Crypto Daily｜Strategy Says It May Sell Up to $1.25 Billion of Bitcoin; BitMine Adds $43 Million in Ethereum as Strategy Halts Bitcoin Buys

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Strategy Says It May Sell Up to $1.25 Billion of Bitcoin

Michael Saylor’s Strategy unveiled a sweeping overhaul of the financing model underpinning its Bitcoin strategy, giving itself broader powers to sell the cryptocurrency, buy back securities and preserve liquidity as it adapts to mounting pressure on the structure that fueled years of aggressive accumulation.

The company said it may sell up to $1.25 billion of Bitcoin to bolster its cash reserve and established two repurchase programs of up to $1 billion each for common and preferred shares. Strategy also said it would become more disciplined about issuing common equity, particularly when its shares trade at or near the value of its Bitcoin holdings. The common shares jumped around 13%, the biggest one-day increase in about four months.

Tom Lee's BitMine Adds $43 Million in Ethereum as Strategy Halts Bitcoin Buys

Leading Ethereum treasury firm BitMine Immersion Technologies stayed consistent in the face of declining crypto prices last week, adding nearly $43 million in ETH to its stash even while top Bitcoin treasury company Strategy opted against accumulating BTC. 

The firm now holds more than 5.7 million ETH, valued around $9 billion. It also holds around 206 Bitcoin, worth $12.3 million. 

White House to speak with law enforcement groups to push Crypto's Clarity Act

The White House has invited law enforcement organizations objecting to the language of the U.S. Senate's crypto market structure bill to sit down for a meeting on Monday, according to a person briefed on the plan, which is meant to iron out objections over the way the legislation protects against illicit finance.

The tension is focused on the Digital Asset Market Clarity Act's section known as the Blockchain Regulatory Certainty Act (in reference to an earlier legislative effort). That section (604) seeks to ensure that software developers who don't mean to ultimately control the tools they're enabling can't be held legally responsible as "money transmitters" — considered a vital protection for developers to continue creating decentralized finance (DeFi) projects.

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday was $69.28 million. The total net asset value of Bitcoin spot ETFs is $73.16 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 2.38%.

The Bitcoin spot ETF with the highest net inflow on June 29 was ARK 21Shares Bitcoin ETF, with a net outflow of $49.97 million, according to SoSoValue.

Source: SoSoValue