Morning Minute: Saylor's Strategy Hoards Cash, Doesn't Buy BTC
Strategy raised $467 million by selling common stock and added it to cash reserves, lifting its USD reserve to a record $3 billion. It did not buy Bitcoin for the third straight week, instead using capital to strengthen liquidity and support dividend and interest obligations. The company’s BTC stack remains underwater versus its average cost, and investors are questioning why it is not buying more Bitcoin at current prices. On crypto legislation, Democratic resistance to the CLARITY Act is growing. Senators are pushing for ethics provisions that would restrict the president, vice president, members of Congress, and families from profiting from crypto. With less than four weeks before the August recess, the bill needs 60 votes and is increasingly seen as at risk amid party tension and a tight deadline.
