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Strategy Pauses Bitcoin Purchases, Shifts Focus to Cash Reserve

<p class="text-left mb-4 ">Bitcoin treasury company Strategy did not buy Bitcoin during the week of June 22-28. According to an 8-K filing submitted to the Securities and Exchange Commission (SEC), the company directed $1.15 billion raised through MSTR share sales not to Bitcoin, but to its USD reserve and a new buyback program.</p><p class="text-left mb-4 ">Its total Bitcoin holdings remained unchanged at 847,363 BTC. That is worth roughly $51 billion and represents more than 4% of Bitcoin’s 21 million supply cap. Strategy built this position at an average price of $75,651 per BTC, for a total cost of $64.1 billion including fees. At current prices, the company is sitting on an unrealized loss of around $13 billion.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">New Framework: The Reserve Is No Longer Flexible</h2><p class="text-left mb-4 ">Strategy’s new policy, called the Digital Credit Capital Framework, tightens the rules around where its USD reserve can be used. The reserve can now only be used for preferred stock dividends and debt interest payments, and nothing else. Under a board decision, the company must maintain a minimum balance equal to at least 12 months of dividend and interest obligations.</p><p class="text-left mb-4 ">As of June 28, the reserve balance had risen to $2.55 billion. On June 21, that figure was $1.4 billion, showing a rapid increase in just one week. Part of the increase comes from share sales that had not yet fully settled.</p><p class="text-left mb-4 ">The source of the increase was MSTR share sales. Strategy sold 12,669,017 MSTR shares last week for roughly $1.15 billion. As of June 28, the company still had $24.3 billion worth of MSTR shares available for sale under the program.</p><p class="text-left mb-4 ">CryptoQuant analysts made a sharper recommendation last week: building reserves is not enough, the company should stop buying Bitcoin completely. The reason is simple; as the dividend burden grows, cash is being depleted quickly.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">STRC, STRF, STRD, STRK: Buyback Priority Is Set</h2><p class="text-left mb-4 ">Strategy announced a $1 billion buyback program for its outstanding digital credit securities, STRC, STRF, STRD and STRK. STRC is first in line.</p><p class="text-left mb-4 ">The new STRC Dividend Policy has also changed. The rate will now be recalculated every month. STRC’s trading level, market yields, credit spreads, Bitcoin’s price and volatility, the state of the USD reserve, market conditions and the company’s capital structure will all be included in the calculation. Strategy emphasized one point in particular: even if STRC trades below its stated value, that alone will not be considered a reason to increase the dividend.</p><p class="text-left mb-4 ">Through a separate program, independent of the USD reserve, the company also allocated $1 billion for buybacks of its Class A shares, MSTR. Finally, the BTC Monetization Program was launched. Under this program, Strategy may occasionally sell Bitcoin to generate up to $1.25 billion in cash to fund the USD reserve, dividend payments or other buyback programs.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Saylor: “We’re Going to Need More Charts”</h2><p class="text-left mb-4 ">Michael Saylor reshared the company’s Bitcoin purchase chart on X on Sunday, this time with the note, “We’re going to need more charts.” Unlike previous posts, there was no new Bitcoin purchase this time. Saylor appeared to be referring to the new framework.</p><p class="text-left mb-4 ">On Monday, the STRC dividend rate was increased by 50 basis points to 12.00%, effective from the July 2026 record dates. Saylor repeated that the goal is to keep STRC in the $99-100 range over time.</p><p class="text-left mb-4 ">Last week’s picture was grim. After Bitcoin fell below $60,000, STRC dropped as low as $71.25 and only recovered to $74.57 on Friday. MSTR had an even worse week. The stock lost 30% over five trading days and fell to $82.31, its lowest level since the start of 2024. Since its July 2025 peak of $455.90, the stock has lost 82% of its value.</p><p class="text-left mb-4 ">Behind this concern is the relationship between the company’s market value and its net asset value. Strategy’s mNAV ratio, calculated as market value plus debt and preferred shares, minus cash, divided by the value of its Bitcoin holdings, fell below 1 on Friday. Another name has now joined the list of Bitcoin treasury companies whose premiums are under pressure.</p><p class="text-left mb-4 ">On Monday, Saylor said the company would act cautiously with MSTR issuance, especially when the stock is trading near 1x mNAV.</p><p class="text-left mb-4 ">According to <a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noreferrer" class="text-primary underline">Bitcoin </a>Treasuries data, 199 publicly traded companies currently hold Bitcoin. The four names following Strategy are Tether-backed Twenty One with 43,514 BTC, Metaplanet with 40,177 BTC, MARA with 36,303 BTC, and Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, with 30,021 BTC.</p><p class="text-left mb-4 "> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/ekran-g-r-nt-s-2026-06-29-164933-1b4c72b5.webp" alt="Ekran görüntüsü 2026-06-29 164933.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> </p>

29 Jun 2026

5 Key Crypto Developments of the Week: MiCA, U.S. Data and the Altcoin Calendar

<p class="text-left mb-4 ">As July begins, the crypto market is focused on five separate themes: Europe’s MiCA regulation, Robinhood’s new product launch, macro data from the U.S. and Europe, DeFi governance votes and the<a href="https://jrkripto.com/tr/token-unlocks" target="_blank" rel="noreferrer" class="text-primary underline"> token unlock calendar.</a> The most critical development is taking place in Europe. The transition period for the European Union’s Markets in Crypto-Assets regulation, known as MiCA, ends on July 1.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">MiCA becomes a concern for investors in Europe</h2><p class="text-left mb-4 ">Binance has withdrawn its MiCA license application in Greece and is now seeking approval from another EU country. This move has temporarily left the world’s largest exchange without a license in the EU. In a statement on the matter, Binance informed its users that it would no longer be able to accept new registrations and that some services would be restricted.</p><p class="text-left mb-4 ">Coinbase and OKX, meanwhile, moved quickly. Coinbase CEO Brian Armstrong announced a 5 percent transfer bonus valid until July 13 for users in Germany, France, Italy, Belgium, Poland, Sweden and the United Kingdom. OKX also launched one of the largest welcome campaigns in the company’s history, offering eligible users in the European Economic Area investment matching of up to 8 percent.</p><p class="text-left mb-4 ">In an email sent to users, Binance said their assets were safe and would remain accessible at all times. The company says its goals in Europe have not changed and that it is confident it will obtain a MiCA license in the coming months. However, the number of users lost during this period also raises the question of how many of them will return once the license is secured.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Robinhood announcement</h2><p class="text-left mb-4 ">MiCA is not the only item on the agenda. Robinhood will announce new products at its “The World is Flat” event on July 1, where CEO Vlad Tenev is expected to appear alongside Johann Kerbrat, the company’s general manager of crypto. On July 2, tokenization firm Securitize will also begin trading on the NYSE following its SPAC merger.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Macroeconomic developments</h2><p class="text-left mb-4 ">The macro calendar will also be busy this week. On June 30, the U.S. House Price Index and JOLTs job openings data will be released. Market expectations for JOLTs stand at 7.28 million, compared with the previous reading of 7.618 million.</p><p class="text-left mb-4 ">On July 1, the eurozone’s preliminary inflation data for June will be published, with expectations at 3 percent, down from the previous 3.2 percent. On the same day, markets will follow U.S. ADP employment data, the ISM manufacturing PMI and Fed Chair Warsh’s speech at the European Central Bank forum.</p><p class="text-left mb-4 ">The most important data of the week will arrive on July 2, when nonfarm payrolls, the unemployment rate and weekly jobless claims will all be released on the same day. Markets expect nonfarm payrolls to come in at 114,000 and the unemployment rate at 4.3 percent. The previous nonfarm payrolls figure was 172,000, so the expected decline is quite sharp.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">What is happening in the altcoin market?</h2><p class="text-left mb-4 ">The DeFi agenda is also far from quiet. Aave DAO has opened voting on a proposal to upgrade the Pendle PT risk oracle infrastructure to an automated system; the vote closes on June 30. The Arbitrum community is discussing a proposal to halt new investment activities by Arbitrum Gaming Ventures and limit the initiative to its existing portfolio, with excess capital planned to be returned to the treasury.</p><p class="text-left mb-4 ">Aavegotchi has also put forward a proposal to transfer the protocol’s intellectual property from Pixelcraft Studios to the AavegotchiDAO Foundation. The Redbelly Network community is evaluating a proposal to suspend the activities of its DAO until the ecosystem becomes more mature.</p><p class="text-left mb-4 ">On the token unlock calendar, EigenCloud will release 2.91 percent of its circulating supply into the market, worth approximately $8.44 million. MemeCore will unlock 0.56 percent of its supply, valued at $36.25 million. There are no scheduled token launches for this week.</p><p class="text-left mb-4 ">On the conference calendar, the Global Blockchain Show 2026 will take place in Riyadh on June 29-30, while Stablecoins Unblocked will be held in London on July 1.</p>

29 Jun 2026

Bitcoin ETFs Face Worst Month on Record as $4 Billion Flows Out

<p class="text-left mb-4 ">U.S. spot <a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noreferrer" class="text-primary underline">Bitcoin </a>ETFs are on track to close June with $4.06 billion in net outflows. According to SoSoValue data, this marks the largest monthly outflow since the funds launched in January 2024. The previous record was set in February 2025, when outflows reached $3.56 billion; June has now surpassed that level by more than half a billion dollars. Data from the final two trading days of the month could still slightly change the total.</p><p class="text-left mb-4 ">Last week alone, the funds saw $1.79 billion in outflows, making it the second-largest weekly loss since trading began in 2024. More importantly, it marked the latest week in a seven-week negative streak, the longest weekly outflow series in the products’ history.</p><p class="text-left mb-4 "> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/ekran-g-r-nt-s-2026-06-29-104901-fed2972b.webp" alt="Ekran görüntüsü 2026-06-29 104901.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> </p><p class="text-left mb-4 ">The picture moved in the opposite direction of expectations at the start of the month. SpaceX’s public listing on June 12 was expected to draw institutional attention back to Bitcoin. What happened was the opposite.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">$6.5 Billion in Two Months</h2><p class="text-left mb-4 ">In May, the ETFs recorded $2.43 billion in net outflows. Combined with June, the two-month total has reached $6.5 billion; a figure close to the total market value of Zcash (ZEC), one of the world’s 15 largest cryptocurrencies by market capitalization. Net outflows in the first half of 2026 have now reached $5 billion.</p><p class="text-left mb-4 ">The decline in institutional demand is also visible in price action. Bitcoin lost nearly 30 percent in the first half of the year, making it one of the worst-performing major asset classes. Shares of Strategy, formerly MicroStrategy, the publicly traded company known for its Bitcoin treasury strategy, fell 45 percent over the same period.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">IBIT Investors Turn From Profit to Loss in One Year</h2><p class="text-left mb-4 ">The fund hit hardest by the outflows was BlackRock’s iShares Bitcoin Trust, IBIT. According to calculations by investment research firm Bespoke Investment Group, the average investor in IBIT is now down around 40 percent. In mid-2025, the same investor group was still up 30 percent. Nate Geraci, president of NovaDius Wealth Management, described the situation as a “brutal introduction to Bitcoin for mainstream investors.”</p><p class="text-left mb-4 ">The numbers also support that picture. IBIT has collected a total of $60.77 billion since launch, but its current net assets stand at $44.42 billion. The $16 billion gap is entirely the result of Bitcoin’s price decline and has widened from $13.4 billion in mid-June. On the final trading day of the week, all of the $444.51 million that flowed out of the funds came from IBIT alone.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Fed’s Hawkish Stance Fueled the Selling</h2><p class="text-left mb-4 ">The wave of selling came at the same time as the Federal Reserve’s increasingly restrictive stance. At its June 18 meeting, the central bank kept interest rates unchanged, but removed language from its statement that had previously signaled possible easing. After that, markets began pricing in a more than 50 percent probability of a rate hike in December.</p><p class="text-left mb-4 ">Bitcoin was trading around $59,700 at the time of writing. That level is more than 50 percent below its record high of $126,272, reached in October 2025.</p><p class="text-left mb-4 ">Ethereum ETFs are showing a similar pattern. They saw $273.34 million in outflows during the same week, marking their seventh consecutive weekly loss. That streak is one week short of the category’s eight-week run of outflows in early 2025. Ethereum was trading around $1,570 at the same time.</p><p class="text-left mb-4 ">The only exception was seen in smaller crypto funds. Hyperliquid’s three funds attracted $108.09 million on Thursday, marking their strongest day since launching in mid-May. XRP funds also recorded $15.63 million in inflows, their highest daily figure in recent weeks. Still, even the best of these numbers remained below the $444.51 million that flowed out of IBIT alone on the final trading day of the week.</p>

29 Jun 2026

8-Year Dormant Ethereum Wallets Sell Near the Bottom

<p class="text-left mb-4 ">Four wallets that accumulated ETH at an average price of $830 in 2018 moved on Friday after eight years of silence. They put their ETH up for sale at a time when the market was going through one of the deepest pullbacks of this cycle, walking away with gains far below the position’s full potential.</p><p class="text-left mb-4 ">According to Arkham data shared by onchain analytics platform Lookonchain, the four wallets sold a total of 33,623 ETH within roughly four hours, at an average price of $1,560 per coin. The sales generated around $52.5 million in total proceeds, while net profit is estimated at roughly $27.4 million.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Timing Was Painful for the Whales</h2><p class="text-left mb-4 ">The numbers may look large on their own, but the real story is the missed opportunity. During both the 2021 and 2025 bull markets, the paper profit of these four wallets had exceeded $150 million, more than five times the amount they ultimately realized. However, the ETH holders chose not to sell at those peaks, and the market is now offering a much lower price.</p><p class="text-left mb-4 ">Ethereum had reached an all-time high of around $4,946 in August 2025. Since then, the price has seen a sharp decline. According to the<a href="https://jrkripto.com/tr/coin/eth" target="_blank" rel="noreferrer" class="text-primary underline"> ETH price page</a>, ETH was trading around $1,565 as of Friday. In other words, the owners of these wallets waited eight years, only to sell near the bottom.</p><p class="text-left mb-4 "> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/ethusdt-2026-06-26-17-05-06-bb0481f6.webp" alt="ETHUSDT_2026-06-26_17-05-06.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> </p><p class="text-left mb-4 ">The four addresses behind the sale had purchased a total of 37,602 ETH in 2018 at around $830 per coin. These wallets had not made a single transaction until Friday, when they moved for the first time. The addresses are: 0x71B...D412f, 0x92a...ae49D, 0x6C7...5C327 and 0xffd...5BeE5.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Dormant Wallets Are Waking Up One After Another</h2><p class="text-left mb-4 ">This sale is not an isolated case. In recent months, several long-dormant Ethereum wallets have become active again as the market has weakened.</p><p class="text-left mb-4 ">In March, an Ethereum “veteran” who had held for more than a decade reportedly sold $31 million worth of ETH through Coinbase. In April, an ICO-era investor moved 10,000 ETH, worth about $23 million at the time, to a new address after more than ten years of inactivity.</p><p class="text-left mb-4 ">Holding without making a transaction for eight years initially points to a strong long-term investor profile. However, this case shows that in the crypto market, exit timing can be just as decisive as the length of the holding period, no matter how powerful the patient investor narrative may be. Although the wallet owners still made millions of dollars in profit, the charts also show that the sale took place during a period of market weakness.</p>

26 Jun 2026

Is Binance Really Pulling Out of Europe? Latest Developments

<p class="text-left mb-4 ">The debate over <a href="https://jrkripto.com/tr/exchanges/binance" target="_blank" rel="noreferrer" class="text-primary underline">Binance’s </a>future in Europe has grown in recent days. The reason is that the world’s largest cryptocurrency exchange has informed customers that it is restricting some of its services in the European Union. The exchange has failed to secure a Markets in Crypto-Assets (MiCA) license, which it was expected to have by July 1.</p><p class="text-left mb-4 ">In an email sent to users last week, the company said it would no longer be able to accept new registrations and would restrict some services. According to CoinDesk, a Binance spokesperson said user assets remain safe and accessible at all times.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Where did the process begin?: Withdrawal from Greece, shift toward France</h2><p class="text-left mb-4 ">Last week, Binance announced that it had withdrawn its application for an EU-wide license through Greek authorities. The company said it would instead seek authorization in another EU member state.</p><p class="text-left mb-4 ">According to the Financial Times, Binance’s application in Greece was rejected, after which the exchange said it planned to turn to France. However, according to people familiar with the matter cited in the report, any potential approval is likely to come well after the July 1 deadline. In other words, as things stand, Binance is set to remain without a license in the EU for a period of time.</p><p class="text-left mb-4 ">In a statement to CNBC, Binance said it would “take the necessary steps to meet the applicable requirements before July 1.” While the company acknowledged that some users could be affected by the process, it said it would remain in contact with them to provide clarity on the next steps and expressed confidence that it would obtain the license in the coming months.</p><p class="text-left mb-4 ">MiCA is the EU’s crypto asset regulation. Under the rules, crypto companies must obtain a MiCA license from at least one member state in order to provide services across all 27 EU countries. Companies that fail to secure a license by July 1 are expected to wind down their activities in the EU.</p><p class="text-left mb-4 ">This transition period marks the final phase of MiCA’s gradual implementation. The EU designed the regulation to create a framework in which crypto markets operate under a single set of rules. So far, several major exchanges have managed to obtain licenses from different member states. Binance, however, appears to have hit an obstacle in this process.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">What happened to users in France, Italy, Poland and Spain?</h2><p class="text-left mb-4 ">According to the FT report, Binance sent emails last week to customers in France, Italy, Poland and Spain, where it holds local licenses, explaining how they could withdraw their funds from the exchange.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Competitors did not stay idle</h2><p class="text-left mb-4 ">Binance’s step back has given rival exchanges with EU licenses an opportunity to promote their own services. Bitpanda founder Eric Demuth said in a post on X that they prioritize trust over speed. He added that while Europe’s regulatory approach may be open to debate, the region places importance on consumer protection, and that his company was built with this in mind from the beginning. He also invited those who have not yet tried Bitpanda to do so.</p><p class="text-left mb-4 "> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/ekran-g-r-nt-s-2026-06-26-163159-21ac83a9.webp" alt="Ekran görüntüsü 2026-06-26 163159.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> </p><p class="text-left mb-4 ">OKX founder Star Xu made a similar post on X, highlighting his company’s trusted crypto and fintech services.</p><p class="text-left mb-4 "> <figure class="my-6"> <img src="https://minio-api-1.jrkripto.com/blog/ekran-g-r-nt-s-2026-06-26-163226-746744a6.webp" alt="Ekran görüntüsü 2026-06-26 163226.png" width="auto" height="auto" class="w-full rounded-lg border" /> </figure> </p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Investigations in Binance’s past</h2><p class="text-left mb-4 ">Binance has faced numerous investigations and criminal complaints in recent years. The exchange has been banned in the United Kingdom since 2021.</p><p class="text-left mb-4 ">In 2023, Binance pleaded guilty to charges related to money laundering and violations of international financial sanctions, and paid more than $4.3 billion in penalties to U.S. authorities.</p><p class="text-left mb-4 ">Last year, French authorities launched a judicial investigation into Binance over allegations that the company may have aided money laundering. Binance denied the allegations.</p><p class="text-left mb-4 ">This history also helps explain why competitors in the EU were quick to seize this opportunity. Binance’s delay in the MiCA process is not separate from years of regulatory issues; rather, it coincides with the exchange’s broader effort to rebuild its reputation in Europe.</p><p class="text-left mb-4 ">Binance was founded in 2017 by Changpeng Zhao. Zhao was sentenced to prison in 2024 over anti-money laundering violations and was pardoned in 2025 by U.S. President Donald Trump.</p>

26 Jun 2026

BTC

Strategy Pauses Bitcoin Purchases, Shifts Focus to Cash Reserveabout 3 hours ago

Regulation, Politics, Altcoin

5 Key Crypto Developments of the Week: MiCA, U.S. Data and the Altcoin Calendarabout 5 hours ago

BTC

Bitcoin ETFs Face Worst Month on Record as $4 Billion Flows Outabout 9 hours ago

ETH

8-Year Dormant Ethereum Wallets Sell Near the Bottom3 days ago

Regulation

Is Binance Really Pulling Out of Europe? Latest Developments3 days ago

BTC

Strategy Pauses Bitcoin Purchases, Shifts Focus to Cash Reserveabout 3 hours ago

Regulation, Politics, Altcoin

5 Key Crypto Developments of the Week: MiCA, U.S. Data and the Altcoin Calendarabout 5 hours ago

BTC

Bitcoin ETFs Face Worst Month on Record as $4 Billion Flows Outabout 9 hours ago

ETH

8-Year Dormant Ethereum Wallets Sell Near the Bottom3 days ago

Regulation

Is Binance Really Pulling Out of Europe? Latest Developments3 days ago

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