Morning Minute, a daily newsletter authored by Tyler Warner, represents his personal analysis and views, which do not necessarily align with those of Decrypt. Additionally, be sure to check out our new daily news show that summarizes the key stories in a quick five-minute format, available on Apple Podcasts and Spotify.

Good morning!

Here are the main highlights for today:

  • Major cryptocurrencies remain relatively unchanged despite progress in the Iran War; Bitcoin is priced at $62.7k
  • Saylor invested $100 million in Bitcoin last week, resulting in a 6% rise in MSTR and a 3.6% increase in STRC
  • Tom Lee made a significant purchase of $214 million in Ethereum, marking the largest acquisition of 2026; Ethereum ETFs are now profitable
  • Citrini has identified Hyperliquid as a buy, citing its fee structure and buyback strategy
  • Humanity Protocol experienced a security breach, leading to a 76% decline in its H token

💰 Saylor Is Back to Buying

Strategy acquired 1,550 Bitcoin for $101 million last week at an average price of about $65.3k, marking a return to its usual investment activities after a sale of 32 BTC resulted in its worst weekly performance since November 2022.

This acquisition was financed through Strategy’s share-sale program, which raised $181 million from Class A common stock sales between June 1 and June 7. Out of this, $101 million was allocated to Bitcoin, while approximately $80 million was used to replenish its cash reserves, which now stand at $1 billion.

Last month, the company reduced its cash reserves by 61% to buy back debt at a discount, leaving it with limited resources for dividend obligations on its preferred stock. JPMorgan remarked on Monday: "We believe that rebuilding the company's dollar reserves may be necessary to restore investor confidence and alleviate concerns about potential further Bitcoin sales to fulfill dividend payments."

The market reacted positively to this news, with MSTR rising by 6% to $127.20, even after the additional shares were sold. STRC saw a 3.69% increase, reaching $96.80. Bitcoin maintained a value around $63,500.

The increase may be related to STRC and MSTR shareholders voting to change STRC dividends to a semi-monthly schedule, now set to be distributed on the 15th and the end of each month. This adjustment was intended to address the issue of STRC trading below par for most of the month, as traders typically purchased it in the days leading up to the dividend date—now with two payouts per month, this should be resolved.

📈 Citrini Calls Hyperliquid a Buy

Citrini Research, the firm that previously contributed to February’s AI-related market turmoil, has identified crypto exchange Hyperliquid and its HYPE token as a promising investment opportunity.

Their earlier report, titled “2028 Global Intelligence Crisis,” gained significant attention and led to a brief selloff on Wall Street in February, and now their focus has shifted to the cryptocurrency sector.

Hyperliquid has generated approximately $1.06 billion in annualized fees, with over 90% of these fees directed into a buyback fund that has repurchased more than $2 billion of HYPE since January 2025. This buyback strategy is central to Citrini’s investment thesis. They noted that HYPE distinguishes itself from much of the crypto market thanks to its backing by genuine platform usage, and Hyperliquid’s buybacks have accounted for nearly half of all token buyback activity in the crypto sector this year, based on various metrics. Citrini emphasized Hyperliquid’s substantial growth potential and the significant market share it still has to capture.

The value of HYPE is increasingly linked to Hyperliquid’s trading volumes and revenue, which do face potential challenges. The CFTC has started permitting crypto perpetual futures products in the U.S., which major exchanges like Coinbase and Kraken are eager to offer. Additionally, the CFTC has recently approved Kalshi for its Bitcoin perpetual contracts, creating a new regulated U.S. option that competes with Hyperliquid’s offshore model.

The bullish argument: Hyperliquid’s composability, its 24/7 coverage of real-world assets, and its SpaceX pre-IPO contracts provide it with structural advantages that no current regulated U.S. venue can match. The bearish argument: if volume in derivatives shifts onshore, the buyback mechanism that supports HYPE could slow down. The forthcoming months will be crucial in determining which scenario is more likely…

Sam Bankman-Fried Formally Asks Trump for a Pardon

Sam Bankman-Fried, the incarcerated founder of the defunct crypto exchange FTX, has officially requested a pardon from President Donald Trump while serving a 25-year sentence for fraud and conspiracy.

Following this news, FTT saw a roughly 50% surge intraday.

Bankman-Fried specifically requested a “pardon after completion of sentence,” which would not lead to an early release but could restore certain civil rights once he has served his full sentence. He confirmed his desire for clemency during a recent interview with FOX Business. When asked by correspondent Susan Li if he would seek a pardon from the White House, he replied, “Absolutely.” He added, “Ultimately, it would be up to the president, not me.”

However, the pardon is likely to face significant opposition from Trump himself. The former president has indicated that Bankman-Fried should not anticipate clemency, despite having pardoned other notable figures in the crypto space. Trump granted clemency to Binance co-founder CZ in October 2025 and the BitMEX co-founders, but he has publicly dismissed the idea of pardoning SBF on two occasions in 2026, referencing the scale of the $11 billion FTX fraud. Therefore, SBF may be wise to temper his expectations…

🌎 Macro Crypto and Markets

Corporate Treasuries & ETFs

Meme Coin Tracker

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

  • Humanity reported that an employee's laptop was compromised, resulting in the theft and dumping of $36 million worth of H tokens, causing H to plummet by 76%

🚚 What is happening in NFTs?

  • NFT leaders remained mostly stable; Punks steady at 32.7 ETH, BAYC at 9.15 ETH, Pudgy +4% at 4.47 ETH; Hypurr’s +3% at 272 HYPE
  • DeGods (+11%) and Good Vibes (+10%) were notable gainers
  • A left-facing Pudgy Penguin 1/1 sold for $250,000

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