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Crypto News
Michael Saylor’s Strategy Buys $34.9 Million of Bitcoin Using Common Stock
Michael Saylor’s Strategy Inc. bought $39.4 million of Bitcoin, leaning again on its common stock to fund purchases of the cryptocurrency for a third consecutive week despite earlier pledges to pivot to perpetual preferred shares.
The company, formerly known as MicroStrategy, bought 520 Bitcoin between June 15 and June 21, according to a regulatory filing Monday. The entire purchase was funded through sales of Class A common stock. Strategy increased its reserve by $300 million to $1.4 billion.
Crypto PACs Back Pro-Crypto Election Candidates As CLARITY Act Nears July 4 Deadline
Prominent crypto PACs are extending support towards pro-crypto candidates amid election primaries.This effort comes as the CLARITY Act is approaching the July 4 deadline.The U.S. Senate has scheduled several meetings this week to discuss negotiations around the CLARITY Act.
BOE Sets £40 Billion Stablecoin Cap and Drops Holding Limit
The Bank of England has introduced a temporary £40 billion cap for the total issuance of each UK stablecoin, replacing plans to limit how much firms and households can hold.
Issuers will be able to hold a greater share of interest-bearing UK government bonds as the main backing asset for stablecoins, with a 70% short-term interest bearing gilts and 30% unremunerated central bank reserves split.
The changes aim to make sterling stablecoins more commercially viable and easier to administrate while protecting users, with the new regime scheduled to be in place by the start of 2027.
Bitcoin & Ethereum Spot ETF Flow
U.S. Bitcoin spot ETFs recorded a net outflow of $68.18 million on Monday. The total net asset value of Bitcoin spot ETFs stands at $80.22 billion, with the ETF net asset ratio (market value relative to total Bitcoin market capitalization) at 6.21%.
The Bitcoin spot ETF with the highest net outflow on June 22 was iShares Bitcoin Trust, with a net outflow of $171.96 million, according to SoSoValue.