Crypto Biz: No One Ever Told Saylor to Never Sell Bitcoin

Strategy’s Bitcoin sale put the long-standing “never sell” narrative to the test, while JPMorgan criticized the CLARITY framework and Capital B unveiled an ambitious fundraising strategy aimed at expanding its Bitcoin holdings.

Strategy’s decision to sell 32 Bitcoin was not expected to carry much weight. The firm still controls a vast BTC reserve, and the transaction had only a minimal effect on its overall balance sheet. Even so, the market responded quickly, highlighting how strongly the Bitcoin treasury narrative relied on one core belief: corporations accumulate Bitcoin and rarely part with it.

In other crypto developments this week, JPMorgan CEO Jamie Dimon intensified his opposition to the industry-backed market structure legislation, while a French Bitcoin treasury firm tested the boundaries of capital raising by seeking shareholder approval for an enormous $122 billion fundraising proposal.

Strategy’s Bitcoin Sale Puts Corporate Treasury Model to the Test

Michael Saylor’s Strategy shook investor sentiment after revealing the sale of 32 Bitcoin, marking its first known BTC disposal since a tax-driven transaction carried out in 2022.

The transaction represented only a small fraction of the company’s vast Bitcoin reserves, yet it disrupted the long-held belief that Strategy would continuously acquire BTC without selling. Following the announcement, MSTR shares dropped significantly as investors reconsidered the assumptions behind the Bitcoin treasury strategy.

“The market learned that Strategy is no longer read as a pure one-way accumulation vehicle,” Delphi Digital wrote in a market summary.

“The old ‘never sell’ meme is now broken in practice, not just in conference call language,” Delphi added.

The deal has renewed discussion about the proper valuation of Bitcoin treasury firms. Although Strategy continues to focus on increasing its Bitcoin-per-share ratio, the sale highlighted that even the most dedicated corporate Bitcoin holders must navigate practical financial considerations.

JPMorgan CEO Takes Firm Stance on the CLARITY Act

The debate surrounding US crypto regulation intensified after JPMorgan CEO Jamie Dimon stated that banks would resist the latest version of the CLARITY Act. He argued that crypto firms are receiving certain advantages while avoiding the regulatory obligations traditionally imposed on established financial institutions.

Dimon took issue with provisions that would permit crypto firms to provide interest-generating products without adhering to the capital standards and compliance obligations required of traditional banks.

The remarks highlight an expanding rift between traditional banks and the crypto sector as lawmakers advance market structure reforms. Backers view the CLARITY Act as a much-needed regulatory framework that could deliver greater certainty and foster innovation. Opponents, meanwhile, contend that the legislation may give rise to an unbalanced competitive environment.

Capital B Seeks Approval for a $122 Billion Bitcoin Acquisition Fund

Bitcoin treasury firm Capital B is seeking shareholder approval for a major increase in its fundraising authority, requesting permission to issue as much as 5 billion euros ($5.8 billion) in additional equity alongside approximately $116 billion in debt instruments to support future Bitcoin acquisitions.

The proposal, set for a shareholder vote on June 17, would provide Capital B’s management team with access to a significantly larger capital base than the company has obtained so far. Capital B said it has raised roughly $325 million to date, including a recent funding round supported by Blockstream CEO Adam Back and asset management firm TOBAM.

The firm acquired 192 BTC for $15.2 million last month and followed up with an additional purchase of 4 BTC on Monday, increasing its total Bitcoin reserves to 3,139 BTC.

Coinbase Backs ProShares Stablecoin Reserve ETF With Strategic Investment

Coinbase allocated an undisclosed sum to the ProShares GENIUS Money Market ETF (IQMM), a fund structured to hold assets that meet the stablecoin reserve requirements outlined in the GENIUS Act.

The exchange-traded fund offers exposure to cash holdings, bank deposits, and short-term US Treasury instruments that payment stablecoin providers must maintain under the law. The GENIUS Act requires stablecoins to hold highly liquid reserve assets, which has fueled interest in investment vehicles linked to those underlying holdings.

The investment reflects rising demand for stablecoin reserve assets as the United States moves closer to implementing a nationwide regulatory structure for the industry. If adoption keeps expanding, stablecoin issuers are likely to emerge as significant purchasers of Treasury bills and other highly liquid financial instruments.

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