Strategy Might Sell

Strategy (MSTR) is chipping away at the notion that it would never sell any of its bitcoin holdings. After years of championing a maximalist philosophy around bitcoin, executives at the firm said yesterday they would consider selling the token if doing so improved the company’s capital structure or increased Bitcoin per share. "Our ability to sell bitcoin either to buy U.S. dollars or sell bitcoin to buy debt if it's accretive to bitcoin per share is something that we would consider doing going forward," Phong Le, president and CEO of the company, said on the earnings call. The news falls on the heels of Strategy reporting a loss of $12.77 billion in Q1 compared with a loss of $4.23 billion, a year earlier. Read more →

Bitcoin’s 30-day average funding rate has now been negative for 67 straight days, the longest streak this decade, even as BTC has climbed back towards $82,000. Funding rates are the payments traders make in perpetual futures markets. When they stay negative, it usually means traders are positioned cautiously, with shorts or hedges paying to keep those positions open. K33’s Vetle Lunde says similar periods have often shown up near market bottoms, and historically, buying bitcoin during these negative-funding stretches has produced 83% to 96% win rates over 30- to 360-day windows. Read more →

David Schwartz, the co-founder of the XRP Ledger and CTO emeritus of Ripple, just broadcasted his personal view that people should not invest in Ripple. “If you want direct exposure to Ripple’s success or failure, you can buy Ripple stock on the secondary market if you qualify under US law. But you probably shouldn’t,” he said. Read more →

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