Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. And check out our new day by day information present overlaying all the high tales in 5 minutes, downloadable on Apple Pod or Spotify.
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Right this moment’s high information:
Crypto majors fall 1-2% as BTC goes sub-$60k earlier than rebounding
Micron inventory jumps 19% pre-market after large earnings beat, lifts markets
MSTR and STRC fall to new 1-year lows as Saylor issues develop
Kalshi seeks $40B valuation in newest increase, pacing to $25B+ in quantity this month
Brian Armstrong hints at extra acquisitions for Coinbase following Deribit deal
📉 Technique’s MSTR and STRC Crash to 52-Week Lows
Technique’s widespread inventory and its most well-liked shares each cratered to 52-week lows on Wednesday. The treasury mannequin Michael Saylor constructed is being stress-tested in actual time.
MSTR fell 9.35% to $94.13, touching a 52-week low of $92.28 intraday, a staggering fall from its 52-week excessive of $457.22. STRC, the dividend-paying most well-liked share Saylor has leaned on to fund Bitcoin purchases, dropped 7.41% to $80.84, additionally a 52-week low and now effectively under its $100 par worth. Bitcoin itself slid to $59,200 throughout the selloff, however recovered to $61k after Micron smashed earnings. Each MSTR and STRC recovered modestly after hours as effectively.
The billion-dollar query now—will the reckoning reaching a head? And in that case, when? Monday’s $300 million money increase was meant to regular STRC, and three days later it printed a brand new low anyway. It appears clear that the market isn’t satisfied money alone fixes the issue. The deeper situation is the doom loop. The extra MSTR falls, the much less ammo Saylor has to purchase Bitcoin and even increase money to repay his debt (though he does have ~10 months debt coated along with his present money pile).
Some suppose Saylor ought to promote a large chunk of BTC now and simply reset. Others suppose that BTC whales are literally attempting to explode Saylor and drive BTC decrease to drive his hand. We will’t ensure all of the mechanics at play. However one factor is for certain—the curler coaster trip isn’t over but. Buckle up…
It makes intuitive sense to me that there can be a gaggle of subtle, deep-pocketed BTC bulls which are at the moment attempting to determine how one can collapse the MSTR cap construction by any means obligatory, in order to drive a puke of the BTC at the moment held.
Name it the…
— Travis Kling (@Travis_Kling) June 24, 2026
🎯 Kalshi Targets a $40 Billion Valuation as Sports activities Betting Drives Quantity
Kalshi is in talks to boost contemporary funding at a roughly $40 billion valuation, in accordance with a Monetary Instances report. That’s practically double the $22 billion valuation from the $1 billion spherical it closed simply 3 months in the past in April.
The leap comes as buying and selling quantity exploded to greater than $17 billion final month and is pacing to $25B+ in June, up from below $5 billion a yr earlier, with sports-related contracts making up about 65% of that complete. For perspective, Kalshi has already cleared $5B+ in World Cup quantity and the tourney isn’t half over.
To provide credit score the place it’s due, it’s not simply sports activities driving Kalshi’s development. Kalshi’s crypto markets have grown right into a $1B/week market sector as effectively, 20x development since December 2025. And now they’re rolling out authorized perps which ought to drive these volumes even increased. General, Kalshi has practically 3x the open curiosity of Polymarket throughout market sectors, with $1.1B compares to $484M.
That development is main to an enormous spike in charges as effectively. Final June, Kalshi made $8M in charges. This June, they already cleared $180M with 5 days left within the month. That places them over $800M in charges in H1 2026, with 10-20% development month-over-month. That $40B price ticket could very effectively look low-cost on the finish of the yr…
World (+550%), Hama (+61x) and TripleT (+25%) led movers on Solana
Base movers included EDGE (+40%) and SYND (+44%)
Meme-stock merchants piled into Wendy’s as a potential subsequent GameStop, sending the fast-food chain’s shares sharply increased as retail buyers hunt for a contemporary rallying trigger
📈 Myriad Market of the Day
💰 Token, Airdrop & Protocol Tracker
🚚 What is occurring in NFTs?
NFT leaders have been blended; Punks +1.6% at 32 ETH, BAYC -3% at 8.8 ETH, Pudgy -3% at 4.5 ETH; Hypurr’s -2% at 196 HYPE
Opepen (+17%) and NPC (+14%) led high movers
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