Morning Minute: Strategy Turns Net Seller

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GM!

Today’s top news:

• Crypto majors mostly flat, reverse afternoon gains; BTC at $63.7k
• Strategy sells $216M in BTC, now holds over $2.55B in cash
• Bernstein reaffirms $150k BTC target for 2026
• BonkDAO governance “attack” drains $20M
• Tether shares plans to bring USDT to Bitcoin

? Strategy Turns Net Seller

Strategy confirmed it sold 3,588 BTC over the past week for roughly $216 million, according to an SEC filing and its public treasury dashboard. The sales came in two tranches: 1,363 BTC through June 30, then a larger 2,225 BTC between July 1 and July 5 at an average of $60,773.

Michael Saylor framed the sales as routine treasury management, saying they covered dividend obligations on the company’s Digital Credit securities (STRF, STRC, STRK and STRD) and refilled its fiat reserves (now over $2.5B). Holdings now sit near 843,775 BTC, down from a June 22 peak of 847,363.

The move follows the June 29 “Digital Credit Capital Framework” that formally authorized selling up to $1.25 billion of Bitcoin.

Those are the objective details. Now let’s dig into what has actually happened here. Strategy spent June buying the dip and July selling it right back. Do the math on the round trip: it bought roughly 3,657 BTC in June at an average near $64,600, then sold about 3,620 BTC over the following two weeks at an average near $60,400. In kindergarten terms, Saylor bought ten glasses of lemonade for a dollar each, then sold ten glasses back at 93 cents to pay his bills. Is that a good strategy?

Some will say his hand was forced. Others think that he’s doing this to appease creditor concerns and to help get MSTR into indexes. But it’s tough to look at a month of buying at a higher price than the sales came through at the end of the month as any kind of grand plan.

With that said, the market seems to have liked the news at least near term. BTC immediately sold off on the headline to $61,800 then rebounded to $64,200 overnight. It does feel like a Band-Aid has been ripped off with the sale, and any concerns of Saylor blowing up are very gone now that he’s proven he’ll sell.

Long term, Saylor selling seems bullish. Near term, there are still questions of how much more he’ll sell and at what price the market will let him get those sales off. If he shows net buys for the next few weeks, perhaps the bottom is behind us. If he shows a propensity to keep selling, harder to project a major run-up in price.

We will find out soon enough…

? Macro Crypto and Markets

• Crypto majors are mostly even after a volatile Monday; BTC +1% at $63.7k; ETH +1% at $1,790; SOL +1% at $82; HYPE +2% at $72
• APX (+13%), LIT (+6%) and Morpho (+4%) led top movers
• Oil +1% at $69; Gold -1% at $4,140
• Stock futures are red as oil rises and chip stocks struggle; DOW +0.2%, Nasdaq -1%
• Bernstein reaffirmed its $150K Bitcoin target for this year as BTC reached a two-week high, arguing the setup still points higher despite the brutal first half
• Ripple went fully MiCA-compliant after Luxembourg upgraded its preliminary license, letting it passport crypto payment services across all 30 European Economic Area countries
• Ethereum developers rallied behind Vitalik’s “Lean Ethereum” roadmap but urged faster execution, warning the challenge is speed, not vision
• Coinbase’s AI erroneously published a World Cup result before kickoff, drawing backlash and prompting CEO Brian Armstrong to investigate and roll out fixes
• SK Hynix is pricing one of 2026’s largest IPOs this week at a ~$1.16 trillion valuation, more potential for the AI-memory trade pulling money away from crypto

Corporate Treasuries & ETFs

Meme Coin Tracker

• Meme leaders were mostly flat; DOGE -3%, SHIB even, PEPE even, PENGU even, TRUMP even, BONK -8%
• The Frog (+90x), BIF (+210%) and Kitty (+90%) led movers on Solana
• No notable movers on Base

? Myriad Market of the Day

? Token, Airdrop & Protocol Tracker

• BonkDAO was drained of roughly $20 million in a malicious governance attack, after an attacker bought BONK to pass a proposal that sent 4.4 trillion tokens to their own wallet
• Tether shared plans to bring USDT to Bitcoin via its RGB protocool

? What is happening in NFTs?

• NFT leaders were slightly green; Punks even at 32.4 ETH, BAYC +1% at 9.29 ETH, Pudgy +2% at 4.6 ETH; Hypurr’s -1% at 217 HYPE
• Normies (+24%) and Azuki (+14%) led top movers
• Gondi introduced off market listings, allowing NFT owners to privately list NFTs for sale and receive the full proceeds if bids come in