Strategy sinks after revealing it has sold bitcoin for the first time ever
Michael Saylor has followed through with his pledge to sell some BTC, revealing that MSTR sold 32 BTC for $2.5 million between May 26 and May 31. This marks the company’s first bitcoin sale since a December 2022 tax loss trade. Strategy now holds 843,706 BTC worth around $61 billion. Saylor said the company will buy 10 to 20 bitcoin for every one it sells, framing the sale as part of a net accumulation strategy. The stock is down 7.5%. Read more →
Dimon escalates fight over stablecoin rules
JP Morgan CEO Jamie Dimon attacked Coinbase CEO Brian Armstrong on Friday, saying the banking industry will fight the Clarity Act over stablecoin yield. Dimon claimed Armstrong is spending "hundreds of millions" lobbying for the bill and is "full of shit." The dispute has delayed the bill's passage by four months, though it passed a Senate Banking Committee vote earlier this month and now heads to the Senate floor. Read more →
US Seizes $1B in Iranian Crypto
Treasury Secretary Scott Bessent announced Friday that the U.S. has seized approximately $1 billion in Iran's cryptossets, nearly double the government's previous estimate from April. Bessent said the U.S. believes Iran had been stealing $400 to $500 million monthly through sanctions evasion. "Just outright grabbed the wallets," Bessent told Fox News, adding the seized funds represent "money that's been stolen from the Iranian people." The U.S. government holds roughly 328,372 bitcoin worth over $24 billion, making it the world's largest known state holder. Watch interview →
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