Morning Minute: Saylor is Again to Shopping for – Decrypt

Morning Minute is a every day publication 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 every day information present protecting the entire prime tales in 5 minutes, downloadable on Apple Pod or Spotify.

GM!

Immediately’s prime information:

• Crypto majors largely flat regardless of Iran Warfare progress; BTC at $62.7k
• Saylor buys $100M in BTC final week, MSTR jumps 6% and STRC +3.6%
• Tom Lee buys $214M in ETH, greatest buy of 2026; ETH ETFs flip inexperienced
• Citrini calls Hyperliquid a purchase, factors to charges and buybacks
• Humanity Protocol has worker laptop computer compromised, H token falls 76%

💰 Saylor Is Again to Shopping for

Technique purchased 1,550 Bitcoin for $101 million final week at a ~$65.3k common, a return to enterprise as ordinary after a 32 BTC sale triggered the agency’s worst weekly efficiency since November 2022.

The 1,550-coin buy was funded by Technique’s at-the-money share-sale program. Technique raised $181 million from Class A standard inventory gross sales underneath this system between June 1 and June 7. It deployed $101 million into Bitcoin and used the rest (~$80M) to rebuild its money reserves, which have risen to $1B.

Final month, the corporate slashed these money reserves by 61% to repurchase debt at a reduction, leaving it with fewer assets to fulfill dividend obligations on its flagship most well-liked inventory. JPMorgan commented on Monday: “In our opinion, a rebuilding of the corporate’s greenback reserves is likely to be wanted to revive confidence and cut back investor issues that the corporate would promote extra Bitcoin to cowl dividend funds.”

The market preferred the information, with MSTR rebounding 6% to $127.20 regardless of the extra shares offered. STRC jumped 3.69% to $96.80. BTC held at $63,500.

The soar could have been tied to STRC and MSTR shareholders voting to maneuver the STRC dividends to semi-monthly, now set to pay out on the fifteenth and finish of month. That change was meant to resolve the difficulty of STRC buying and selling underneath par for a lot of the month as merchants purchased it up within the 5-10 days main as much as the dividend date—now there are 2 per 30 days.

📈 Citrini Calls Hyperliquid a Purchase

Citrini Analysis, the agency that helped spark February’s AI-driven market scare, has named crypto alternate Hyperliquid and its HYPE token as a brand new “compelling” funding.

Their prior publication “2028 World Intelligence Disaster” went viral and triggered a short Wall Avenue selloff in February, and now they’re targeted within the crypto sphere.

Hyperliquid has generated about $1.06 billion in annualized charges, with greater than 90% of charges funneled right into a buyback fund that has bought over $2 billion of HYPE since January 2025. That buyback construction is the core of Citrini’s thesis. Citrini mentioned HYPE stands other than a lot of the crypto market as a result of it’s backed by actual platform exercise, and that Hyperliquid repurchases have accounted for almost half of all token buyback exercise throughout crypto this 12 months by some measures. The agency cited Hyperliquid’s huge runway and important market share left to seize.

HYPE’s worth is more and more tied to Hyperliquid’s buying and selling volumes and income, and people volumes do face a looming risk. The CFTC started opening the door within the U.S. to crypto perpetual futures merchandise that main exchanges like Coinbase and Kraken are racing to supply. And the CFTC simply gave Kalshi approval for its Bitcoin perps, creating a brand new regulated US different to Hyperliquid’s offshore mannequin.

The bull case: Hyperliquid’s composability, 24/7 real-world asset protection, and SpaceX pre-IPO contracts give it structural benefits no regulated US venue can at the moment match. The bear case: if derivatives quantity migrates onshore, the charge engine that powers the buyback slows. The following few months needs to be very telling as to which of those instances is extra seemingly…

Sam Bankman-Fried Formally Asks Trump for a Pardon

Sam Bankman-Fried, the imprisoned founding father of the collapsed crypto alternate FTX, formally utilized for a pardon from President Donald Trump whereas serving a 25-year jail sentence for fraud and conspiracy.

FTT jumped roughly 50% intraday on the information.

SBF particularly requested a “pardon after completion of sentence,” a designation that will not end in early launch however may restore sure civil rights as soon as his full time period is served. Bankman-Fried confirmed his curiosity in clemency throughout a latest FOX Enterprise interview. “I assume that you’d need a pardon from the White Home?” correspondent Susan Li requested. “Completely,” he responded. “It will be clearly, in the end as much as the president, less than me.”

The pardon faces longstanding opposition from Trump himself. Trump has signaled that Bankman-Fried shouldn’t anticipate clemency regardless of pardoning different high-profile crypto figures. Trump pardoned Binance co-founder CZ in October 2025 and the BitMEX co-founders, however Trump publicly rejected pardoning SBF twice in 2026, citing the dimensions of the $11 billion FTX fraud. So SBF most likely shouldn’t get his hopes up…

🌎 Macro Crypto and Markets

• Crypto majors are largely flat; BTC -1% at $62.6k; ETH +1% at $1,670; SOL -1% at $66; HYPE even at $61.90
• WLD (+12%), ZEC (+7%), and JST (+5%) led prime movers
• Oil -5% at $89; Gold +1% at $4,357
• Inventory futures are inexperienced after Iran introduced finish of army operations towards Israel, with the Nasdaq up 0.7%
• CME Group launched Bitcoin Volatility Index futures on Monday, letting merchants wager on how a lot BTC will swing moderately than which course
• BlackRock-backed tokenization agency Securitize obtained SEC approval for its merger with Cantor Fitzgerald’s SPAC, combining Securitize’s institutional tokenization platform with Cantor’s stability sheet and distribution
• Rep. Brad Sherman (D-CA) printed an op-ed opposing authorities stablecoin funds, arguing that permitting federal businesses to just accept stablecoins for tax funds and authorities charges would allow tax evasion by making transactions more durable to hint
• Sen. Angela Alsobrooks mentioned she won’t help the Readability Act on the Senate ground with out decision of ethics provisions, particularly language stopping authorities officers from personally taking advantage of crypto markets
• The UK FCA added Hyperliquid and the Hyper Basis to its unauthorized companies warning record on Might 21, flagging them for doubtlessly providing monetary companies to British customers with out authorization

Company Treasuries & ETFs

Meme Coin Tracker

• Meme leaders have been barely crimson; DOGE -1%, SHIB -2%, PEPE -1%, PENGU -3%, TRUMP -1%, BONK -2%, SPX -4%, FARTCOIN +2%
• Jotchua (+95x), Zerebro (+30%) and Pippin (+18%) led movers on Solana
• Base movers included Velvet (+23%), aeon (+15%) and Pod (+10%)

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

• Humanity confirmed that an worker laptop computer was compromised and $36M in H tokens have been stolen and dumped, inflicting H to drop by 76%

🚚 What is going on in NFTs?

• NFT leaders have been largely flat; Punks even at 32.7 ETH, BAYC even at 9.15 ETH, Pudgy +4% at 4.47 ETH; Hypurr’s +3% at 272 HYPE
• DeGods (+11%) and Good Vibes (+10%) led notable prime movers
• The left-facing Pudgy Penguin 1/1 offered for $250,000