Hi! In today’s edition:

Strategy acquired 1,550 BTC for approximately $101.3 million between June 1 and June 7 at an average price of $65,332 per coin, the company disclosed in a Monday 8-K filing. It is the firm's first purchase below its $75,680 average cost basis.

Total holdings now stand at 845,256 BTC worth roughly $53.5 billion at current prices, leaving an unrealized loss of about $10.5 billion. The buys were funded through Strategy's at-the-market equity program, which sold 1,409,600 MSTR shares for $181 million during the week. Cash reserves were rebuilt to $1 billion, up from $900 million as of May 31.

MSTR rallied 6% in pre-market trading Monday. Last week's spot Bitcoin ETF outflows hit $1.7 billion, the largest weekly outflow since February.

Sam Bankman-Fried, the disgraced FTX founder serving a 25-year prison sentence for orchestrating one of the largest financial frauds in U.S. history, has officially filed a request for a presidential pardon with the Trump White House.

The petition is Bankman-Fried's first formal post-sentencing move. He was convicted in November 2023 on seven counts, including wire fraud, conspiracy to commit money laundering, and securities fraud, and sentenced in March 2024. He is currently held at FCI Terminal Island in California.

The pardon request lands as President Trump has issued several high-profile crypto-related clemency actions, including Silk Road founder Ross Ulbricht in January 2025. Bankman-Fried's family has reportedly hired prominent Republican-aligned lobbyists in recent months.

BitMine Immersion Technologies acquired 127,000 ETH for approximately $214 million during the past week, lifting total treasury holdings to 5.54 million ETH, the firm disclosed in a Monday statement.

Chairman Tom Lee called the broader crypto selloff "superficial," arguing the underlying ETH thesis remains intact and that institutional treasury demand has not meaningfully slowed. Total crypto and cash holdings now stand at $9.6 billion.

The purchase came two business days after BitMine filed for a $300 million perpetual preferred stock offering at a 9.5% dividend, applying Strategy's STRC playbook to its Ethereum treasury sitting on roughly $9.2 billion in unrealized losses.

Coinbase has activated AQAv2 from two new addresses in Hyperliquid's USDC treasury rollout, with one address staking approximately $502,000 in HYPE. Circle's wallet has separately staked approximately $501,000 in HYPE.

The activation completes a key piece of the transition Coinbase first announced in May, when it became Hyperliquid's official USDC treasury deployer as USDH sunsets.

Circle's participation is the bigger surprise. USDC's issuer staking HYPE alongside Coinbase positions both companies as long-term commercial counterparties of Hyperliquid rather than just custody and stablecoin providers. The move underscores how seriously both view the platform's growing share of crypto derivatives volume.

Big news: Bits + Bips has officially migrated to its own dedicated channels.

If you love the conversations happening at the intersection of markets, macro, and crypto, the full breakdowns are now live exclusively on the Bits + Bips channels.

The Unchained feed will continue posting short segments and clips over the next few weeks to help make the transition seamless — but for the full show, you know where to go.