Morning Minute is a daily newsletter authored by Tyler Warner. The insights and views presented are solely his and do not necessarily represent those of Decrypt. Additionally, be sure to check out our new daily news show that covers the top stories in just 5 minutes, available for download on Apple Pod or Spotify.
Good morning!
Here are today’s key updates:
- Bitcoin dips further after Saylor's sale, down 3.7% to $69,300
- NEAR tops altcoins, surging 17% today; WLD rises by 12%
- A significant dispute regarding Polymarket’s “Will Strategy sell…” market is being resolved with a NO outcome
- Pavel has rebranded Toncoin to GRAM, briefly increasing its value by 13%
- Schwab aims for a 2027 launch of its spot crypto trading service
📉 Saylor's Bitcoin Sale Marks First Since 2022
Strategy reported the sale of 32 BTC between May 26 and May 31, achieving an average price of $77,135, and generating approximately $2.5 million in revenue.
What does this mean?
This is the first Bitcoin liquidation by the company since December 2022, which follows a period where Saylor promoted messages like “Never sell your Bitcoin” and “Sell your kidney, but not your Bitcoin.”
The revenue will be allocated to cover distributions on STRC preferred stock, which Saylor now owes significantly due to STRC's rising acclaim.
Our aim is to establish $STRC as the leading credit instrument globally. pic.twitter.com/gMhUlT3jXu
— Michael Saylor (@saylor) June 1, 2026
The market reacted negatively to this news. Strategy's shares dropped 6% on Monday, and Bitcoin fell below $70k, hitting a near two-month low of $69,500.
Interestingly, the number of coins sold is quite minimal. The 32 BTC sold account for only about 0.0038% of Strategy's entire holdings. In contrast, the firm raised $128.3 million last week by selling its common shares, a figure that overshadows the Bitcoin sale by a factor of fifty.
However, the critical issue lies in Strategy's $13.5 billion in total preferred equity obligations, which incur an annual dividend cost of around $1.2-1.4 billion, against a cash reserve of only $871 million. This implies that without additional STRC issuances, the company has less than nine months of dividend coverage remaining.
The market's current concern revolves around the potential for further sales from Saylor. He has transitioned from being a passive Bitcoin holder to an active fund manager, engaging in both buying and selling. This shift will require time for the market to adjust.
If no further sales occur soon or they remain minimal, this situation may resolve itself. However, if Saylor's sales increase in volume or frequency, it could lead to short-term challenges.
🤯 Polymarket Claims Saylor Did Not Sell Bitcoin in May
The recent Bitcoin sale by Strategy has sparked an unusual dispute on Polymarket, which could lead to complications for the platform and necessitate adjustments in its resolution system.
A contract querying “Will Strategy sell Bitcoin in May 2026?” garnered over $50 million in bets and is now leaning toward a NO resolution, despite the actual sale occurring in May.
The situation is as follows: Strategy's 8-K filing indicated the sale of 32 Bitcoin between May 26 and May 31. While these transactions took place in May, the 8-K was filed on June 1. The contract’s resolution criteria stated:
“The primary resolution source for this market will be information from MSTR and on-chain data, although a consensus of credible reporting will also be utilized.”
The NO side argues that since the reporting occurred post-May 31, it should not be considered valid. Meanwhile, the YES side contends that the on-chain transactions are valid, and the 411 BTC transfer to Coinbase Prime visible to Arkham on May 26 should suffice as disclosure.
As of this moment, it seems that NO bettors are prevailing, supported by UMA, which is an outcome contrary to the “spirit” of this bet.
Polymarket was intended to operate as a “truth machine,” yet it is now resolving $50M markets based on technicalities. This will likely not sit well with users…
🌎 Macro Crypto and Markets
- Major cryptocurrencies are down today; BTC has decreased by 4% following Saylor's sale; BTC -4% at $69.3k; ETH stable at $1,980; SOL down 2% at $78.8; HYPE stable at $72.8
- NEAR (+17%), WLD (+11%), and RENDER (+10%) are the top gainers
- Oil down 1% at $91; Gold up 1% at $4,560
- Stock futures are in the red and slightly declining after the S&P reached a new all-time high yesterday
- Pavel Durov announced that Telegram is rebranding Toncoin to GRAM, reverting to its original planned name before the SEC prompted Telegram to abandon the project in 2020; TON up by 6%
- The CME reported $50M in volume during its inaugural weekend of 24/7 trading for crypto futures and options
- Charles Schwab is aiming for a 2027 launch of its crypto spot trading service for wealth advisors
- SpaceX included dilution language in its amended IPO filing on Monday, indicating it “may issue a substantial amount of equity for future transactions,” which is widely interpreted as preparation for a potential merger with Tesla
- Vitalik suggested using options contracts in DeFi to address liquidation cascades, which are the cause of most significant DeFi losses in 2026; his proposal would allow borrowers to pay a premium for a “soft liquidation” option that gradually reduces collateral requirements instead of triggering an immediate forced sale
- A crypto wallet recovery team successfully recovered over $2 million in Ethereum that had been locked away for more than ten years
- Japan’s ruling Liberal Democratic Party has formally proposed the legalization of crypto ETF trading, advocating for a legal framework to permit crypto ETFs on Japanese exchanges by 2027
Corporate Treasuries & ETFs
- Bitcoin ETFs experienced $484M in net outflows on Monday; ETH ETFs saw $44.5M in outflows
- The HYPE ETFs recorded $1.3M in net inflows on Monday
- Bitmine acquired 26,497 ETH (~$53M) last week bringing its total holdings to 5.42 million ETH
Meme Coin Tracker
- Meme leaders showed slight declines; DOGE -1%, SHIB +1%, PEPE -1%, PENGU -3%, TRUMP +3%, BONK stable, SPX stable, FARTCOIN stable
- Notable movers on Solana included Three (+12x), Henry (+170%) and Pepti (+10x)
- Base movers included Atbash (+140%), PRXVT (+31%) and Nock (+10%)
📈 Myriad Market of the Day
💰 Token, Airdrop & Protocol Tracker
- Kalshi submitted a request to self-certify perpetual futures on 12 altcoins on Monday: ETH, XRP, SOL, DOGE, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera—following the CFTC's approval of its Bitcoin perpetual contracts
- The EdgeX token plummeted nearly 50% yesterday from $1.30 to $0.65, resulting in millions in liquidations
🚚 NFT Market Update
- NFT leaders were again in the red; Punks stable at 31.8 ETH, BAYC down 4% at 8 ETH, Pudgy down 3% at 4.09 ETH; Hypurr’s up 0.4% at 309 HYPE
- Top movers included Squiggles (+5%) and Habbo (+8%)
- OpenSea hinted at its upcoming launch of perpetual contracts, providing early access to users on X