Morning Minute is a daily newsletter authored by Tyler Warner. The views and analysis presented are his own and may not reflect those of Decrypt.
Good morning!
Here are today’s key highlights:
- Major cryptocurrencies are on the rise, with HYPE leading at +5%; BTC is priced at $63.8k
- Strategy has sold $105 million in BTC to acquire STRC (currently at $92)
- Solana's fee burn and disinflation proposal is now up for a vote
- Pump Fun has recorded its highest weekly revenue since March (PUMP +6%)
- TokenWorks shares a contentious buyback update ahead of today’s FWA token launch
₿ Strategy Sells $105 Million in Bitcoin to Support Its Preferred Stock
Last week, Strategy divested 1,638 BTC for approximately $104.7 million, as noted in an 8-K filing made on Monday. This reduced its holdings to 842,138 BTC from 843,775, which it had maintained since early July. The sale price averaged $63,957, marking a loss of about $11,500 from its cost basis of $75,419. This marks the longest period without purchases since June 22. Additionally, the company sold $291 million in MSTR shares.
From the proceeds, $52.4 million was allocated for dividends on Strategy’s preferred stock, while $52.3 million went towards an $81 million buyback of its STRC preferred shares, marking the second repurchase in two weeks under a $1 billion program. The remaining funds have increased cash reserves to $4 billion, providing what the company describes as 2.3 years of operational runway.
It's important to recognize the implications here. STRC has been trading below its $100 par value since mid-May, leading Strategy to sell Bitcoin at a loss and dilute common shareholders through MSTR sales to support the preferred stock (STRC), which has been dragging down the overall structure. This situation is concerning.
Moreover, Michael Saylor's stance has dramatically shifted from the previously held “never sell” narrative. He stated yesterday, “When I say ‘Never Sell Your Bitcoin,’ I speak as one saver to another. I have never sold mine.” This contrasts sharply with his earlier advice, where he suggested, “Sell a kidney if you must. But keep the Bitcoin.” This shift in messaging is troubling.
When I say “Never Sell Your Bitcoin,” I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet. Since 2020, it has disclosed it may buy or sell $BTC to manage capital. Our shared conviction in Bitcoin remains unchanged.
— Michael Saylor (@saylor) August 3, 2026
In terms of Bitcoin's performance, it has withstood a week filled with negative news, including a significant $100 million hack involving Coldcard and Saylor's own $100 million sell-off. Despite this, the price has remained stable throughout the week. This could indicate that negative news is having less impact on pricing, possibly suggesting a shift in the market cycle.
🌎 Macro Crypto and Markets
- Major cryptocurrencies are performing well; BTC +2% at $63.8k; ETH +2% at $1,870; SOL +2% at $73.90; HYPE +5% at $55.50
- Leading altcoins include ATOM (+8%), PUMP (+6%), and AVAX (+6%)
- Oil holds steady at $79.50; Gold rises by 0.6% to $4,115
- Stock futures are up following positive earnings reports; DOW +0.7%, Nasdaq +0.9%
- Solana's proposals for fee-burn and disinflation were put to an initial vote on Monday, aimed at doubling annual disinflation to 30% while cutting emissions by $1.36 billion over six years and increasing daily burns from 650 SOL (~$47K) to 9,000 SOL (~$646K)
- BlackRock has launched tokenized money market funds on Solana and Ethereum, designed for stablecoin reserves that track ownership on-chain via Securitize while investing entirely in cash and short-term Treasuries
- The Coinbase BTC Premium Index has reached a record for the longest negative streak at 78 days, suggesting a prolonged absence of buy pressure from U.S. retail investors
- Telegram was temporarily removed from the Apple App Store, leading to a brief 10% drop in GRAM token value (now down 1%)
- A former FBI counterintelligence agent has been charged with stealing around $1 million in crypto from wallets associated with investigations, reportedly seeking ChatGPT's advice on how to invest it and relocate to Europe
Corporate Treasuries & ETFs
- Bitcoin ETFs saw net inflows of $170 million on Monday, while ETH ETFs experienced $12 million in outflows
- Tom Lee's BitMine acquired another 10,399 ETH, increasing its holdings to nearly 5.8 million ETH, accounting for about 4.8% of the total supply, and repurchased 4.5 million of its own shares
Meme Coin Tracker
- Meme leaders were performing well; DOGE +2%, SHIB +4%, PEPE +2%, PENGU +1%, TRUMP +2%, BONK stable
- The Robinhood chain was led by Cashcat (+43%), Tendies (+54%), and Frong (+25%); Stonkbroker bounced back by 5% to $40 million
- Solana leaders included DOOM (+130x), Tiktok (+115x), and OnlyMarms (+440%); CATE fell from $80 million to $10 million in a severe sell-off, closing the day down 30% at $30 million
💰 Token, Airdrop & Protocol Tracker
- The Fomo app entered the top 10 US finance apps on Apple's App Store, achieving its highest trading volume week with $378 million, over $2 million in fees, and an average of 34,000 traders per day
- Robinhood Chain’s TVL surpassed $400 million for the first time on Monday
- Pump Fun’s weekly revenue reached its highest level since March 2026, generating $9.23 million (PUMP +6%)
- POAP has announced it is winding down operations after five years, citing challenges in maintaining profitability without compromising its ethos
🚚 Updates in the NFT Space
- NFT leaders are performing positively; Punks stable at 32.3 ETH, BAYC +3% at 8.41 ETH, Pudgy +1% at 3.88 ETH; Stonkbrokers down 7% to 6.4 ETH
- Top movers include Pitboys (+43%), Cashcats (+50%), and Zaibatsu (+540%)
- TokenWorks announced an 80% buyback for FWA using platform fees, set to commence once the token launches for trading today at 3 PM ET, utilizing 10% of existing fees to establish a team treasury and reduce platform fees