Crypto Biz: Nobody told Saylor ‘never sell’
Strategy’s sale of 32 Bitcoin sparked a sharp market reaction because it broke the “companies buy Bitcoin and never sell” assumption behind the Bitcoin treasury trade. Even though the sale was tiny relative to its huge holdings, MSTR fell as investors questioned whether Strategy is still a pure one-way accumulation vehicle. Regulatory tension also intensified as JPMorgan CEO Jamie Dimon said banks oppose the latest CLARITY Act, arguing crypto firms would get privileges without the same capital and compliance burdens faced by banks. Meanwhile, French Bitcoin treasury company Capital B asked shareholders to approve an enormous fundraising mandate: up to 5 billion euros in equity and about $116 billion in credit instruments to finance future Bitcoin purchases. Separately, Coinbase invested in ProShares’ GENIUS Money Market ETF, which holds assets suitable for stablecoin reserves, reflecting rising interest in reserve assets tied to stablecoin regulation.
