"Strategy a buyer again" Jun 08, 2026

Strategy bought an additional 1,550 Bitcoin for roughly $101 million last week, funded by selling 1.4 million MSTR shares through at-the-market offerings that raised about $181 million. Total holdings now stand at 845,256 BTC worth approximately $53 billion, but the position was acquired for around $64 billion including fees, implying roughly $10 billion in paper losses at current prices. Strategy retains nearly $26 billion in MSTR issuance capacity alongside expanded preferred stock programs, giving it continued firepower for future purchases.

The company also disclosed its first Bitcoin sale since 2022, offloading 32 BTC for about $2.5 million to help fund dividends on its STRC preferred shares. JP Morgan noted the sale rattled the market despite being symbolic in size and described as voluntary, suggesting investors are sensitive to any signal that Strategy might become a net seller even at the margins.

US spot Bitcoin ETFs recorded $1.7 billion in net outflows last week, their largest weekly pullback since February 2025. May net outflows totaled $2.4 billion, pushing year-to-date outflows past $2 billion. BlackRock's IBIT posted its biggest weekly outflow since launching in January 2024. Bernstein estimates combined Bitcoin inflows from ETFs and corporate treasury buyers are running at roughly $12 billion in 2026, down sharply from approximately $60 billion in 2025, with corporate treasuries now carrying most of the demand as ETF appetite cools.

Bernstein argues that weaker retail momentum and a quieter cycle do not undermine Bitcoin's long-term store of value thesis, pointing to Glassnode data showing 61 percent of Bitcoin supply has been inactive for more than a year. The firm also notes that fresh crypto capital is increasingly flowing toward digital asset infrastructure and real-world asset tokenization platforms rather than into Bitcoin directly, which could explain some of the rotation away from spot ETF products.

The UK Financial Conduct Authority is proposing to allow authorized investment funds to allocate up to 10 percent of their assets into crypto exchange-traded notes for the first time. Professional-only qualified investor schemes would face no cap under the proposal, while long-term asset funds and certain alternative non-UCITS retail funds would remain excluded. The FCA is not considering permitting direct crypto holdings inside authorized funds and said it will revisit that position only after the broader UK crypto regulatory framework, including custody and safeguarding rules, is finalized. The Investment Association backed the move, describing it as a practical way to give investors crypto exposure through regulated listed products rather than less transparent alternatives.

A New York Supreme Court judge paused a lawsuit attempting to claim ownership of over 39,000 dormant Bitcoin wallets, blocking a default judgment until a July 14 hearing. Galaxy Research estimated the addresses named in the suit hold roughly $234 billion at current prices. The plaintiffs sent approximately 41,000 blockchain messages to wallets holding around $2.3 million in BTC and treated non-response after 90 days as abandonment under New York lost-and-found law. The wallet list reportedly includes some Satoshi-era Patoshi addresses, raising significant legal and jurisdictional questions about whether such a claim could ever be enforced.

Commentator Ian Cohen argued that public blockchain addresses are not lost physical property, that an algorithmic sweep constitutes data mining rather than finding, and that any court declaration would be practically meaningless without private keys while potentially misleading exchanges or custodians into treating the plaintiffs as legitimate owners. The plaintiffs' case was further complicated by the fact that several named wallets moved funds after the lawsuit surfaced, including one that transferred 47 BTC and another that moved 35 BTC, suggesting some supposedly dormant owners remain active and aware of their holdings.