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The Big Story
Strategy May Sell Bitcoin To Fund Operations Under New Program
Strategy has launched a $1.25 billion Bitcoin Monetization Program under a new Digital Credit Capital Framework announced June 29, marking a significant shift in how the firm manages its Bitcoin treasury. The program gives Strategy formal authorization to sell portions of its BTC holdings to fund operations, a departure from its previous accumulation-only posture. The move comes as the company seeks greater financial flexibility while maintaining its core Bitcoin exposure. BlackRock, meanwhile, just executed its largest single-day Bitcoin transfer on record, moving 7,432 BTC worth approximately $446 million to Coinbase Prime in a transaction that represents the firm's biggest net outflow to date.
Breaking News
Over 2,500 Crypto Companies Could Wind Down Operations by July 1 — Europe's MiCA transitional window closes July 1, and more than 2,500 crypto firms have yet to secure authorization, setting up one of the industry's most consequential regulatory deadlines.
Spain Rules Out Extensions For MiCA Crypto Licence Deadline — Spain's CNMV Chair Carlos San Basilio confirmed there will be "no exceptions or extensions" to the July 1 deadline, shutting down any hope for a grace period among unlicensed operators.
Ripple's MiCA Approval Is Conditional, Not Confirmed — Luxembourg's CSSF issued Ripple a Green Light Letter for its CASP application, an important step toward regulated European operations, but not yet a finished approval.
CLARITY Act Passage Odds Slashed To 50% — Galaxy Research cut its probability estimate for the CLARITY Act becoming law in 2026 from 60% to 50%, citing a tightening Senate calendar and lack of visible progress on floor scheduling.
Top Stories
Bank Of Thailand Set To Finalize Baht-Backed Stablecoin Framework
The Bank of Thailand is in the final stages of completing its design study for a baht-backed stablecoin, with Governor Vitai Ratanakorn confirming plans to move forward with a regulated digital currency framework. A public hearing on the proposal is expected in the coming months. The initiative marks a concrete step toward a central bank-endorsed stablecoin in Southeast Asia's second-largest economy.
Bybit and OKX Users Are Rotating From USDT to Bitcoin
Users on Bybit and OKX recorded double-digit percentage increases in Bitcoin reserves while USDT balances declined, signaling a shift out of stablecoins and into BTC. The rotation comes amid broader market volatility and suggests growing preference for non-dollar exposure among exchange users. Both platforms saw the trend accelerate in recent days according to on-chain reserve data.
Vitalik Outlines The One Cryptographic Tool That Could Change Everything
Ethereum co-founder Vitalik Buterin identified obfuscation as the most powerful primitive in cryptography, arguing its combination with blockchains could fundamentally reshape how digital protocols handle trust and privacy. Buterin's comments underscore ongoing research into advanced cryptographic techniques that allow computation on encrypted data without revealing underlying inputs. The convergence of obfuscation and decentralized systems remains a long-term focal point for protocol-level innovation.
Deep Dive of the Week
How Does Core DAO's Token Burn Work, and What Does It Mean for Long-Term Supply?
Core DAO burns a percentage of all block rewards and transaction fees every round, following a deflationary model similar to Ethereum's EIP-1559. This deep dive breaks down the mechanics of Core's burn mechanism, its impact on circulating supply over time, and what it signals for token holders watching long-term supply dynamics.
By the Numbers
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7,432 BTC — BlackRock's record single-day transfer to Coinbase Prime, worth approximately $446 million and marking the firm's largest Bitcoin outflow.
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$1.25 billion — Size of Strategy's newly announced Bitcoin Monetization Program, which authorizes the firm to sell BTC holdings to fund operations.
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2,500+ — Estimated number of crypto firms that could wind down operations by July 1 as Europe's MiCA transitional window expires.
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$10 million — Value of Hyper Foundation's builder grant program, launched to support projects affected by the USDH stablecoin wind-down.
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50% — Galaxy Research's updated probability estimate for CLARITY Act passage in 2026, down from 60% three weeks ago.
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$2.2 million — Value of Arthur Hayes' recent purchase of 6.16 million SYN tokens in a single on-chain transaction.
On Our Radar
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Tether gold lending — Tether is partnering with Ledn to offer gold-backed loans to XAUT holders, expected to launch before the end of 2026.
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Meta prediction markets — Mark Zuckerberg has directed Meta staff to build Arena, a standalone prediction markets app positioned to compete with Kalshi and Polymarket.
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David Schwartz front-running fix — Ripple CTO Emeritus proposed a new mechanism to eliminate front-running and sandwich attacks on the XRP Ledger using transaction reservation.
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Pi Network Pi2Day — Pi Network rolled out three new features on its annual Pi2Day event: SoloHost, Pi Sign In, and PiVerify, targeting infrastructure, identity, and AI capabilities.
Until Wednesday.