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Crypto News

Michael Saylor Says Jim Chanos Doesn't Understand Strategy's Model

Veteran short seller Jim Chanos on Tuesday blasted the financial instruments employed by Michael Saylor’s company, Strategy Inc. MSTR, to sustain its Bitcoin BTC/USD play.

In an X post, Chanos argued that Saylor wants investors to value Strategy not only based on the net asset value of its Bitcoin holdings at market prices, i.e., NAV, but also to apply a multiple to the change in that NAV.

The sharp reaction followed Saylor’s criticism of Chanos’ long Bitcoin, short Strategy position during a Bloomberg interview.

"I don't think he understands what our business model is," Saylor said. "What he still doesn't understand is that we are not a holding company or a closed-end trust, we are an operating company."

The U.S. Senate Passed the Procedural Vote on the "GENIUS Stablecoin Act"

On June 12, the U.S. Senate passed the procedural vote for the "GENIUS Stablecoin Act" ("Guiding and Enabling National Innovation in U.S. Stablecoins Act") with a 68 to 30 vote on Wednesday local time. The bill will now be submitted to the House of Representatives for further deliberation. The primary objective of this act is to provide a comprehensive solution for stablecoin regulation.

Ant Unit to Seek Stablecoin Permits in Hong Kong, Singapore

Jack Ma-backed Ant Group Co.’s international unit is planning to apply for stablecoin licenses in Singapore and Hong Kong, according to people familiar with the matter.

Singapore-based Ant International will apply for the stablecoin issuer’s license in Hong Kong as soon as the city’s Stablecoins Ordinance goes into effect in August, the people said, asking not to be identified because the matter is private. As well as Singapore, the company is also planning to seek a permit in Luxembourg, they added.

Singapore Order Leads Unlicensed Crypto Exchanges to Weigh Exit

A final warning from Singapore’s regulator has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit.

Bitget and Bybit — top-10 exchange operators by volume with a presence in Singapore but no local license — plan to reorganize their teams, according to people familiar with the matter. Bitget will shift staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, said the people, who refused to be identified as the plans are confidential.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday (June 11) was $164.57 million. The total net asset value of Bitcoin spot ETFs is $131.85 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.09%.

The Bitcoin spot ETF with the highest net inflow on June 11 was IBIT, with a net inflow of $131 million. Followed by HODL, with a net inflow of $15.39 million.