Strategy Announces $250M Preferred Stock IPO to Expand Bitcoin Holdings
Strategy, formerly known as MicroStrategy, is making headlines with its latest move to strengthen its Bitcoin treasury. The company has filed for a $250 million preferred stock offering on Nasdaq, featuring a 10% annual dividend. The proceeds from this offering will be used to purchase additional Bitcoin and cover operational expenses. This announcement comes on the heels of Strategy’s recent acquisition of 705 BTC for $75 million, underscoring its aggressive accumulation strategy. With Bitcoin currently priced at 105,486.11 USDT, the company continues to demonstrate its bullish stance on the leading cryptocurrency. This development highlights the growing institutional interest in Bitcoin as a treasury reserve asset and could signal further price appreciation in the near future.
Strategy Plans $250M Preferred Stock IPO to Fund Bitcoin Purchases
Strategy, the rebranded entity formerly known as MicroStrategy, is launching a $250 million preferred stock offering to bolster its bitcoin treasury. The Nasdaq-listed shares will carry a 10% annual dividend, with proceeds directed toward additional BTC acquisitions and operational needs.
The company’s latest filing reveals an aggressive accumulation strategy, having purchased 705 BTC for $75 million just last week. This brings Strategy’s total holdings to 580,955 BTC—a position worth approximately $35 billion at current prices.
This marks Strategy’s third preferred stock issuance in 2024, following similar STRK and STRF offerings that were oversubscribed. The March offerings saw demand surge from $500 million to $723 million shortly after announcement.
Metaplanet’s $117M Bitcoin Purchase Signals Institutional Confidence Amid Market Volatility
Metaplanet, a Japanese public company, has bolstered its Bitcoin holdings with a $117 million acquisition of 1,088 BTC. The firm now holds 8,888 BTC, positioning itself among the largest corporate Bitcoin holders globally. This MOVE underscores a deepening institutional conviction in Bitcoin’s long-term value, despite ongoing market turbulence.
Institutional accumulation of Bitcoin continues to rise, with major investors like Metaplanet viewing short-term price fluctuations as secondary to the asset’s macroeconomic potential. Such buying activity often serves as a stabilizing force in the cryptocurrency market, contrasting with the speculative behavior of retail traders.
Bitcoin’s futures market has responded to Metaplanet’s purchase with renewed vigor. Open Interest—a key metric tracking unsettled futures contracts—has climbed after weeks of stagnation. The uptick suggests traders are anticipating sustained upward momentum, potentially marking a shift in market sentiment.
Bitcoin Rally Shifts as Retail Buyers Lead and Whales Pull Back
Bitcoin’s recent price surge reveals a notable shift in market dynamics. As the cryptocurrency approaches all-time highs, large institutional holders—commonly known as whales—are reducing their exposure. Meanwhile, retail investors are stepping into the spotlight, driving momentum.
Over $1 billion in stablecoins has exited Binance in the past month, signaling a potential liquidity drain. Stablecoins, often a proxy for buying power, suggest some investors are either cashing out or bracing for volatility. Such outflows historically precede market pauses or corrections.
The retreat of whales contrasts sharply with retail enthusiasm, reshaping Bitcoin’s price trajectory. This divergence hints at a recalibration of influence, where smaller players may now hold greater sway over short-term movements.
21Shares Announces 3-for-1 Share Split for ARK 21Shares Bitcoin ETF (ARKB)
21Shares US LLC revealed a 3-for-1 share split for its ARK 21Shares Bitcoin ETF (ARKB), effective June 16. The move aims to enhance retail accessibility by tripling share count while maintaining the fund’s net asset value and underlying Bitcoin holdings. ARKB, trading at $104.33, holds 45,410 BTC ($4.82B) and saw a 27% quarterly gain despite a $73.9M single-day outflow on June 2.
The physically backed ETF tracks Bitcoin’s CME CF Reference Rate, offering regulated exposure to the asset. Custody is managed by Coinbase, with BitGo and Anchorage Digital mitigating counterparty risk. This strategic split coincides with growing institutional interest in crypto investment vehicles.
Bitcoin (BTC) Faces First Major Correction Amid Economic Strains
Bitcoin’s relentless rally has hit a speed bump. The cryptocurrency plunged into its first significant correction since April, cooling off after a 50% surge that catapulted it to a record $111,880. Nearly 50 days of uninterrupted gains finally met resistance as macroeconomic headwinds reshaped market sentiment.
Renewed trade tensions proved the catalyst. The US government’s surprise tariff reinstatement sent 30-year Treasury yields soaring past 5%, triggering broad risk-off flows. Bitcoin’s derivatives markets flashed warning signs—options open interest ballooned to $49.4 billion, signaling institutional hedging against potential volatility ahead.
On-chain metrics like Relative Unrealised Profit suggest overheated conditions. The pullback reflects healthy profit-taking after parabolic moves, though structural demand remains intact. Market makers now watch whether this correction evolves into deeper consolidation or merely resets the stage for Bitcoin’s next leg higher.
Coinbase Knew of Data Breach Months Before Disclosure
Coinbase reportedly discovered a data breach involving third-party contractor TaskUs as early as January, months before its public disclosure in May. The breach stemmed from rogue employees at TaskUs, who allegedly leaked customer information in exchange for bribes. Hackers demanded $20 million in Bitcoin, which Coinbase refused to pay.
The compromised data included customer names, addresses, masked bank details, and identity documents, though no funds or passwords were accessed. TaskUs terminated two employees tied to the incident, describing it as part of a broader campaign targeting Coinbase and other service providers.
Coinbase’s delayed disclosure raises questions about transparency in handling security incidents. The breach underscores the risks of outsourcing customer support and the persistent threats facing cryptocurrency platforms.
