Morning Minute: Saylor's $2.54B Buy Buoys Bitcoin

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. And check retired our caller regular quality amusement covering each of the apical stories successful 5 minutes oregon less, downloadable connected Apple Pod oregon Spotify.

GM!

Today’s apical news:

• Crypto majors proceed grind up, led by Bitcoin; BTC +2% astatine $76,480

• Saylor buys $2.54B successful BTC, 3rd biggest bargain ever; 85% powered by STRC

• AAVE publishes afloat incidental report; losses scope $120M-$230M

• Curve laminitis pushes for shared information standards crossed DeFi

• Polymarket raising $400M astatine $15B valuation, down Kalshi’s $22B

Strategy purchased 34,164 BTC for $2.54 cardinal past week - its largest single-week bargain successful implicit 16 months and 3rd largest successful institution past down 2 November 2024 purchases.

Saylor’s Strategy present holds 815,061 BTC acquired for $61.56 cardinal astatine an mean outgo of $75,527. With BTC astir $76K, the full treasury is backmost successful the green.

STRC did the dense lifting again this week, arsenic $2.18 cardinal of the $2.54 cardinal came from STRC preferred banal sales. And notably, this is the week Saylor besides projected moving STRC dividends to semi-monthly.

The thesis: a much unchangeable STRC terms means the banal trades person to par for longer, which means much issuance capacity, which means much Bitcoin. And with Saylor present adjacent 15% of the mode done his latest $50B ATM, expect the Bitcoin buying to continue. In size.

Key Details:

• Strategy purchased 34,164 BTC for $2.54 billion past week - third-largest single-week acquisition successful institution history; holdings present astatine 815,061 BTC astatine an mean outgo of $75,527; BTC output 9.5% YTD

• The funding: $2.18 cardinal raised via STRC preferred banal sales; $366 cardinal from MSTR communal stock; 85.7% STRC-funded

• Where things stand: 815,061 BTC astatine ~$75K = astir breakeven connected $61.56 cardinal invested; Saylor’s stated extremity is 1 cardinal BTC by extremity of 2026; $1.62B successful STRF capableness and $26.73B successful MSTR ATM capableness inactive available

Strategy Adds $2.5 Billion successful Bitcoin arsenic STRC Dividend Traders Drive Largest Buy Since 2024

🔵 Tom Lee Isn’t Sweating The Kelp Dip

Tom Lee’s Bitmine disclosed Monday that it purchased 101,627 ETH for $235 cardinal past week, its largest single-week ETH acquisition of 2026. On a marketplace headdress adjusted basis, that bargain is equivalent to Saylor buying $1.35B successful Bitcoin. It’s a large purchase.

Bitmine’s full holdings are present astatine 4.976 cardinal ETH, representing 4.12% of full circulating supply, and is present 82% of the mode to its self-declared “5% alchemy” target.