Morning Minute is a daily newsletter written by Tyler Warner.
The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
GM! Today’s top news: – Crypto majors are green, HYPE leads +5%; BTC at $63.8k – Strategy sells $105M in BTC to buy STRC (STRC at $92) – Solana’s fee burn and disinflation proposal goes live for vote – Pump Fun hits highest weekly revenue since March (PUMP +6%) – TokenWorks shares controversial buyback update ahead of FWA token ‘launch’ today ₿ Strategy Sells $105M in Bitcoin to Prop Up Its Own Preferred Stock Strategy sold 1,638 BTC for $104.7 million last week, according to an 8-K filed Monday, cutting its stack to 842,138 coins from the 843,775 it had held since early July. The BTC was sold at an average of $63,957, roughly $11,500 below the company’s $75,419 cost basis, so Strategy is selling Bitcoin at a loss.
It hasn’t bought any since June 22, its longest pause ever. They also sold $291M in MSTR shares. Of the proceeds, $52.4 million funded dividends on Strategy’s preferred stock, and $52.3 million went toward an $81 million buyback of its STRC preferred shares, the second such repurchase in two weeks under a $1 billion program.