High Court hearings to approve the capital return scheme are scheduled for August and September 2026. The LSE delisting is expected in mid-September, with shareholder payments due by late September.

High Court hearings to approve the capital return are set for August and September 2026, before distributions begin. For traders still holding Satsuma shares, the key variable is whether the 668 BTC sale executes above or below current spot.

With the Bitcoin price trajectory remaining contested at current levels, even a modest move in either direction will shift the final distribution range away from the £26.8–30M estimate. Noteholders’ priority claim means ordinary equity holders are effectively last in line for whatever remains after costs are settled.

Discover: The Best Token Presales

The post Bitcoin News: BTC Treasury Strategy Casualty as Satsuma Technology Votes to Wind Down appeared first on Cryptonews.

In Bitcoin news today, Michael Saylor, co-founder of Strategy and the largest publicly listed corporate BTC holder, has gone on record opposing BIP-110, the proposed one-year soft fork that would restrict non-financial data storage on the Bitcoin blockchain, arguing that the proposed cure carries more systemic risk than the condition it targets.

His critique, posted to X and covered by the Bitcoin Foundation on July 11, frames the entire debate not as a spam-management question but as a Bitcoin governance question: who decides what constitutes a valid transaction, and what happens once that line is drawn within the protocol.

That framing cuts directly to the precedent problem. As Saylor stated in his X post, “He wrote: “BIP 110 turns a spam dispute into a consensus change that would invalidate some currently valid, fee-paying transactions.

That precedent is the danger.” The concern is not specifically about Ordinals or blockchain spam today; it is about what the protocol becomes the moment it starts filtering transactions by perceived intent rather than fee payment and cryptographic validity.

Bitcoin News: The Miner Threshold is the Flashpoint

BIP-110’s activation mechanics have drawn as much fire as its content. The proposal would lock in if miners signal support in at least 55% of blocks during a 2,016-block period – well below the 95% threshold that has historically governed permanent consensus changes in Bitcoin.

Saylor has flagged this reduction as a structural risk, warning it could produce a network split and sustained market uncertainty at a moment when no such disruption is justified by the underlying threat.

The current miner signaling picture gives that warning context: as of July 13, support stood at approximately 1.3%, per the public BIP-110 signaling monitor at bip110.org. The voluntary signaling deadline falls around block 961,542 in August.

A 55% threshold is aggressive by any historical standard in Bitcoin governance; at 1.3% support, it is also currently unreachable, but the threshold itself remains a live governance concern regardless of the present signal count.

The technical scope of the proposal is sweeping for a supposedly temporary measure. BIP-110 would restore a tighter limit on OP_RETURN outputs, restrict larger data uploads, and reject blocks containing transactions that are valid under Bitcoin’s current rules.

Nodes adopting BIP-110 would, in effect, enforce a narrower definition of which transactions are acceptable than non-adopting nodes, a split scenario Saylor is flagging.

Discover: The Best Token Presales

Bitcoin Neutrality vs. Protocol Gatekeeping

Saylor’s deeper argument is that Bitcoin neutrality is not a soft preference; it is a structural property the network cannot afford to compromise.

With this Bitcoin news drop, the proposal reframes the change to consensus rules to fight spam as a decision about which valid, fee-paying transactions the network should accept, raising concerns about embedding judgment in the protocol.

The chilling-effect logic follows directly. If consensus rules can be modified to exclude data storage when a segment of the community labels it as spam, the same mechanism is available for other categories that would raise similar concerns.

The institutional investors who have followed Strategy’s lead and the broader wave of corporate treasury adoption across the Bitcoin corporate treasury space are implicitly betting on protocol stability. A governance mechanism that can exclude valid use cases introduces a risk category unrelated to price or macro.

There is also a direct fee-revenue argument. Suppressing on-chain use cases, whatever their aesthetic merit, can affect the demand for transaction fees.

Saylor’s position is that market-based fees and individual relay policies are the correct instruments for managing unwanted data traffic, because they operate without altering consensus and can be reversed or adjusted without a network-wide coordination event.

Broader Opposition and What Comes Next

In other Bitcoin news, Saylor is not the only prominent voice pushing back. Other long-standing Bitcoin contributors have also publicly opposed BIP-110. The debate has surfaced a wider tension in Bitcoin governance over who holds effective veto power: miners, developers, node operators, or major holders, and whether a 55% miner threshold is a legitimate activation path for changes of this scope.

With miner support effectively at zero six weeks before the August deadline and no clear institutional momentum building behind the proposal, BIP-110 may be difficult to push through under the required 55% signaling threshold. But the governance argument Saylor is making does not expire with this particular proposal.

The question of whether Bitcoin’s consensus layer should ever be used to discriminate between transaction types, and who gets to make that call, is now squarely on the table. Institutional players have a direct stake in how that question gets answered.

Strategy holds approximately 843,775 BTC. His argument is not philosophical posturing. It is a position from the largest corporate Bitcoin balance sheet in existence, and it lands squarely on the side of preserving the protocol’s neutrality.

Discover: The Best Crypto to Diversify Your Portfolio

The post Bitcoin News: Saylor Warns BIP-110 Trades Bitcoin Neutrality for a Dangerous Precedent appeared first on Cryptonews.

In the latest Bitcoin news, Strategy CEO Phong Le told Bloomberg TV that the company’s balance sheet would remain very secure until Bitcoin reaches the $8,000–$10,000 range-framing it as a capital-structure stress threshold tied to debt risk rather than a market call. At BTC’s current price of ~$64,500, that level implies roughly an ~85% drawdown.

MSTR closed at $97.58 on Tuesday, up roughly 6% on the day. The rally doesn’t change the underlying tension between Strategy’s levered BTC accumulation model and the market’s current willingness to fund it.

Discover: The Best Token Presales

Bitcoin News: What the $8K–$10K Floor Actually Represents

Le described the $8,000–$10,000 level as the point at which Strategy would have to consider some of the risk associated with its debt. He also said, “Until that point in time, we feel very secure about the balance sheet. What we need to do is build a capital structure that can withstand bear markets and, of course, benefit from bull cycles.”

Le discussed an even more extreme tail scenario on Bloomberg TV: BTC would need to ‘go down 90% or for five years sustainably’ before Strategy might sell Bitcoin to satisfy convertible debt, a scenario he called ‘extremely unlikely.’ That framing is deliberate.

Strategy has consistently positioned any BTC liquidation as a hypothetical tail event, not an operational contingency, and the capital structure is engineered to keep it that way.

Strategy holds over 840,000 BTC as of mid-2026, making it the world’s largest corporate Bitcoin holder. An 85% drawdown would devastate the asset side of the ledger, but the liability side, specifically the timing of debt maturities and the cash reserve buffer, is what determines whether distress selling actually occurs.

Discover: The Best Crypto to Diversify Your Portfolio

STRC’s Par Problem and the USD Reserve Lever

The more immediate pressure point isn’t the convertible notes; it’s STRC, Strategy’s perpetual preferred stock. Designed to hold a $100 par value and pay a 13% annual yield, STRC lost par in April 2026, then crashed below $75 in late June before partially recovering to around $90. When STRC falls below $100, it restricts Strategy’s ability to issue new shares to fund BTC purchases.

Le pointed to building USD reserves as a key lever to restore STRC confidence: ‘We’ve learned over the last couple of months that having that liquid access to U.S.-dollar capital is quite important.

So we’ll continue to build that.’ Strategy raised its cash reserve to approximately $3 billion, up from a prior $1.4 billion target, following a stock sale, which allowed the firm to pause BTC sales between July 6 and July 12. That reserve is sized to cover dividends and interest for roughly 21 months without touching the Bitcoin treasury.

Many news outlets reported that Strategy did sell 3,588 Bitcoin at roughly $60,000, below its ~$75,000 average cost basis, to fund preferred dividends earlier this year. Le frames these as operational process tests and tax-loss harvesting rather than distress sales.

The framing is plausible given the scale of the reserve now in place, but the fact that BTC was sold below cost is a data point the market hasn’t fully digested. The BTC Monetization Program is designed precisely to prevent that from becoming routine.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post Bitcoin News: Phong Le Sets $8K–$10K as Strategy’s Debt Risk Threshold for Bitcoin appeared first on Cryptonews.

June CPI fell a seasonally adjusted 0.4% month-over-month, the steepest monthly drop since April 2020, pulling the annual inflation rate to 3.5% against a Dow Jones consensus of 3.8%, and Bitcoin responded with an immediate push higher after the print. The data beat is real.

Bitcoin (BTC)

24h7d30d1yAll time

The energy index slumped 5.7% in June, with gasoline and fuel oil both falling more than 9%, accounting for the bulk of the monthly swing. Strip that out, and the picture is considerably less clean: core CPI, which excludes food and energy, printed flat on the month at a 2.6% annual rate versus a 2.9% forecast. Services ex-energy were flat; shelter rose 0.1%; transportation services declined 0.3%.

The distinction is directly relevant to Federal Reserve policy because policymakers target core and services inflation as the longer-run signal. A gasoline-driven headline miss does not move that needle, and the market’s own rate pricing reflects that.

As of now, the Fed is widely expected to hold at its July 28–29 FOMC meeting and then deliver a 25 basis point hike in September, keeping the overnight rate at 3.5%–3.75% for now before moving it higher.

That tone reinforces what the rate market is already pricing. The interest rates path remains higher-for-longer until core and services data show a convincing trend, not a one-month energy artifact.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

CPI Positioning and the Bitcoin ETF Flow Backdrop

Bitcoin entered Tuesday’s print with strong recent momentum, with traders watching whether inflation data could shift the Fed’s path quickly enough to keep risk appetite intact.

Bitcoin and crypto market commentary ahead of the CPI release pointed to ETF-flow and on-chain developments as supportive backdrops for the move. Pre-CPI analysis also suggested that bullish positioning could be vulnerable if macro expectations changed.

The caution flag comes from the derivatives view: positioning can unwind quickly when macro expectations reprice, even if the headline print looks constructive for crypto in the moment.

Discover: The Best Token Presales

Key Levels and the Forward Case for Bulls and Bears

Traders are focused on nearby resistance around $64,000, while technical desks are watching a sequence of higher targets if momentum holds after the CPI-driven pop.

On the downside, $62,000 is a key reference point for risk. Below that, traders expect attention to shift to prior supports, including around $60,000. Altcoins have their own closely watched levels as well, with ETH’s recent resistance area around $1,800 in focus after the June selloff.

Ethereum (ETH)

24h7d30d1yAll time

Thomas Perfumo, chief economist at Kraken, framed the macro read accurately:

“Today’s print, read carefully, is more a reason for cautious optimism than alarm,” adding that “a broader inflationary impulse is shrinking.” Forward scenario he described, inflation continuing to decelerate in the second half of 2026, preserving “policy optionality for central banks” is the bull case for risk assets.

But that scenario requires several more months of data confirming the trend. Exchange reserve data and on-chain metrics support the structural setup, but a single energy-driven CPI print does not resolve the Fed’s September calculus.

Discover: The Best Crypto to Diversify Your Portfolio

The post June CPI Beat Sparks Bitcoin Surge, but the Fed’s September Hike Looms appeared first on Cryptonews.

In the latest Bitcoin news, Binance customer Bitcoin holdings climbed to approximately 640,295 BTC in June, adding 7,715 BTC, a 1.22% gain, according to the exchange’s 44th proof of reserves report, which used a July 1 snapshot against a June 1 baseline.

That marks the third consecutive monthly increase in the platform’s reported BTC balance, extending a multi-month crypto accumulation pattern based on the latest consecutive monthly PoR updates. The divergence with ETH and USDT is where the more structurally interesting question sits.

Customer ETH balance fell 1.41% to roughly 4.086 million ETH, down 58,591 ETH over the month. That decline comes directly after a sharp 10.17% jump in May, when ETH holdings rose to approximately 4.14 million ETH, so the June pullback looks more like a partial reversal of a spike than the start of a structural exit from Ethereum.

The ETH/BTC dynamic embedded in these figures is consistent with ongoing capital rotation into Bitcoin, though on-chain data alone cannot confirm that thesis.

USDT balances fell for a second consecutive month, dropping 1.51% to approximately 33.7 billion USDT, roughly 510 million tokens lower than the June 1 reading of 34.3 billion.

The prior month had already shed about 460 million USDT. Two months of consecutive stablecoin drawdown across the platform’s largest reserve asset is a meaningful data point on available buy-side liquidity, even if the direction of those funds remains unconfirmed.

Discover: The Best Crypto to Diversify Your Portfolio

Bitcoin News: What the On-Chain Data Confirms, and What It Doesn’t

The report relies on a point-in-time snapshot methodology: exchange reserves are recorded at a specific date, then compared month-over-month.

Binance uses Merkle Trees and zero-knowledge proofs to let customers verify whether their account balances are included in the total liabilities reported for each report.

What that architecture cannot do is explain the behavioral drivers behind changes in balance, whether the BTC increase came from direct purchases, deposits from external wallets, asset conversions out of ETH or USDT, or internal transfers between Binance product silos.

Bitcoin (BTC)

24h7d30d1yAll time

This ambiguity matters for interpreting the signal. Rising BTC on an exchange can read as accumulation-in-progress, but it also places more supply closer to the market. The gap between rising aggregate balances and day-to-day incremental flow signals is not directly resolvable from the PoR snapshot alone.

A similar BTC-up, USDT-down pattern appeared in the most recent reserve snapshots from Bybit and OKX. That cross-exchange alignment suggests the rotation is not Binance-specific. It more plausibly reflects a broader shift in how active traders are allocated across the major spot venues heading into the second half of 2026.

Declining USDT holdings in the platform’s proof-of-reserves report reduce the visible pool of on-exchange dry powder. Thinner stablecoin reserves do not confirm buying flows or withdrawals, but they can still matter for how liquid the on-exchange balance sheet appears at the snapshot point in time. In low-volatility conditions, that may not matter. Around key price levels or macro catalysts, it can amplify moves in both directions.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post Binance Proof of Reserves Rock Bitcoin News Amid BTC Gains and Thin Stablecoin Depth appeared first on Cryptonews.

Bitcoin News: Standard Chartered’s Geoffrey Kendrick is standing by his Bitcoin price prediction of $500,000 before Trump leaves office, even as BTC trades over $64,000, roughly 49% below the $126,198 all-time high set in October 2025.

The gap between Kendrick’s target and current price is the obvious headline, but the more structurally interesting question is what it takes for the thesis to remain credible after the bank already missed its $200,000 call for 2025.

Trump’s renewed public endorsement of Bitcoin, delivered at a White House event on July 6, has brought Standard Chartered’s long-term forecast back into focus.

The president explicitly cited geopolitical competition as his primary rationale, warning that ceding the space to rivals would carry strategic costs the US cannot afford.

Discover: The Best Token Presales

Bitcoin News: China Framing Sharpens the Policy Signal

He pressed the geopolitical case directly: “And Bitcoin, nobody even understands how powerful it is. The capital flows, nobody understands how powerful it is.” The “main reason” for his support, Trump said, was straightforward: “If we don’t have it, China’s going to have it.”

The China framing carries a specific policy weight. 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.

Bitcoin (BTC)

24h7d30d1yAll time

Trump’s argument, that digital asset dominance is a sovereignty question, not just a financial one, gives the White House’s pro-crypto posture a national security anchor that is harder to walk back than a market-driven endorsement.

That framing directly reinforces the regulatory tailwind that underpins Kendrick’s BTC price target. Legislative clarity under a sympathetic administration, combined with institutional access through spot ETFs, is the structural backbone of Standard Chartered’s bull case, not a short-term momentum trade.

Discover: The Best Crypto to Diversify Your Portfolio

Geoffrey Kendrick’s $500K Target: What the Bank Is Actually Saying

Kendrick, Standard Chartered’s Global Head of Digital Assets Research, first put the $500k Bitcoin call on record in a February 2025 CNBC appearance.

At the time, he framed the target around Trump’s regulatory agenda providing a long-term structural boost: “That should add to that medium-term upside potential, which for me is Bitcoin up to $200,000 this year and $500,000 before Trump leaves office,” he said.

BTC did not reach $200,000 in 2025. It peaked at $126,198 in October before pulling back. Despite that miss, Standard Chartered and Kendrick have not retracted the Bitcoin 2026 and beyond roadmap, continuing to cite institutional inflows, sovereign adoption, and Bitcoin’s fixed supply as the thesis pillars that remain structurally intact regardless of near-term volatility.

Standard Chartered’s $500,000 remains the stated Trump-term endpoint for the bank’s forecast. BTC’s current positioning near $64,000, pressured by geopolitical uncertainty and macro headwinds, means the distance between current price and that target is substantial, making near-term waypoints the first test of whether the thesis holds.

Not all analysts share the conviction. Some outside analysts argue that a sustained low-to-mid six-figure Bitcoin price over the longer term is a more conservative base case, and that further downside remains possible before any durable recovery takes hold.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post Standard Chartered Holds $500K BTC Call as Trump Cites China Risk appeared first on Cryptonews.

Eli Ben-Sasson, Zcash founder and and CEO of StarkWare, the company behind Ethereum Layer 2 scaling solution Starknet, publicly argued that Bitcoin 21 million supply cap “doesn’t make sense.” He is also proposing instead that the network adopt a hard ceiling on the annual issuance rate.

Ben-Sasson’s core argument centers on key loss. Because private keys are permanently lost over time, the coins attached to those keys remain on the ledger but fall out of practical circulation, making the usable supply unknowable and trending downward. His proposed fix: replace the fixed total-coin ceiling with a fixed inflation rate ceiling. His specific figure was 4% per year, which he described as “a reasonable upper bound on human population expansion.”

The shift is from capping the stock of coins to capping the annual flow of new issuance, a distinction that sounds technical but carries enormous structural implications for every holder who priced Bitcoin’s scarcity into their position.

Discover: The Best Token Presales

Zcash Co-Founder Right about Bitcoin?

Alongside the lost-key argument, the Zcash co-founder, Ben-Sasson, flagged Bitcoin miner security as a compounding concern. The block reward currently stands at 3.125 BTC following the April 2024 halving, and it will continue to decline on schedule, eventually reaching zero around 2140. As the subsidy shrinks, miners depend increasingly on transaction fee revenue to stay economically viable, and a network that cannot sustain miner participation becomes progressively more vulnerable to attack. Ben-Sasson described this risk as “looming large on the horizon.”

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

This part of the argument has genuine traction among protocol researchers, independent of whether one accepts the rest of Ben-Sasson’s thesis. Bitcoin’s long-run security model is a real open question – the assumption that fee revenue will fully compensate for the disappearing block reward is unproven at scale. Raising that issue does not require agreeing that the supply cap should change.

The lost-coin case is harder to quantify precisely. We estimated the effective circulating cap at roughly 18.5 million BTC once permanently inaccessible coins are excluded, with Ledger placing lost supply as high as 4 million BTC as of late 2024. Approximately 19.9 million BTC have already been mined, or around 95% of the eventual total, leaving only about 1.1 million BTC remaining to be issued over the next century-plus. The attrition from key loss is real.

Discover: The Best Crypto to Diversify Your Portfolio

This Won’t Go Nowhere

The governance math is unambiguous. Changing Bitcoin’s supply cap would require a Bitcoin Improvement Proposal, new client software, and adoption by miners, nodes, and users. Approximately 97% of Bitcoin nodes currently enforce the existing supply schedule. A cap change is not technically impossible, but a fork that dilutes scarcity would split the chain and likely destroy much of the value it was ostensibly trying to preserve. The debate around Bitcoin’s role as a strategic reserve asset makes any hint of supply flexibility even more politically toxic in the current environment.

The community’s divisibility counterargument is also worth understanding precisely. Bitcoin’s 21 million coins subdivide into 2.1 quadrillion satoshis, providing more than enough unit granularity to accommodate adoption at any realistic price level. Ben-Sasson’s rebuttal, that “satoshis would also trend toward zero in absolute terms if key loss continues indefinitely,” is technically correct but operates on a timescale measured in centuries, not trading horizons.

What makes Ben-Sasson’s intervention notable is not its probability of success. It has none. What matters is who is raising the argument and why: a prominent ZK-proof technologist with credibility in the Ethereum ecosystem, citing miner security degradation as the mechanism that could eventually force the conversation.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post Bitcoin 21M Cap Under Fire From Zcash Founder appeared first on Cryptonews.

In the latest Bitcoin news, Bitcoin saw BTC price drop to $62,870 on Wednesday after stalling at the $64,000 resistance zone, with fresh US military strikes against Iran delivering the decisive blow to an already fragile risk appetite.

The convergence of geopolitical shock, a $7.7 billion stablecoin contraction, and anemic Bitcoin ETF inflows has placed the crypto market on a structurally weak footing heading into the back half of the week.

Bitcoin (BTC)

24h7d30d1yAll time

Discover: The Best Token Presales

Bitcoin News: US-Iran Escalation Is the Immediate Catalyst

Iran’s Islamic Revolutionary Guards Corps responded by claiming strikes on 85 US military sites in Bahrain and Kuwait and announcing the downing of a US MQ9 drone. Washington simultaneously withdrew a key concession that had allowed Iran to sell oil on international markets, a move that immediately spiked crude prices and reinforced the flight from risk-sensitive assets.

Bitcoin, as one of the most liquid 24/7 risk instruments, absorbed that flight in real time.

The causal chain from US-Iran tensions to BTC price is not theoretical. Geopolitical risk of this magnitude raises energy-cost expectations, tightens financial conditions sentiment, and pushes institutional allocators toward capital preservation.

Bitcoin, which had already printed a 21-month low of $57,742 on July 1 amid rate-hike fears, according to Bloomberg, had a limited cushion to absorb another macro shock of this scale. For more context on where analysts see the BTC price trajectory from here, see Peter Brandt’s bearish Bitcoin price outlook.

Discover: The Best Crypto to Diversify Your Portfolio

Stablecoin Contraction Signals Capital Exit, Not Rotation

The geopolitical catalyst landed on top of a liquidity picture that was already deteriorating. According to data cited by Walter Bloomberg on X, the stablecoin market contracted by 2.4% – $7.7 billion, to $312 billion in June, its largest monthly decline since the TerraUSD collapse of 2022.

That comparison is worth sitting with: the last time stablecoin supply fell this sharply in a single month, the crypto market was unwinding a systemic failure.

This time the cause is different – reduced buying interest rather than a protocol implosion, but the directional implication for the crypto market is the same. Stablecoin contraction means less dry powder available to buy dips.

It signals that fresh capital is leaving the ecosystem rather than rotating within it. The June decline coincided with a 20% drop in the BTC price, and if the stablecoin contraction extends into July, selling pressure has a structural source beyond just the current Iran headline.

BTC ETF Inflows Exist But Are Too Thin to Matter

Spot Bitcoin ETF flows offered a technical positive – SoSoValue data shows Tuesday marked the third consecutive day of net inflows at $21.44 million, but the number is functionally irrelevant at current pressure levels.

For context, the weeks preceding this brief inflow streak saw hundreds of millions in cumulative ETF outflows, and $21 million does not meaningfully offset that overhang.

Institutional demand through the ETF channel was supposed to provide a floor under extended selloffs. The absence of that cushion here, three days of token inflows against a backdrop of geopolitical shock and liquidity withdrawal, underscores that institutional appetite remains cautious, not committed.

If inflows reverse back to outflows this week, the ETF narrative loses whatever stabilizing credibility it still carries.

Bitcoin Price Technical Analysis: Every Major EMA Is Overhead Resistance

The chart structure reinforces the bearish case. Bitcoin trades below all three major exponential moving averages: the 50-day EMA at $65,577, the 100-day at $69,225, and the 200-day at $75,269.

That stacked alignment means every meaningful rally attempt runs into a fresh supply zone before it can generate momentum. The RSI sits near a neutral 48, and while the MACD remains positive, it is waning – not a reversal signal, but confirmation that the corrective pressure has not cleared.

Immediate resistance is the horizontal barrier at $64,004, which BTC failed to clear on Wednesday. On the downside, the absence of defined structural support between current levels and the July 1 yearly low of $57,800 is the critical detail.

A close below $62,000 removes the last thin buffer and opens a direct path toward that level. Retail sentiment around these price levels has been visibly deteriorating, a dynamic well-documented in the retail investor response to Bitcoin’s slide from its highs.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post US-Iran Strikes and $7.7B Stablecoin Exit Put Bitcoin at $62,870 appeared first on Cryptonews.

TeraWulf has signed a 20-year lease with Anthropic for a 401 MW AI data center campus at its Justified Data site in Hawesville, Kentucky, locking in approximately $19 billion in contracted revenue, a figure that exceeds the bitcoin miner’s entire current market cap of roughly $12 billion.

The deal forces a straightforward question onto the table: at what point does WULF stop trading as a BTC proxy and start pricing as an infrastructure REIT?

Shares jumped as much as 19% intraday on July 6 before settling to around a 4% gain at the close. That compression from intraday high to close is worth noting, it suggests the market is discounting execution risk even as it prices in the headline value, which is the correct reflex given the multi-year buildout ahead.

TeraWulf CEO Paul Prager told CNBC: “The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies.” The Wall Street Journal reported the agreement is underpinned by Anthropic’s strong investment-grade credit rating, which matters structurally, long-duration revenue anchored to investment-grade paper is a fundamentally different asset than hashrate-dependent block rewards.

What the Kentucky Deal With Anthropic Actually Commits TeraWulf To

The Kentucky data center campus will deliver approximately 401 MW of critical IT load for Anthropic’s Claude AI infrastructure in phases, with initial capacity expected online in H2 2027 and full build-out targeted by early 2028.

The Justified Data site sits on a former Century Aluminum facility, giving TeraWulf an existing large-power footprint with roughly 480 MW of available capacity and room to expand. That kind of shovel-ready power access is precisely what AI labs cannot easily replicate on their own timeline.

At an industry-standard capex figure of approximately $8–$10 million per MW for HPC-grade infrastructure, the 401 MW buildout implies a capital requirement in the range of $3.2 billion to $4 billion.

That number is not in the headline, the $19 billion contracted revenue figure is, but it is the variable that will determine whether this deal creates or destroys equity value over the next 24 months. TeraWulf has not yet specified its full financing structure for the Kentucky campus.

Anthropic is not the only AI lab moving this aggressively on power. Reports says the company has locked up approximately 3.5 GW of AI compute capacity across multiple deals, and Benzinga notes that IREN has also signed with Anthropic, framing TeraWulf as part of a growing cohort of former Bitcoin miner operators now serving as dedicated AI infrastructure landlords.

The AI infrastructure buildout cycle driving these commitments shows no sign of decelerating.

Capital Recycling and the Abernathy Exit

Running parallel to the Anthropic announcement, TeraWulf confirmed it will sell its 50.1% ownership interest in the Abernathy Joint Venture, a 168 MW AI data center project in Texas formed in 2025, to an investor group led by Fluidstack.

The company said the transaction monetizes its approximately $450 million investment at a premium to invested capital, according to Reuters. That is not a trivial data point: it means TeraWulf is already realizing gains on its crypto mining pivot before a single rack goes live in Kentucky.

The logic of the Abernathy exit is clean. Rather than hold a minority stake in a joint venture it does not control, TeraWulf is recycling capital into wholly owned infrastructure where it captures the full margin profile.

CoinShares has estimated that up to 70% of listed miners’ revenue could eventually come from AI hosting for those that secure long-term agreements, a shift that changes the entire valuation framework for companies like TeraWulf.

The 20-year lease structure itself is the most significant element beyond the dollar figure. For investors previously using WULF as a leveraged bet on bitcoin price cycles, that tenure represents a genuine change in the underlying business.

Long-duration, fixed-revenue infrastructure produces a very different earnings profile than mining, more predictable, less volatile, and increasingly comparable to a data center operator rather than a commodity producer. That is the risk miners like TeraWulf are explicitly choosing to trade away from: direct exposure to BTC price swings and hashprice compression following the halving.

The post TeraWulf’s $19B Anthropic Lease Turns Bitcoin Miner Into AI Landlord appeared first on Cryptonews.

Bitcoin News: More than 16 months after President Trump signed the executive order establishing a Strategic Bitcoin Reserve, the U.S. government has not formally designated a managing agency, has not publicly disclosed its full holdings, and has not acquired a single satoshi of new Bitcoin, the result of an unresolved turf war between the Treasury Department and the Commerce Department over which agency should control roughly 328,372 BTC valued at approximately $25 billion.

The DOJ Office of Legal Counsel is now mediating between the two departments, a development that signals the dispute has moved beyond bureaucratic friction into genuinely contested legal territory.

The March 6, 2025 executive order created two separate structures: the Strategic Bitcoin Reserve, composed of forfeited Bitcoin the government acquired through seizures, and a broader U.S. Digital Asset Stockpile for other confiscated crypto assets.

Bitcoin (BTC)

24h7d30d1yAll time

The order also directed Treasury and Commerce to develop budget-neutral methods for expanding Bitcoin holdings, a constraint that, combined with the unresolved oversight question, has effectively frozen any new accumulation.

Discover: The Best Token Presales

Bitcoin News: Why Neither Agency Wants to Own This

The core legal problem is that existing government asset management statutes were designed around gold, foreign exchange reserves, and Treasuries, not a volatile digital bearer asset.

Treasury’s traditional authority centers on fiscal instruments; holding Bitcoin as a long-term strategic asset, rather than liquidating it as typical seized property, sits awkwardly with that mandate. Commerce has been floated as an alternative home on the theory that Bitcoin represents a strategic technology and economic competitiveness asset, but that framing requires its own legal scaffolding.

The result, as reported by Bloomberg and KuCoin, is a bureaucratic vacuum where neither side is willing to formally accept responsibility that may not legally be theirs.

The BITCOIN Act, which would codify the Strategic Bitcoin Reserve under the Treasury with explicit congressional authorization, has been proposed but not enacted, and without it, agencies are reluctant to move.

That legislative gap may ultimately prove the harder obstacle than the interagency dispute itself, a point raised in early July that the reserve’s legal durability likely requires congressional action regardless of how the OLC resolves the current standoff.

Broader questions about legislative authority over crypto policy are playing out across multiple fronts in Washington simultaneously.

The original executive order set a 30-day deadline for agencies to report holdings and a 60-day deadline for Treasury to deliver a full legal, custodial, and legislative evaluation. Both passed without public disclosure; the 60-day deadline expired May 5, 2025. As of early July 2026, no report has been delivered, and no agency has been formally designated.

Scott Bessent’s Contradictory Signals

Scott Bessent, the Treasury Secretary, created additional confusion when he said publicly that the U.S. “won’t be buying” additional Bitcoin in the near term, then partially walked that back on social media by saying Treasury is exploring “budget-neutral pathways” for expanding holdings.

The contradiction matters because it reflects the same tension embedded in the executive order itself: the political appetite for accumulation is constrained by a fiscal rule that makes accumulation nearly impossible without either a market-neutral mechanism or an explicit congressional appropriation.

White House digital assets adviser Patrick Witt said an announcement on the reserve structure is “coming soon,” which suggests the administration still views the project as active rather than shelved.

That framing aligns with the OLC mediation, a resolution process, not an abandonment. But “coming soon” has been the operative phrase for months, and the crypto community’s frustration with the absence of a concrete framework is well documented. CoinTribune noted growing criticism centered on the lack of structure and the fact that no new Bitcoin has been acquired under what was billed as a historic Trump crypto policy initiative.

The March 2025 order did include one unambiguous directive: Treasury-controlled Bitcoin “shall not be sold and shall be maintained as reserve assets.” That no-sell clause is the clearest public statement on the government’s intended long-term posture toward its US government Bitcoin holdings, and it remains in force regardless of the oversight dispute.

Discover: The Best Crypto to Diversify Your Portfolio

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post Battle of the Bitcoin Reserve: Treasury-Commerce Department Infighting Delays Trump Crypto Plan appeared first on Cryptonews.

Bitcoin News: Dave Portnoy, founder of Barstool Sports, disclosed on Fox Business that he is sitting on millions in losses after buying Bitcoin near $100,000, and announced he will hold the position all the way to zero rather than sell again.

The declaration, made on Stuart Varney’s Varney & Co., crystallizes a behavioral pattern that has cost Portnoy heavily across multiple market cycles: buying near local highs, selling before rallies, and re-entering at higher prices.

BTC price peaked above $126,000 in October 2025 before halving to its current level around $62,870, according to CoinDesk data. Portnoy’s latest entry near the $100,000 level puts his unrealized loss at roughly 37% from cost basis, with the peak-to-trough drawdown from his buy point exceeding $60,000 per coin.

Discover: The Best Token Presales

Bitcoin News: The Quote That Defines the Trade

Portnoy did not soften the assessment when speaking to Fox Business host Stuart Varney. “Yeah, I got regrets. I bought the thing for $100,000. There’s nothing I’ve been wrong about more than Bitcoin. Every time I sell it, it goes nuclear. Every time I buy it, it tanks,” he said.

The self-diagnosis is unusually blunt for a public figure with a position still on the books.

“I’m holding. I’ll hold this thing down to zero. I know if I sell it, it’s going to go nuclear again. I’d rather go down with the ship this time.”

The logic is behavioral rather than analytical: Portnoy is not making a valuation case for Bitcoin; he is reacting to a personal track record of selling before every major rally. His commitment to hold to zero is, in effect, a forced discipline imposed by demonstrated inability to time exits correctly.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

A Multi-Cycle Pattern of Poor Market Timing

Portnoy’s history with Bitcoin reads as a case study in retail FOMO compounding. He first entered in late 2020 with approximately $2 million at around $11,000, then sold almost immediately, a position that would have returned roughly 6x had he held through BTC’s early 2021 run to $60,000.

He subsequently rebuilt exposure at higher prices, with his peak Bitcoin position reportedly reaching around $15 million before market declines cut that substantially.

The latest cycle repeated the same dynamic at a higher dollar magnitude. Portnoy has publicly stated he exhausted most of his available cash, averaging down through the drawdown, and his BTC losses now run into the millions on an unrealized basis. His exact BTC holdings remain undisclosed.

Bitcoin (BTC)

24h7d30d1yAll time

The pattern, buy high, capitulate, re-enter higher, is precisely what distinguishes retail investors who underperform a simple buy-and-hold strategy across cycles.

Market timing failure at Portnoy’s scale illustrates the structural disadvantage most active traders face. Research consistently shows that retail investors who attempt to time entries and exits in volatile assets like Bitcoin generate returns well below passive holders over equivalent periods. The risks that accompany prominent Bitcoin holders who buy in size and then face sustained drawdowns are not unique to Portnoy, but his public commentary makes the behavioral traps unusually visible.

Discover: The Best Crypto to Diversify Your Portfolio

The post Bitcoin News: Dave Portnoy Vows to Hold Bitcoin to Zero After Buying at $100K appeared first on Cryptonews.

Bitcoin ETF News: U.S.-listed spot Bitcoin ETFs recorded $221.7 million in net inflows on Thursday, their largest single-day intake in two months according to SoSoValue data, ending a 10-consecutive-day outflow streak that had drained $2.73 billion from the funds.

The reversal is real, but the composition of that inflow raises a sharper question than the headline number does.

The day’s flows were not led by BlackRock’s IBIT, the world’s largest Bitcoin ETF and historically the product that accounts for the bulk of positive flow days. IBIT posted a $40.43 million outflow on Thursday.

Bitcoin (BTC)

24h7d30d1yAll time

The reversal was driven entirely by second-tier products: Fidelity’s FBTC led with $165.96 million, ARK’s ARKB contributed $91.84 million, and VanEck’s HODL added $4.35 million.

Discover: The Best Token Presales

Bitcoin ETF News: IBIT’s Absence Reframes the Inflow Signal

On days when institutional conviction is driving the complex, IBIT typically absorbs the majority of inflows – historically, 70–90% of net positive flows on strong days have routed through BlackRock’s product.

Thursday’s configuration, FBTC and ARKB running hot while IBIT hemorrhaged, reads more like tactical or retail reaccumulation than a coordinated institutional rotation back into Bitcoin.

That distinction matters. Retail and tactical flows tend to be sticky only as long as price momentum holds. Institutional flows into a product like IBIT, by contrast, often reflect longer-duration positioning decisions with lower sensitivity to short-term price noise. The absence of BlackRock demand on this specific day does not invalidate the inflow print, but it does cap how much structural weight the reversal can bear.

The Bitcoin price context reinforces that reading. BTC was trading near $61,700 at time of publication, having bounced from 21-month lows below $58,000 earlier in the week.

That recovery, roughly 6.5% off the week’s trough, is the kind of move that flushes weak shorts and pulls in momentum-chasing demand. Bitcoin’s recovery above $60,000 through July 2–3 provided the immediate backdrop for Thursday’s ETF inflow reversal, and the two developments are clearly linked rather than independent signals.

Discover: The Best Crypto to Diversify Your Portfolio

Year-to-Date Outflows Put Thursday in Perspective

Even with the positive print, the year-to-date picture remains structurally heavy. Net outflows across all U.S. spot Bitcoin ETFs sit at approximately $5.4 billion for 2026.

Thursday’s $221.7 million covers roughly 4% of that gap. The 10-day outflow streak alone pulled $2.73 billion from the complex – so the single-day reversal does not restore what was just lost, let alone address the broader year’s distribution pressure.

For reference, an earlier 2026 episode saw a four-day outflow streak snap with a $753 million single-day inflow, the largest reversal of that cycle, which analysts attributed to pent-up demand re-entering after the seller base was flushed.

Thursday’s $221.7 million follows the same structural pattern but at roughly 30% of that scale, suggesting the positioning reset may be more cautious this time around. The 10-day streak was also significantly longer, implying more sustained selling pressure rather than a sharp flush.

Citi cut its Bitcoin and Ether price forecasts on July 1, citing the turn in ETF inflows as evidence of cooling institutional demand and adverse macro conditions. Thursday’s reversal is a counter-signal to that downgrade, but a single day does not overturn a trend call. Whether the bank revisits its forecasts will depend on whether next week’s flow prints sustain the turn.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post Bitcoin ETF News: FBTC and ARKB Drive $221.7M Bitcoin ETF Reversal as IBIT Bleeds appeared first on Cryptonews.

Bitcoin price clawed back the $62,000 level after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus، sending the implied probability of a September Fed rate hike from 64% to 54% on the CME FedWatch Tool news and dragging AI stocks sharply lower.

The question that data forces onto the table is whether this macro shift marks a durable floor or simply a relief bounce inside a structure that has already given up 20% in a single month.

The US Labor Department compounded the miss by revising April and May figures downward by a combined 74,000 jobs, signaling that prior strength in the labor market was overstated.

BTC had bottomed at $57,750 on Wednesday before the report; the jobs data gave the asset the catalyst it needed to distance itself from that low, recovering above $60,000 alongside a broader move into scarce-asset proxies.

Discover: The Best Token Presales

Bitcoin News: What a Labor Miss Actually Means for BTC

Weak labor data reduces inflationary pressure and, by extension, the Fed’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like Bitcoin and gold, while simultaneously raising expectations for eventual balance sheet expansion.

The Fed’s balance sheet currently sits stagnant at $6.73 trillion, though its mandate permits $40 billion in monthly short-term Treasury purchases, a lever that remains undeployed and increasingly relevant if labor data continues to soften.

Gold reinforced that read Thursday, recovering a portion of the 8% losses it accumulated over the prior two weeks. Central bank liquidity conditions remain the primary macro driver for both assets, and gold’s bounce adds credibility to the narrative that markets are pricing a less restrictive Fed rather than a one-day tactical trade.

WTI crude stabilized below $70 after Qatar’s Foreign Ministry cited positive progress in US–Iran negotiations, reducing the inflationary risk premium on oil and leaving additional room for stimulus discussions.

The Nasdaq 100 told a different story. The index erased three consecutive days of gains on Thursday as chipmakers and AI-adjacent hardware names took the heaviest damage.

SanDisk, Seagate, Western Digital, and Applied Materials each fell 9% or more intraday. That kind of synchronized selloff in the AI hardware complex is not simply profit-taking; it signals that the valuation premium embedded in the sector’s growth assumptions is being questioned, and some of that capital will seek a landing spot.

Discover: The Best Crypto to Diversify Your Portfolio

On-Chain: Seller Exhaustion at Levels Not Seen Since 2022

The macro catalyst and news matter less for Bitcoin if the underlying on-chain structure is still deteriorating. It is not. CryptoQuant analyst gaah_im reported that Bitcoin’s realized profit-to-loss ratio has hit its lowest level since 2022, with the net percentage of supply in profit relative to total supply turning negative.

Historically, that combination has marked cycle bottom inflection points with what the analyst described as “extreme precision.”

What the on-chain data confirms is that seller exhaustion is real at current prices, holders who were going to capitulate largely have.

What it does not confirm is timing: a metric flagging a cycle low tells you the floor is close, not that the next weekly candle resolves higher. Bitcoin was also rejected at $82,500 two months prior, and that supply zone has not been neutralised.

The realized profit-to-loss signal is most useful as a risk-management input rather than a directional trigger. It narrows the probability distribution of downside outcomes without eliminating them.

Analysts flagging a potential sub-$60,000 retest as a “healthy validation” of the bottom are not wrong, that scenario remains live if upcoming CPI data or FOMC communications re-accelerate hawkish pricing. The downside case for Bitcoin does not disappear because one labor print came in soft.

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post Bitcoin News: A Weak Jobs Report Just Slashed Fed Rate Hike Odds in Half, And Bitcoin Bounced Off $57,750 to Reclaim $61,000 appeared first on Cryptonews.

Bitcoin News: Michael Saylor’s Strategy (Nasdaq: MSTR) filed on June 29 to sell up to $1.25 billion worth of Bitcoin, framing the potential liquidation as a “Bitcoin Monetization Program” designed to bolster its cash reserve, cover preferred stock dividends, and service interest obligations.

The filing marks the most explicit structural retreat yet from the accumulate-at-all-costs playbook Saylor spent years selling to institutional and retail investors alike.

The proximate trigger was June 27, when Strategy’s mNAV, the ratio of its enterprise value to its Bitcoin holdings, fell below 1 for the first time.

That number is not just an optics problem. The entire capital model depended on trading at a premium to net Bitcoin value, which let the company issue equity and preferred stock to buy more BTC at accretive prices. With mNAV at 0.99, that flywheel has stalled.

Strategy’s cash reserve currently stands at approximately $2.55 billion. The company said any Bitcoin sales would be executed “from time to time” depending on market conditions and capital needs, language that keeps the door open without committing to a specific timeline or tranche size.

It also authorized two separate share repurchase programs of up to $1 billion each: one for its Class A common stock and one for its Digital Credit Securities, which cover the preferred stock series including STRK, STRF, and STRD.

The preferred stack is where the pressure concentrates. STRK carries an 8% annual dividend on roughly $584 million raised. STRF pays 10%, compounding to 18% if payments are missed, on $711 million raised. STRD, the most recent series, generated approximately $979.7 million in net proceeds at a 10% non-cumulative rate.

Combined, the annual preferred dividend burden exceeds $700 million. When Bitcoin was trading near its late-2025 highs around $125,000 and mNAV was firmly above 1, issuing new equity to cover those costs was trivially easy. At $60,000 Bitcoin with a sub-1 mNAV, it is not.

This is also not the first time Strategy has touched its Bitcoin treasury. On June 1 the company sold 32 BTC for approximately $2.5 million, a small transaction explicitly tied to funding preferred stock distributions. The June 29 filing raises the potential scale by several orders of magnitude.

Bitcoin (BTC)

24h7d30d1yAll time

Bitcoin price action heading into the filing had already done significant damage. BTC retested $58,000 last week alongside a $3 billion market outflow and a concurrent crash in MSTR shares, compressing Strategy’s NAV coverage at exactly the moment it needed room.

Bitcoin has since recovered modestly to approximately $60,175, but remains well off levels where Strategy’s model operated without friction. Options market structure around the $60,000 range has kept price action choppy, with no clean technical resolution yet.

Peter Schiff, gold advocate and longtime Bitcoin critic, did not miss the moment. In a June 29 post, Schiff said Strategy was “now a Bitcoin seller”, a pointed description given Saylor’s years of public messaging that Bitcoin should never be sold. Following the June 1 transaction, Schiff had written, “What Saylor giveth, Saylor taketh away,” arguing that the company’s aggressive accumulation had helped push Bitcoin price higher before this year’s reversal. His framing is polemical, but the underlying structural point, that Strategy’s buying was itself a price support mechanism that runs in reverse when the model flips, is not wrong.

Strategy has pushed back on the capitulation narrative, maintaining publicly that Bitcoin remains its “primary treasury reserve asset” and that liquidity management does not represent a change in long-term conviction.

The board also adopted a policy requiring at least 12 months of reserve coverage for preferred dividends and interest obligations. That is a meaningful governance shift toward balance-sheet discipline, and an implicit acknowledgment that market access can no longer be assumed.

MSTR shares traded at $82.31 at time of writing, down 3.5% on the day, continuing a sharp decline from the stock’s highs when Bitcoin was approaching $125,000. The contrast between those two data points tells the whole story: MSTR was not just a Bitcoin proxy, it was a leveraged bet on mNAV staying above 1. That condition no longer holds.

Discover: The Best Token Presales

Bitcoin News: MSTR, Does the $90 Level Hold, or Is the Model Still Repricing?

At $92, MSTR is holding just above what has emerged as near-term psychological support around $90. A breach of that level on volume would likely accelerate selling from holders who bought into the company as a premium Bitcoin vehicle, because the premium is now gone, and the equity offers neither the purity of direct BTC exposure nor the safety of a company generating operating cash flow to backstop the position.

The two $1 billion repurchase programs give management a tool to defend both the common stock and the preferred series, which is not nothing. Buybacks at these levels could provide a technical floor if deployed aggressively.

But repurchase authorization and actual deployment are different things, and the company’s first obligation is covering those preferred dividend payments before it can return capital to common holders.

The most likely near-term outcome is continued range-bound choppiness in MSTR between $80 and $89, with direction determined almost entirely by whether Bitcoin can reclaim $63,000 and hold it.

A recovery through that level would push mNAV back above 1 and reopen the equity issuance window. A continuation lower toward $55,000 would force a materially larger Bitcoin sale than the $1.25 billion ceiling currently authorized, and that scenario would likely reprice the entire preferred stack.

El Salvador, by contrast, has continued accumulating Bitcoin under IMF scrutiny, underscoring that not every institutional BTC holder faces the same structural constraints Strategy does. The next signal worth tracking is whether Strategy executes any material BTC sale in the coming two weeks and how the preferred series trades in response.
Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

Don’t Miss Out on Our $1,000 USDT Airdrop on ByBit

The post A Look Inside Saylor’s Bitcoin Monetization Program: Strategy Files to Sell $1.25B in BTC appeared first on Cryptonews.