🫨 Strategy Sells, American Bitcoin buys

PLUS: Crypto yield faces a securities test as court revives DCG fraud claim

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Cryptopolitan News
July 07, 2026 • Estimated Reading Time: 3 minutes

Bitcoin treasuries are dividing

There is something interesting happening at that right now in the world of Bitcoin treasuries The tiny ones are buying so it must be a fire sale, and the biggest even did the thing it said it would never do.

Begin with Strategy, because it is the one that actually disrupts the pattern. Michael Saylor's firm, which already owns more BTC than any publicly-listed company on the planet, revealed it sold almost $216 million worth of 3,588 BTC between June 29 and July 5. And with all that showing up on "never sell," then the price makes it sting, that's not pocket change.

Strategy sold for about $60,000 on average per coin, a long way south of its own entry price of $75,476. That, in part, sold Bitcoin at a loss to cover its preferred stock dividends.

Saylor called it regular treasury management, and, in a way, he is right. Originally, Strategy had secured a board-approved framework under which it would sell up to $1.25 billion worth of Bitcoin strictly to satisfy such obligations.

More importantly, this represents the man who has spent years proclaiming to the world that Bitcoin is always bought but never sold quietly conceding his dividend model now governs when he's forced to tap the company's own reserves. The company still has 843,775 BTC and $2.55 billion cash in the account so no one is panicking here. But it is the direction of trade, not its size, that is the story here.

Meanwhile, everyone smaller is buying

American Bitcoin, the Eric Trump-backed miner just surpassed 8,000 BTC after purchasing another 500 coins for about $30 million. Since its Nasdaq debut, bitcoin reserves have more than tripled. That is significant because the stock itself just received a 1-for-15 reverse split to remain above Nasdaq's minimum price threshold, and so not only is the company fighting for its cash equity survival, but it continues to accumulate BTC.

Strive, owned by Matt Cole, is doing it at a lot in big scale. It added another 17.76 BTC totaling 19,882 altogether but the real figure was what happened through an entire second quarter itself: adding +6,236 BTC, reporting a +24% Bitcoin yield and closing the quarter with a +67.2% amplification ratio. That a company that is leaning heavy into accumulation while Bitcoin sits far from it's high.

Take it all the way up the corporate stack and BitcoinTreasuries counted almost 9,000 BTC added to public companies balance sheets in June alone, Strategy was actually the top of that list before its recent sale.

Why this split matters

So you have two completely different bets on the same asset class happening concurrently. That isn't about conviction in Bitcoin, that's about a company that created an intricate capital structure with real cash obligations and Bitcoin just happens to be the asset they can most easily liquidate to meet said obligations. You cannot have that overhang on the littler firms, so they just keep dipping into weakness and calling it strategy.

The real question is whether that's wise or simply immature. Strategy was stuck with years of leverage and preferred stock dividends. The others, Strive and American Bitcoin are earlier in that cycle, acquiring in the $59–65K range while Strategy is trading north of $75,000 for its average cost.

If Bitcoin recovers, the smaller stacks look sharp. If it doesn't, they're the ones who'll eventually be having Strategy's conversation.

POLL: Saylor just sold Bitcoin to pay dividends. Does that change how you see Strategy?

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1️⃣ ENS proposes 5 million-token delegation plan to break founder Johnson’s vote grip

ENS just owned up to the fact that one person basically rules its DAO, and now it's trying to backtrack.

Around 50% of all active delegated voting power to ENS was used (by Founder Nick Johnson) to block the renewal of ENS's Security Council while he owns around 3% of tokens. The solution put forth: have vetted community delegates distribute five million tokens' worth of voting rights, but no ownership, prior to the emergency backstop's expiration on July 24.

2️⃣ Samsung guides to record profit on AI memory, and the market yawns

Demand for AI chips had Samsung reporting profit up almost 19x year on year, and the market barely cares. Shares slid nonetheless, dragging SK Hynix and the wider Kospi down with it as investors must now wonder whether AI infrastructure spends can continue to earn themselves at these multiples. Record numbers just are not buying patience anymore.

3️⃣ BONK dips into the red as DAO loses $20M in governance attack

BSomeone bought their way into BonkDAO treasury, and held $20 million in BONK on the way out. The flow showed that the attacker had quietly staked those tokens in his own name and used this stake to shepherd a malicious governance proposal and authorized his own balance to transfer.

BONK sank over 9% and Upbit has already frozen deposits as well as withdrawals while BonkDAO works to track down the stolen funds.

Are you watching?

Crypto yield faces a securities test as court revives DCG fraud claim

A federal judge in Connecticut has reinstated a fraud lawsuit against Digital Currency Group (DCG), its founder Barry Silbert, and other defendants regarding the failed Genesis Yield project, while also allowing a federal appeals court to ponder a monumental question that can impact the way crypto lending is done.

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