News linked to both this project and an event.
Standard Chartered stated that it maintains its Bitcoin price prediction of reaching $100,000 by the end of 2026, believing that the recent market decline triggered by Strategy's (formerly MicroStrategy) related activities is not due to a deterioration in the company's balance sheet, but rather a strategic adjustment that the market has not fully understood.Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, noted in a report that Strategy's recent behavior is disrupting short-term market expectations for Bitcoin. The market had previously accepted the company's narrative of "never selling Bitcoin," but now Strategy appears to be shifting towards a more complex capital operation model. How clearly the company can communicate this change will determine when market pressure eases.Currently, Strategy holds 843,775 Bitcoins, representing approximately over 4% of the total 21 million Bitcoin supply. From 2020 to mid-2025, Strategy's mNAV (Market Value of Enterprise / Bitcoin Asset Value) was consistently above 1, allowing the company to raise funds through stock issuances to purchase Bitcoin and achieve shareholder value growth. The commitment to "never selling Bitcoin" was central to this model gaining market acceptance. However, with the current mNAV approaching 1, the leverage effect of this financing model is weakening.Kendrick believes Strategy is transitioning from a "Bitcoin accumulation tool" to a "Bitcoin credit support tool." This involves using its Bitcoin holdings as the credit basis for its perpetual preferred stock, STRC. Currently sized at approximately $10 billion, STRC is the largest financial instrument launched by Strategy, offering an annualized dividend rate of 12%, paid semi-monthly in cash, and is designed to maintain a price near its $100 par value through interest rate adjustment mechanisms.Standard Chartered indicated that STRC is currently trading around $90, while Strategy's dollar reserve for paying dividends stands at approximately $2.55 billion, covering an estimated 17.4 months of dividend expenses.Kendrick stated that Strategy's policy adjustment allowing for Bitcoin sales does not necessarily mean the company will continuously sell. He believes that as long as the market believes the new capital structure arrangement can stabilize the STRC price, Strategy may not actually need to sell Bitcoin. He compared this mechanism to a central bank's commitment to "do whatever it takes": mere restoration of market confidence may mean actual intervention never occurs. (The Block)
Odaily Planet Daily reported that Alex Thorn, Head of Research at Galaxy Digital, stated in a research report on July 3rd that Strategy should explore generating income from its BTC holdings rather than directly selling spot BTC. Strategy previously launched the five-part Digital Credit Capital Framework, which includes a dollar reserve policy, a revised STRC dividend policy, a $1 billion preferred stock repurchase authorization, a $1 billion MSTR stock repurchase authorization, and a BTC monetization plan, while raising the annual STRC dividend rate from 11.5% to 12%. Strategy currently holds 847,363 BTC and has raised over $1 billion through common stock sales, extending its cash coverage period to approximately 17 months. Thorn stated that Strategy could allocate a small portion of its BTC for conservative lending or options strategies, generating income while retaining most of the upside exposure. Strategy still faces preferred stock obligations and $6.7 billion in outstanding convertible debt maturing between 2027 and 2028. (Bitcoin.com News).
Odaily Odaily News, Galaxy Research Head Alex Thorn stated that the capital management reforms recently launched by Michael Saylor's Strategy (MSTR) have effectively eased market concerns over its liquidity and preferred stock system pressure in the short term. However, he noted these measures are more about "buying time" rather than fundamentally resolving structural issues.Over the past few weeks, Strategy has faced pressure on its "Digital Credit" preferred stock system. Its STRC ("Stretch" preferred shares) fell below par value, hitting a low of approximately $71.25, raising market concerns about Bitcoin price declines, shrinking dollar reserves, and the company's ability to pay preferred stock dividends. Subsequently, market discussions focused on three stress scenarios: selling Bitcoin, issuing additional MSTR shares (diluting existing shareholders), or cutting/suspending preferred stock dividends.In response, Strategy announced a comprehensive capital management restructuring on Monday, introducing a "Digital Credit Capital Framework." This includes five key tools: a board-approved dollar reserve policy, an adjustment to the STRC dividend mechanism, a $1 billion preferred stock buyback authorization, a $1 billion MSTR common stock buyback authorization, and a Bitcoin monetization mechanism. Concurrently, the company increased the annualized dividend rate on STRC from 11.5% to 12%.The market reacted positively, with both MSTR and STRC seeing significant gains that day, and Bitcoin also rebounded alongside.Alex Thorn pointed out that this adjustment has improved market sentiment in the short term, extending Strategy's cash coverage cycle to approximately 17 months and enhancing its capital buffer through new financing. However, the company still faces approximately $6.7 billion in convertible bond maturities during 2027-2028, meaning long-term structural risks persist. The core issue is not whether Strategy holds enough Bitcoin (approximately 847,000 BTC), but rather that its dollar liquidity is insufficient to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze between different classes of shareholders.Nonetheless, the key significance of this adjustment lies in enhancing the "optionality" of the company's capital tools. It shifts Strategy from a single-direction Bitcoin accumulation strategy towards a more proactive asset-liability management model, thereby preventing short-term liquidity issues from evolving into a systemic crisis. Although the current Bitcoin market environment is relatively weak and may not have bottomed out yet, Strategy's new framework has, to some extent, bought the company a window of time to wait for more favorable market conditions.
Binance founder CZ stated that the company's MiCA license application in Greece fully met regulatory requirements before its withdrawal and was close to approval. However, the process was ultimately disrupted due to the intervention of "external political factors."In an interview, CZ mentioned that several countries within the EU had expressed interest in the license, with some even showing a degree of "competitive pursuit." Ultimately, the regulatory progress was affected by factors outside the regulatory sphere, forcing the withdrawal of the application. Binance formally withdrew its Greek application last week and stated it would pursue MiCA authorization in other EU member states. Addressing market rumors linking him to high-level EU political figures, CZ said he had not seen any verifiable documents and had only encountered similar claims online, which he could not confirm.CZ also noted that the MiCA transitional period in the EU is set to end on July 1st. After that date, platforms without a license must cease related services. National regulatory bodies have made it clear there will be no extensions. He described the outcome as a "lose-lose situation" and, citing the regulatory histories of Japan and Singapore, emphasized that compliance processes often require a longer cycle.Furthermore, when discussing Strategy's STRC preferred stock product, CZ described its structure as "too complex" and said he found it difficult to fully understand its mechanism. However, he stressed that he was not making a judgment on the credibility of its founder, Michael Saylor, whom he considers a "staunch Bitcoin supporter." (The Block)
law firm Rosen Law Firm has announced an investigation into Michael Saylor's company Strategy (MSTR) and STRC, concerning potential securities law claims. According to the law firm, Strategy "may have issued materially misleading business information to the investing public," and is therefore evaluating related investor losses and potential legal liabilities.
Bitcoin continues to face pressure amid macroeconomic uncertainty and institutional wait-and-see sentiment, hovering around $64,500, down approximately 2% on the day. The market is awaiting the outcome of the Fed FOMC meeting, which will be chaired by Kevin Warsh for the first time, with widespread expectations that interest rates will remain unchanged in the 3.50%–3.75% range.Analysts point out that the focus of this meeting has shifted from "whether to cut rates" to "policy path and inflation signals." Current US inflation is believed to remain near three-year highs, with energy prices and geopolitical developments keeping the market cautious about the future policy direction.Pressure is also emerging simultaneously on the chain and institutional levels. Structural concerns surrounding Strategy (formerly MicroStrategy) continue to escalate, with its preferred stock STRC falling to $91.79 on June 16, over 8% below its $100 par value, seen as a sign of weakening corporate Bitcoin buying power.Although spot Bitcoin ETFs recorded net inflows of approximately $10.1 million on June 16, with BlackRock's IBIT contributing the majority, the capital scale remains significantly lower than in previous periods, indicating limited buying momentum.Market research firms Bitfinex and QCP note that the recent Bitcoin rebound appears more like a "technical recovery driven by exhausted selling pressure" rather than being fueled by new demand. In the derivatives market, rising implied volatility in options and a skew towards put protection suggest traders are pricing in tail risks.In terms of price structure, Bitcoin is considered to be oscillating in the short term within the $60,000 to $68,000 range. If the Fed signals a hawkish stance or institutional buying weakens further, a pullback to the $62,000–$63,000 range is possible.Overall, the current market presents a combination of "macro wait-and-see, marginal institutional weakening, and heightened derivatives defense." The short-term direction still depends on FOMC policy signals and the potential return of ETF and corporate capital flows. (The Block)
Zach Pandl, Head of Research at Grayscale Research, stated that the market experienced a new wave of volatility following Strategy's disclosure on June 1st of selling 32 Bitcoin. Although the sale is negligible compared to its holdings of approximately 840,000 Bitcoin (worth about $55 billion), this rare reduction move still impacted market sentiment.Pandl pointed out that the more noteworthy development is the performance of Strategy’s Variable Rate Preferred Stock STRC (Stretch). The product has a design target price of around $100 and currently offers a dividend yield of 11.5%. When the stock price falls below $100, it indicates that investors are demanding a higher rate of return, which may force the company to increase dividend levels. This would increase future cash flow pressure and potentially compel it to sell more Bitcoin for fundraising, further weighing on BTC prices. Strategy's leveraged Bitcoin reserve model is facing challenges. At current STRC and MSTR share price levels, the company's ability to continue large-scale Bitcoin accumulation may be constrained.However, Pandl noted that in the long term, the migration of Bitcoin holdings from highly leveraged digital asset reserve companies to more diversified corporate balance sheets will help enhance market resilience and improve Bitcoin's long-term value support. He expects Bitcoin to resume its upward trend in the coming months, but its near-term performance may lag behind crypto asset sectors that benefit more directly from regulatory clarity.
Michael Saylor posted on platform X, stating that CFTC guidelines are driving the development of the Bitcoin capital market, including 24/7 trading, BTC collateral, perpetual futures, options, and regulated access. This will benefit BTC holders, power the MSTR engine, and support the development of STRC as Bitcoin-backed digital credit.
Michael Saylor posted on platform X, stating that last night's CLARITY Act hearing will unleash the next wave of digital capital, digital credit, and digital equity in the US and globally, providing institutional validation for BTC, establishing a framework for the STRC-driven digital yield market, and promoting broader adoption of MSTR.