Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

Good morning!

Here are today’s main highlights:

  • Leading cryptocurrencies show mixed performance, with Bitcoin priced at $78,000.
  • Exchange-traded funds (ETFs) reported positive inflows, totaling $217 million for Bitcoin and $88 million for Ethereum.
  • Kraken is negotiating with Hyperliquid to introduce perpetual contracts in the U.S. market (HYPE +3%).
  • Former SEC and CFTC officials advocate for relaxed regulations on perpetual contracts.
  • Robinhood Chain outperformed Hyperliquid in revenue generation as its token values surged.

💰 Saylor Sold BTC at $62,000 and Reacquired It at $80,000

This summer, Strategy took an unusual step by selling Bitcoin for the first time. Between May and August, the company divested 6,948 BTC, raising approximately $432.5 million, equating to around $62,250 per coin.

On Monday, it made its first purchase since June, acquiring 4,603 BTC for $369.7 million at an average price of $80,318, which is 29% higher than the price at which it sold the earlier coins. The company is still down 2,345 BTC compared to its holdings in spring.

The rationale behind both the sale and the repurchase was the same financial instrument—STRC. Strategy financed its Bitcoin acquisitions by issuing stock and preferred shares. However, when STRC fell below its $100 par value in June, this funding option became unavailable. The company then established a Digital Credit Capital Framework, allowing up to $1.25 billion in Bitcoin sales to manage preferred dividends and buy back shares at a lower cost. The decision to sell Bitcoin was made as equity selling became too costly. Now that MSTR has regained value, equity funding has become viable again, prompting a return to the previous strategy. Last week, it sold 4,531,421 MSTR shares for $602.8 million net, allocating $369.7 million for Bitcoin, $151.8 million for STRC buybacks, $50.7 million for preferred dividends, and $30 million in cash reserves.

Strategy was not the only player active on Monday; Strive added 1,800 BTC for approximately $143 million at an average price of $79,431, increasing its total to 23,156 BTC valued at about $1.76 billion. Tom Lee’s Bitmine also made its largest Ethereum purchase since June. Additionally, three treasury firms re-entered the market on the same day after a summer of inactivity or selling, indicating a potential shift in sentiment.

Despite the jokes about Saylor’s high purchase price (seriously, $80,318 average?), this move by Strategy appears to be positive. They managed to sell $600 million of MSTR stock while still seeing MSTR stock rise by 5% over the week. They bought BTC and STRC and increased their cash reserves, which is likely favorable for most stakeholders except MSTR holders, who seem unconcerned about dilution at this point.

We now await to see if this is a temporary strategy or part of Saylor’s new approach as we head into Q4 2026.

🌎 Macro Crypto and Markets

  • Leading cryptocurrencies performed variably; BTC -0.8% at $78k; ETH +0.2% at $2,455; SOL -1% at $102.2; HYPE +3% at $84
  • Notable altcoin movements included ARB (+30%), CRV (+18%), and UNI (+14%).
  • Oil remained stable at $87; Gold dropped 1% to $4,430.
  • Stock futures were in the red as bond yields increased; DOW -0.5%, Nasdaq -1%.
  • Kraken's parent company, Payward, is in advanced discussions with Hyperliquid Labs to introduce perpetual futures for U.S. traders, shortly after Trump suggested the CFTC is pursuing an onshore compliant framework.
  • A bipartisan group of former SEC and CFTC officials urged regulators to ease rules on derivatives, cautioning that stringent regulations hinder the $90 trillion offshore perpetual market from transitioning onshore.
  • Wallets associated with North Korea’s Lazarus Group sold over $30 million in Bitcoin on Hyperliquid within three weeks, shifting into ETH and SOL and transferring funds to Kraken, LBank, and KuCoin.
  • Kalshi has permanently banned George Santos and imposed a $71,356 fine for trading on a market related to his own State of the Union attendance, followed by making false statements to manipulate prices for a profit of $17,839.57.
  • Sberbank plans to accept ETH and USDT as loan collateral alongside Bitcoin, once Russia’s new crypto regulations are implemented and assets are approved for public trading.
  • Félix secured $200 million in Series B funding, comprising $87 million in equity led by a16z and a $113 million credit facility from General Catalyst, aimed at expanding its WhatsApp remittance service to include lending and savings options.
  • The London Stock Exchange has partnered with Kraken's parent Payward to tokenize the 100 largest companies listed in the UK as xStocks, with the first tokens expected soon and plans for 24 listings in 2027 pending approval.

Corporate Treasuries & ETFs

Meme Coin Tracker

  • Meme leaders showed mixed results; DOGE steady, SHIB +2%, PEPE -3%, PENGU steady, TRUMP -1%, SPX +10%; Fartcoin +1%.
  • Robinhood chain tokens had a remarkable day; PONS +27%; AI +100%; Boner +300%; Up +30%; Moo +300% and Mancer +80%.
  • Solana tokens included GPro (+80x to $3M), Useless (+50%), and Stonk (+30%); Ansem remained stable at $290M.
  • BSC was led by Marscoi, which surged 80% to $88M.

💰 Token, Airdrop & Protocol Tracker

🚚 NFT Market Updates

  • NFT leaders showed slight declines; Punks -1% at 31.7 ETH, BAYC -1% at 7.65 ETH, Pudgy -2% at 4 ETH.
  • Top movers included Chain Mancers (+70%), Cache Flow (+90%), and Argonauts (+28%).
  • OpenSea announced support for Solana NFTs.

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