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Today’s top stories:
- Crypto majors drop 1-2% as BTC goes to $60k before rebounding
- Micron stock jumped 19% before trading after the big hit, lifting markets
- MSTR and STRC fall to new 1-year lows as Saylor concerns grow
- Kalshi is aiming for a $40B valuation in the latest round of raising, up to $25B+ in volume this month
- Brian Armstrong suggests more Coinbase purchases following Deribit deal
📉 Strategy’s MSTR and STRC Crash to 52-Weeks Lows
Strategy is their favorite part all went down to 52 weeks on the third. The Treasury model Michael Saylor built is being stress tested in real time.
MSTR fell 9.35% to $94.13, touching a 52-week low of $92.28 intraday, a significant drop from the 52-week high of $457.22. STRC, the dividend-paying unit Saylor leaned on for support Bitcoin buying, it fell 7.41% to $80.84, also a 52-week low and now below its $100 price point. Bitcoin itself fell to $59,200 during the selloff, but recovered to $61k after Micron broke the coin. Both MSTR and STRC recovered modestly after hours.
The billion dollar question now – will the calculations come to a head? And if so, when? Monday’s $300 million raise was supposed to stabilize STRC, and three days later it posted a new low. It seems clear that the market does not believe that money alone will solve the problem. The deeper issue is the doom loop. When MSTR drops too much, ammo Saylor has to buy Bitcoin or raise money to pay off his debt (even though he has a 10-month loan covered by his cash pile).
Some think that Saylor should sell a large chunk of BTC now and restructure. Some think the BTC whales are trying to blow up Saylor and drive BTC lower to force his hand. We cannot be sure of all machines that are playing. But one thing is certain – the upward trend is not over. Tie it up…
🎯 Kalshi Expects $40 Billion Count As Sports Betting Cars
Kalshi is in talks to get new money at about $40 billion worthto a Financial Times report. That’s nearly double the $22 billion valuation from the $1 billion round that closed three months ago in April.
The jump comes as the volume of sales rose to more than $17 billion last month and is rising to $25B+ in June, from less than $5 billion a year earlier, with gaming-related contracts making up about 65% of the total. In hindsight, Kalshi has already cleared $5B+ in World Cup volume and the journey is far from over.
To give credit where it’s due, it’s not sports that drive Kalshi’s growth. Kalshi’s crypto markets have grown to a market share of $1B/week, a 20x growth since December 2025. And now they are issuing regulations that should drive those volumes even further. Overall, Kalshi has nearly 3x Polymarket’s open interest across all market segments, with $1.1B compared to $484M.
This expansion also results in a significant increase in fees. Last June, Kalshi made $8M in fees. This June, they already cleared $180M with 5 days left in the month. This puts them at over $800M in fees in H1 2026, with 10-20% growth month over month. A $40B price tag may look cheap by the end of the year…
🌎 Macro Crypto and Markets
Corporate Treasuries & ETFs
Meme Coin Tracker
- Meme leaders he was red; DOGE -4%, SHIB -4%, PEPE -7%, PENGU -3%, TRUMP -3%, BONK -4%; latest runner Memecore is down 71%
- Country (+550%), Hama (+61x) and TripleT (+25%) led the movers on Solana
- Base movers including EDGE (+40%) and SYND (+44%)
- Meme-stock brokers piled into Wendy’s as a possible next GameStopsending shares of the fast-food chain soaring as investors hunt for a new rally.
📈 Multi Day Market
💰 Token, Airdrop & Protocol Tracker
🚚 What is happening in NFTs?
- Directors of NFT they were mixed; Punks +1.6% at 32 ETH, BAYC -3% at 8.8 ETH, Pudgy -3% at 4.5 ETH; Hypurr’s -2% at 196 HYPE
- Unlock (+17%) and NPC (+14%) led the top movers
Daily Debrief A letter
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