Odaily reported that the dividend-paying preferred stock STRC issued by Bitcoin treasury company Strategy (MSTR) recently fell below its $100 face value, drawing market attention to its high-yield dividend model, cash reserves, and Bitcoin asset strategy. STRC was originally designed as a high-yield, low-volatility preferred stock pegged at $100, attracting investors through sustained dividends and helping Strategy fund dividend payments via ATM (At-The-Market) offerings. However, the recent decline in Bitcoin's price, coupled with a series of the company's capital maneuvers, has caused STRC's price to deviate significantly from its target level. Here is the timeline of this price decline event:
May 14: Before the ex-dividend date, STRC closed at $100, with Bitcoin still priced above $80,000. However, market pressure had already begun to show. A competing product, SATA, announced the adoption of a daily dividend mechanism, offering a 13% yield and increasing competitive pressure on STRC.
May 15: Strategy announced a repurchase of $1.5 billion in its 2029 convertible notes at approximately an 8% discount. The market then noted that the company's dollar reserves, previously set aside to support dividend and debt payments, were used for this transaction.
May 26: Strategy confirmed that cash reserves were involved in the bond repurchase, with the related fund size dropping to approximately $871 million. This amount equates to about six months of STRC dividend coverage, whereas the company's previous target was to maintain coverage for about 24 months.
June 1: For the first time since 2022, Strategy sold Bitcoin, offloading 32 BTC to demonstrate its ability to support dividends through asset sales. Following the announcement, MSTR's stock price fell by 5.9%.
June 5: Bitcoin fell below $60,000, with STRC dropping to around $90 and closing at $93.4.
June 8: Strategy shareholders approved a change to the STRC dividend payment frequency, shifting from once a month to twice a month. The company also stated that its dollar reserves had rebounded to $1 billion.
June 15: Strategy purchased an additional 1,587 BTC, increasing its dollar reserves to $1.1 billion.
June 18: STRC fell below $83 intraday, approximately 17% lower than its $100 target price, marking a new low since its listing in July 2025. It eventually closed at $88.59.
Currently, Strategy holds approximately 846,842 BTC, with an average cost of around $75,656. Based on a Bitcoin price of roughly $62,500, the company's paper unrealized loss stands at approximately $11.14 billion.
Meanwhile, the market has begun to focus on the potential dilution pressure arising from Strategy's recent financing activities. MSTR's current price is around $112, down approximately 80% from its all-time high in November 2024.
Analysts believe that the core challenge facing STRC lies in its financial structure being highly correlated with Bitcoin's price: when BTC enters an adjustment cycle, the market not only re-evaluates Bitcoin itself but also begins to scrutinize the preferred stocks, debts, and financing systems built around it. (CoinDesk)
The current market focus is on whether STRC can recover to its $100 face value and whether Strategy's Bitcoin capital model can continue to be sustained.
Odaily Odaily News: Galaxy Digital Head of Research Alex Thorn has released the latest updates on the litigation surrounding the "attempt to claim legal ownership of Satoshi Nakamoto's Bitcoin." The case, filed by two anonymous Wyoming companies, seeks to have a court declare that addresses holding approximately 39,069 long-dormant Bitcoins constitute "abandoned property," thereby granting them legal title to the associated BTC. The assets involved are reportedly valued at over $200 billion and include wallets believed to be from the "Satoshi Nakamoto era."
1. On May 29, Bitcoin lawyer Ian R. Cohen submitted an amicus curiae brief. His core arguments include: New York State's lost property law does not apply to self-custodied Bitcoin; "dormancy" does not equal "abandonment"; and the court has no jurisdiction over private keys. He emphasized that in the Bitcoin system, "control of the private key is ownership," and without control of the private key, one cannot claim the assets.
2. On June 4, Judge Kathy King granted Cohen's request for a hearing and issued a stay on the entire case, freezing subsequent proceedings pending a formal hearing. This action effectively blocked the plaintiffs from obtaining a ruling via the "no appearance → default judgment" path.
3. On June 18, plaintiff's attorney David Lin filed a motion to lift or narrow the stay, arguing that non-parties should not influence the case's progress and that an amicus brief is unnecessary if the defendants do not appear.
4. On June 19, Cohen submitted a strong rebuttal, stating that the stay was proactively issued by the court and that the "lack of defendants" is the structural issue of the case itself. The 39,069 addresses, as "defendants," cannot appear in court, so the court must rely on third-party opinions to avoid a one-sided judgment. He further questioned the plaintiffs' move to circumvent procedural hurdles by naming a nominal $10 claim while attempting to establish ownership of Bitcoin potentially worth hundreds of billions of dollars. He also highlighted on-chain data showing that some addresses "marked as dormant" had transactions during the case period, with at least 52 addresses moving approximately 34,335 BTC (~$2.48 billion), including 29 addresses transferring about 12,302 BTC "after service of process," undermining the core premise of "abandoned assets."
Alex Thorn analyzed that the case is still under review. A default judgment could have profound implications for the legal definition of self-custodied Bitcoin, sparking a long-term debate over whether dormant addresses equal unclaimed assets.
Odaily reported that data disclosed by a16z crypto shows the prediction market's weekly trading volume has reached $10.8 billion for the first time, hitting an all-time high. This record-breaking growth has been driven by a confluence of global events, including the SpaceX IPO, the US-Iran peace agreement, the NBA Finals, and the World Cup.
a16z crypto noted that the prediction market has expanded rapidly over the past year. A year ago, weekly trading volume stood at approximately $500 million, and even during active market periods, it remained below $1 billion. Since last autumn, however, volume has steadily climbed, stabilizing in the range of $6 billion to $7 billion this spring. Even during the current "low volatility weeks," the market size has significantly surpassed last year's peak levels, indicating a continuous structural upward shift in prediction market liquidity and participation.
Odaily Planet Daily News "White-Haired Stock God" Serenity has released personal investment observations, conducting analysis on the valuation and shareholding structures of multiple tech and semiconductor-related companies, with a primary focus on net asset value (NAV) discounts and growth momentum. The key views include:
1. Wistron is considered one of its most favored targets, with a current market cap of approximately USD 16.2 billion. Q1 revenue grew 144% year-over-year. It holds about 35.46% of WiWynn, and the implied value of this stake is approximately 0.66 times its own market cap.
2. WiWynn is viewed positively for continued growth, making it one of its core observation assets.
3. Priortech holds about 21% of Camtek, with the value of this stake being approximately 1.35 times its own market cap, and is seen as having a holding-company-like structure.
4. GlobalWafers is noted to have a significant NAV discount (market cap of ~USD 3.5 billion vs. stake value of ~USD 7.9 billion).
5. Related Korean targets, Iljin Holdings and Simmtech Holdings, are also noted to have apparent NAV discounts, but Serenity holds a cautious view on Korean corporate governance and value realization capabilities.
Serenity notes that this is still in the research phase and no final investment conclusions have been formed. However, there is a tendency to further increase concentration in related holdings starting Monday, emphasizing that some of these companies possess independent growth capabilities and room for NAV reassessment.
Odaily reports that Stani Kulechov posted on X, stating that Aave V4 can be used to reconstruct the on-chain securities financing market. Securities financing is one of the largest yet least noticed markets on Wall Street. Securities-backed lending is already a multi-trillion dollar business, with the U.S. repo market having a daily exposure of approximately $12.6 trillion, margin financing reaching $1.3 trillion, wealth management securities-backed loans exceeding $400 billion, and the securities lending market having around $4.6 trillion in assets on loan, generating a record $15 billion in revenue in 2025. Through a "Liquidity Hub + Modular Market" structure, Aave V4 can share liquidity at the base layer while offering segmented markets with different risk parameters, asset ranges, and rules on the upper layer. Aave V4 can support three core securities financing scenarios: securities-backed loans, repo transactions, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repo transactions can involve borrowing stablecoins against tokenized securities collateral to achieve atomic settlement; in securities lending, tokenized securities themselves become lendable assets, with lending income flowing directly to asset holders. Stani Kulechov stated that Aave V4 could adopt a single shared liquidity hub or split into multiple hubs based on asset class and risk, with the former offering deeper liquidity and the latter providing stronger risk isolation. He believes the realistic path may start with unified liquidity and then gradually evolve into a multi-hub structure categorized by asset class and risk as collateral types expand.
Odaily reports, with just over two weeks left before the U.S. Congress recesses on July 4th, senators are intensifying behind-the-scenes negotiations to push the CLARITY Act into a full Senate vote as soon as possible after the recess. Sources indicate that bipartisan senators will meet this week to discuss disputed clauses and related controversies. A key point is clarifying that non-custodial software developers “should not be held legally responsible for third-party use of their code unless they knowingly participate in illegal activities.” Previously, law enforcement agencies expressed concerns that this clause could weaken the ability to hold on-chain illegal activities accountable.
Industry insiders point out that with the legislative window narrowing, the CLARITY Act is entering a critical phase. If it cannot advance by August, the process may be further delayed due to the election cycle. (Cryptoinamerica)
Odaily Planet Daily News: With potential IPOs of tech companies like SpaceX, OpenAI, and Anthropic on the horizon, California is expected to see a wave of IPO-related tax revenue growth, but the actual scale and predictability remain highly uncertain. It is reported that a SpaceX IPO could become one of the most significant tax windfalls in California's history. However, due to its special employee equity incentive structure (RSU single-trigger vesting mechanism) and long-term prepaid tax arrangements, a portion of the tax revenue has already been realized before the IPO, weakening the traditional model of “concentrated IPO tax boom.”
California’s Department of Finance and the Legislative Analyst's Office (LAO) noted that compared to Facebook’s 2012 IPO, which generated approximately $1.3 billion in taxes, current mega-IPOs theoretically have higher tax potential. However, due to complex employee stock ownership structures, early share sales, and increased use of tax avoidance tools, actual revenue may be more dispersed and harder to predict. Overall, while California stands to benefit from a “super IPO cycle,” the tax structure is shifting from a “concentrated one-time windfall” to a “long-term distributed realization,” making fiscal gains more volatile and uncertain. (CNBC)
Odaily Odaily reports that the Microsoft Threat Intelligence team has officially disclosed a Windows crypto malware threat active since February 2026. This malicious software combines "worm-like propagation, clipboard hijacking, and Tor anonymous communication" to target digital asset users.
Microsoft's analysis indicates that the malware spreads via disguised shortcut (.lnk) files across removable storage devices. It utilizes WScript and ActiveX to execute script logic, automatically deploys a local Tor client, and connects to .onion hidden service C2 servers via the 127.0.0.1:9050 proxy, enabling anonymous control and data exfiltration. The attack chain includes multiple malicious capabilities: continuous clipboard monitoring, theft of seed phrases and private keys, screenshot uploads, and "address replacement" when users copy cryptocurrency addresses, swapping the target address with one controlled by the attacker to hijack funds.
Furthermore, the trojan possesses worm-like propagation capabilities, allowing it to self-replicate onto devices like USB drives and create scheduled tasks for persistent operation. It also includes basic anti-analysis features, such as detecting the Task Manager to evade debugging.
On the detection front, Microsoft has identified it as part of the Trojan:Win32/CryptoBandits family and intercepts it through behavioral characteristics like abnormal WScript calls, localhost:9050 proxy traffic, and PowerShell screenshot behavior. Security researchers recommend focusing on protecting script execution paths and monitoring for anomalous local proxy traffic.
Odaily Odaily reported that, according to Bank of America strategists, U.S. stocks attracted a record capital inflow last week, with investors pouring into the technology sector. A team led by Michael Hartnett, citing data from EPFR Global, noted in a report that a record $119.2 billion flowed into U.S. stock funds in the week ending June 17. On an annualized basis, they stated that U.S. stock funds are on track to attract a record $739 billion in capital by 2026. (Jin10)
