Morning Minute is a daily newsletter authored by Tyler Warner. The views and analyses presented are solely his own and do not necessarily represent those of Decrypt. Be sure to check out our new daily news show that summarizes the top stories in just 5 minutes, available on Apple Pod or Spotify.
Good morning!
Here are today’s key updates:
- Major cryptocurrencies drop by 1-2% as BTC dips below $60k before bouncing back
- Micron Technology shares surge 19% in pre-market trading following a substantial earnings report, boosting the overall market
- MSTR and STRC hit new one-year lows amid increasing concerns regarding Michael Saylor
- Kalshi aims for a $40 billion valuation in its latest funding round, with trading volume this month projected to exceed $25 billion
- Coinbase CEO Brian Armstrong suggests further acquisitions may be on the horizon following the Deribit transaction
📉 Strategy’s MSTR and STRC Plummet to One-Year Lows
On Wednesday, Strategy’s common stock and preferred shares both fell to their lowest points in a year. The treasury model created by Michael Saylor is currently being tested under market pressures.
MSTR experienced a decline of 9.35%, reaching $94.13 and hitting a low of $92.28 during the day, a significant drop from its peak of $457.22 over the past year. STRC, the preferred shares that Saylor has relied on for funding his Bitcoin acquisitions, fell by 7.41% to $80.84, marking a new one-year low and falling well below its $100 par value. During the sell-off, Bitcoin dropped to $59,200 but later recovered to $61k following Micron's strong earnings report. Both MSTR and STRC saw slight recoveries in after-hours trading as well.
The pressing question remains—will this crisis reach a tipping point? If so, when? A cash infusion of $300 million raised on Monday was intended to stabilize STRC, yet just three days later, it hit a new low. This suggests that the market lacks confidence that cash alone can address the underlying issues. The more significant concern is the cycle of decline; as MSTR's value decreases, Saylor has less capacity to acquire Bitcoin or even to raise cash to service his debt (although he has approximately ten months' worth of debt covered with his current cash reserves).
Some analysts believe Saylor should consider liquidating a substantial portion of his BTC holdings to reset his position. Others speculate that large Bitcoin holders might be attempting to undermine Saylor to drive BTC prices down, thus forcing him to act. The full dynamics at play are uncertain, but one thing is clear—the volatility is far from over. Prepare for continued fluctuations…
It’s logical to assume that there exists a group of wealthy, strategic Bitcoin investors currently exploring ways to destabilize the MSTR capital structure to compel the sale of the BTC they hold.
Call it the…
— Travis Kling (@Travis_Kling) June 24, 2026
🎯 Kalshi Eyes $40 Billion Valuation Amid Sports Betting Surge
Kalshi is reportedly seeking to secure additional funding at a valuation of approximately $40 billion, according to a report from the Financial Times. This marks a substantial increase from the $22 billion valuation achieved during its last funding round just three months ago in April.
This valuation uptick comes as trading volumes soared to over $17 billion last month, with projections indicating a figure exceeding $25 billion for June, up from under $5 billion a year prior; sports-related contracts accounted for about 65% of this total. For context, Kalshi has already surpassed $5 billion in World Cup trading volume, and the tournament is still ongoing.
While sports betting has significantly contributed to Kalshi’s growth, its crypto markets have also expanded into a $1 billion weekly sector, representing a 20-fold increase since December 2025. They are also launching legal perpetual contracts, which are expected to further enhance these volumes. Overall, Kalshi's open interest is nearly three times that of Polymarket across various market sectors, with $1.1 billion compared to Polymarket’s $484 million.
This growth trajectory has resulted in a dramatic increase in fees as well. Last June, Kalshi generated $8 million in fees; this June, they have already surpassed $180 million with five days remaining in the month. This positions them to exceed $800 million in fees for the first half of 2026, with month-over-month growth between 10-20%. At this rate, the $40 billion valuation may ultimately appear inexpensive by year-end…
🌎 Macro Crypto and Markets
- Cryptocurrency markets are predominantly down; BTC -3% at $61.2k; ETH -3% at $1,630; SOL -3% at $68; HYPE unchanged at $62.75
- STABLE (+8%), AAVE (+6%), and MORPHO (+5%) were the top gainers
- Oil -2% at $69.40; Gold -0.2% at $4,000
- Stock futures show significant gains following Micron’s earnings report; DOW +0.3%, Nasdaq +2.2%
- Trump declined to sign the housing bill that included the CBDC prohibition and abruptly canceled the signing celebration, insisting that Congress first approve an elections bill, which could delay or jeopardize the implementation of the CLARITY Act
- Coinbase CEO Brian Armstrong stated that more acquisitions could be forthcoming following its $2.9 billion Deribit acquisition, particularly targeting international firms to accelerate product and business development
- Binance withdrew its MiCA license application in Greece and will seek approval in another EU country, aiming to maintain its European operations before its current permissions expire on June 30
- Binance founder CZ asserted he has been misinterpreted and expressed a desire to support the growth of the US crypto sector
- A man from New York was sentenced to 15 months in prison for defrauding investors by impersonating prominent crypto influencers to solicit investments
Corporate Treasuries & ETFs
- Bitcoin ETFs experienced $469 million in net outflows on Wednesday, the highest in three weeks; ETH ETFs also saw $30 million in outflows
- The HYPE ETFs recorded no inflows on Wednesday
Meme Coin Tracker
- Leading meme coins were down; DOGE -4%, SHIB -4%, PEPE -7%, PENGU -3%, TRUMP -3%, BONK -4%; the recent performer Memecore plummeted 71%
- World (+550%), Hama (+61x) and TripleT (+25%) were the top gainers on Solana
- Base movers included EDGE (+40%) and SYND (+44%)
- Meme stock traders flocked to Wendy’s as a potential next GameStop, leading to a sharp increase in the fast-food chain's stock as retail investors search for a new rallying point
📈 Myriad Market of the Day
💰 Token, Airdrop & Protocol Tracker
- Kalshi filed a lawsuit against Illinois over a new state tax on prediction markets that would impose a 15% tax on gross receipts from sports-related wagers starting next week, highlighting ongoing disputes regarding the regulation and taxation of these markets
🚚 What is happening in NFTs?
- Leaders in the NFT space showed mixed results; Punks rose by 1.6% to 32 ETH, BAYC fell by 3% to 8.8 ETH, and Pudgy dropped by 3% to 4.5 ETH; Hypurr’s value decreased by 2% to 196 HYPE
- Opepen (+17%) and NPC (+14%) were the top performers