**Morning Minute** is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own.

**GM!**

Today’s top news:
- Crypto majors are mixed ahead CPI; BTC at $62.7k
- Saylor sells $467M in MSTR, doesn’t buy BTC
- ETFs flip to outflows as BTC ETFs see $425M exodus
- BTC and ETH social media posts fall to 6-year lows
- Jupiter announces new gacha platform powered by Collector Crypt (CARDS +20%)

## 🟠 Strategy Raises $467M and Skips Bitcoin for a Third Straight Week

**Strategy’s Bitcoin-buying machine stayed in neutral** last week. The company raised $467M by issuing common stock and put all of it toward cash, lifting its USD Reserve to a record $3B. That means **no Bitcoin purchase for the third week running**.

The raise added roughly 18% to Strategy’s cash reserves in one move, giving the company more than 20 months of coverage on its $1.76B in annual dividend and interest obligations. So the entirety of the week’s capital markets activity went toward fortifying the balance sheet’s cash cushion. Since its last Bitcoin purchase on June 22, Strategy has generated about $215M from selling Bitcoin, less than half of what this single stock issuance brought in. So **the stock sales are now doing more work than the Bitcoin sales**.

Once again, Saylor is issuing common shares to fund dividend payments on his preferred stock. **MSTR holders are being diluted to pay STRC holders**. MSTR fell 4% Monday to around $90.80, down 18% on the month, though it has steadied since hitting a 28-month low of $81.81 in late June. STRC sits at $87.04, still below its $100 par value where it has lingered since mid-May while paying a 12% dividend. And with Bitcoin at $62,600 against an average cost of $75,476, **the 843,775-coin stack is roughly $11B underwater**.

The biggest open question right now is—**why isn’t he buying Bitcoin at these prices?** Raising cash to alleviate market concerns and to fund future debt payments made sense when he was mostly depleted, but now Saylor is flush. He’s got 20 months' runway, and more importantly, he’s proven he can just dump MSTR shares whenever to raise cash. So why not buy BTC here 50% off ATH? Certainly any BTC buy in the low 60s makes more sense than buys in the 80s, 90s, or over 100k. So why aren’t they coming? And when will the next buys hit the tape? Hopefully we find out soon. **Or Saylor will have some explaining to do…**

## 🏛️ Democratic Opposition to the CLARITY Act Grows With Four Weeks Left

Senate Democrats are hardening against the CLARITY Act, and Trump’s $1.2 billion crypto fortune is (unsurprisingly) the wedge.

Elizabeth Warren wrote to Senate leadership on Monday, demanding the bill bar the president, vice president, senior officials, members of Congress, and their families from profiting off the crypto industry. Anything less would be a giveaway to the president and his family at the public’s expense, in her words. On Tuesday, more Senate Democrats including Chris Murphy and Chris Van Hollen are expected to hold a press conference against it, hitting both Trump’s crypto dealings and the argument that the bill weakens financial oversight built after the Great Depression.

The vote math is the tricky part here. **CLARITY needs 60 votes**, which means at least seven Democrats have to cross over, and possibly more given the Republican bench is thinner than expected (Mitch McConnell remains hospitalized, and Lindsey Graham died suddenly over the weekend). Trump argued Monday that the Senate should pass CLARITY in Graham’s honor, calling him a big supporter of crypto legislation. Graham was never involved in the negotiations, rarely spoke on the topic, and was the only Senate Republican to co-sponsor a 2023 anti-money-laundering bill that crypto groups called deeply hostile to the industry.

So where does this leave us? Less than four weeks remain before the August recess, and everyone involved agrees that missing it means the bill dies in the noise of the November midterms. The industry’s own forecasters have already marked it down, with Galaxy cutting its odds to 50% and prediction markets pricing it in the low 40s. **The core problem is that the harder Democrats push for ethics language, the more they force Republicans to choose between passing the bill and protecting the president’s business interests.** That’s a bad trade to have to make with a hard deadline bearing down.

## 🌎 Macro Crypto and Markets

- **Crypto majors are mixed ahead of CPI;** BTC even at $62.7k; ETH +1% at $1,795; SOL -1% at $75; HYPE -2% at $64
- **HASH (+11%)**, INJ (+5%) and ENA (+5%) led top movers
- **Oil** +10% at $81; Gold -1% at $4,020
- **Stock futures** are mixed as oil spikes and June CPI data comes this AM; DOW -0.7%, Nasdaq +0.3%
- **June CEX volumes** fell 5% from May, while derivatives trading rose by 4%
- **BTC and ETH** social media posts have fallen to their lowest level since 2020
- **Coinbase CEO Brian Armstrong admitted Base "messed up" on content coins**, saying they didn't work and that Base pivoted away early this year, with resources now going toward trading, payments, and AI agents
- **BlackRock, Goldman Sachs, and JPMorgan joined a 54-firm UK tokenization taskforce** backed by the government, starting with tokenized repo, with a Treasury report projecting up to £33 billion in annual economic output by 2035
- **TeraWulf’s CEO said “not all megawatts are created equally”** in the AI race, stating flatly that “we’re not involved in Bitcoin” anymore as its $19 billion Anthropic hosting deal completes its shift from miner to AI infrastructure company
- **SBI Holdings’ blockchain initiative** pivoted to Solana for tokenization and stablecoin issuance, moving off R3’s Corda and bringing the Solana Foundation into its joint venture, with plans including payment infrastructure for AI agents

### Corporate Treasuries & ETFs
- **The Bitcoin ETFs** saw $425M in net outflows on Monday, turning July negative; the ETH ETFs saw $15M in outflows
- **Strategy** raised $467M in a share sale and skipped a Bitcoin buy for a third straight week, lifting its cash reserve to a record $3B
- **Tom Lee’s BitMine** raised its Ethereum holdings to 5.77M ETH, about 4.8% of circulating supply, with nearly 5M of those staked.

### Meme Coin Tracker
- **Meme leaders were mostly red down 1-2%;** DOGE even, SHIB -2%, PEPE -1%, PENGU -4%, TRUMP -1%, BONK -2%
- **Robinhood chain memes were led by** Cashcat +8% to $180M, WOOD +70% to $15M, Wishbone +45% to $9M
- **Febu (+60%), three (+100%)** and Cards +20% were notable Solana movers

## 📈 Myriad Market of the Day

## 💰 Token, Airdrop & Protocol Tracker
- **Jupiter** announced a new Pokemon and One Piece gacha platform powered by Collector Crypt (CARDS +28%)
- **Pump.fun** reported $5.9 million in weekly protocol fees, burning over $3M of $PUMP as buybacks now offset nearly 15% of total supply, with volumes holding steady despite the Robinhood Chain frenzy drawing traders away
- **Robinhood Chain** surged into the top five chains by DEX volume, posting $3.1 billion in the past week, per Bernstein, which holds an outperform rating and a $130 target on HOOD
- **Binance US’s CEO** said they are restarting growth after a 2-year regulatory hiatus

## 🚚 What is happening in NFTs?
- **NFT leaders** were mixed; Punks even at 32.4 ETH, BAYC +1% at 8.94 ETH, Pudgy -1% at 4.33 ETH; Hypurr’s -4% at 179 HYPE
- **PXL NET (+60%) and Squiggles (+10%)** led top movers
- **New Robinhood NFT** sets jumped including RH Miners (+1350%) and 8skullz (+340%)

Strategy’s Bitcoin-buying machine stayed in neutral, while BTC and crypto majors chop and oil spikes ahead of a key CPI print this morning.

Saylor Skips Bitcoin Again: $467M Raised, No BTC Buy for Third Week

## Market Overview

Bitcoin slipped below **$63,000** during the Asian session, triggering a minor leverage flush. The sell-off was relatively modest, with liquidations running at about one-sixth of the worst levels seen over the past 30 days, according to CoinGlass.

## Key Drivers

### Fed's Hawkish Stance
Fed Governor **Chris Waller** signaled that a rate hike could be imminent if inflation data remains hot. "If we get another hot reading on core inflation this week, then the FOMC will need to consider tightening monetary policy in the near term," Waller said. The two-year Treasury yield surged to a new multi-year high of **4.27%**, while the 10-year yield jumped to **4.6%**.

### Geopolitical Tensions
Renewed U.S. airstrikes on Iranian targets and President Trump's reinstatement of the "Iranian Blockade" sent **oil prices** up 8.5% to a one-month high of **$77.50 per barrel**. This added to risk-off sentiment across markets.

### AI and Chip Stock Rout
Data center and AI-related stocks tumbled. **SK Hynix** crashed 15%, dragging South Korea's Kospi down 9% and triggering a trading halt. Bitcoin miners pivoting to AI, such as MARA Holdings, Riot Platforms, and CleanSpark, fell about 5%.

## Bitcoin ETF Inflows
Despite the sell-off, **Bitcoin ETFs recorded their first weekly inflows in nine weeks**, attracting roughly **$197 million**. This followed eight consecutive weeks of outflows totaling billions.

## BIP-110 Governance Debate
Charles Schwab views the **BIP-110** debate as a governance dispute that could create short-term volatility but is unlikely to threaten the network. The proposal would restrict non-financial data on Bitcoin, including Ordinals and Runes, but currently has less than 1% miner support.

## Corporate Moves
- **Strive (ASST)** added 18 BTC last week, bringing total holdings to 19,900 coins.
- **Bitmine Immersion (BMNR)** increased its ETH stake to 5.77 million tokens.
- **Strategy (MSTR)** raised $467 million in cash via stock sales, with no changes to its 843,775 BTC holdings.

## Outlook
All eyes are on the **June CPI report** due Tuesday, expected to show a decline in headline inflation. The Fed's July 28-29 meeting will be crucial for determining the direction of risk assets, including crypto and chip stocks.

The liquidations were minor, running at about a sixth of what the market saw at its worst over the past 30 days, per CoinGlass.

Bitcoin Dips Below $63K as Asian Session Leverage Flush and Hawkish Fed Jolt Markets

A **bitcoin whale** that had been inactive for nearly **eight years** suddenly moved **2,931 BTC** (worth approximately **$188 million**) to a new address on Sunday, according to onchain data from Arkham Intelligence.

## The Transaction

The wallet, identified as "356my…BAsmK", transferred the funds to an unmarked address "bc1qn…8gp25" at around 3:41 p.m. ET. The recipient address has not moved the bitcoin since the transfer.

## Historical Context

The whale last moved bitcoin on **October 23, 2018**, when BTC was trading at roughly **$6,475**. This means the holdings have appreciated nearly **tenfold** in value. While the reason for the move remains unclear, such transfers often precede **token sales** as holders look to cash out profits.

During bitcoin's **all-time high levels** last year, multiple large holders broke out of decade-long slumbers to move their holdings. Notably, one entity moved over **$8.7 billion worth** of bitcoin after **14 years of inactivity** in July 2025.

## Current Market

Bitcoin is currently trading at **$63,376**, down **1%** in the past 24 hours as of 10:00 p.m. ET, according to The Block's bitcoin price page.

*Disclaimer: The Block is an independent media outlet. Foresight Ventures is a majority investor. This article is for informational purposes only.*

The whale last moved bitcoin in 2018, when the cryptocurrency traded at roughly $6,475, reflecting nearly a tenfold gain since then.

Bitcoin Whale Awakens: $188M BTC Transfer After 7 Years of Dormancy Sparks Speculation

**Bitmine Immersion Technologies (NYSE: BMNR)** has announced that its total crypto, cash, and marketable securities holdings have reached **$11.3 billion**, including **5.77 million ETH tokens** – representing **4.8% of the total ETH supply** of 120.7 million. The company is now **96% of the way** to its goal of acquiring 5% of all ETH, a milestone it expects to reach in 2026.

### Key Holdings
- **5,770,038 ETH** valued at $1,820 each (total ~$10.5B)
- **206 Bitcoin (BTC)**
- **$482 million** in cash and marketable securities
- **$180 million** stake in Beast Industries
- **$69 million** stake in Eightco Holdings (NASDAQ: ORBS), providing indirect exposure to OpenAI

### Staking Dominance
Bitmine has staked **4,917,189 ETH** (85% of its ETH holdings) via its **MAVAN (Made in America Validator Network)** platform, generating an annualized staking yield of **2.70%** (7-day average). Projected annual staking revenues are **$242 million**, with potential to reach **$284 million** when fully staked. This makes Bitmine the **largest ETH staker in the world**.

### Institutional Backing & Index Inclusion
- **Added to the Russell 1000 Large-cap Index** on June 26, 2026, expected to attract hundreds of new institutional investors.
- **Series A Preferred Stock (BMNP)** trading on NYSE, with weekly dividend payments.
- Supported by top investors including **Cathie Wood (ARK Invest)**, **Founders Fund**, **Bill Miller III**, **Pantera**, **Kraken**, **DCG**, **Galaxy Digital**, and **Tom Lee**.

### Robinhood Chain Catalyst
Tom Lee highlighted the **Robinhood Chain L2 mainnet** (built on Arbitrum) as a major driver for ETH adoption. With **27 million users** paying gas fees in ETH, he believes "everyday users are starting to see ETH as money."

### Regulatory Optimism
Management views the **GENIUS Act** and **SEC's Project Crypto** as transformative for financial services, comparable to the end of Bretton Woods in 1971.

> **Bitmine remains the #1 Ethereum treasury and #2 global crypto treasury** (behind Strategy Inc.'s Bitcoin holdings).

Bitmine owns 4.8% of the total ETH coin supply of 120.7 million Bitmine is 96% of the way to the 'Alchemy of 5%' in just 12 months Bitmine was added to the...

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