Crypto Morning Brief: Strategy Releases Digital Credit Capital Framework, Circle Expands Partnership with BNY Mellon
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Crypto Morning Brief: Strategy Releases Digital Credit Capital Framework, Circle Expands Partnership with BNY Mellon
Bitmine increased its holdings by 27,084 ETH last week, bringing the total to approximately 5.7 million ETH.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Strategy Releases Digital Credit Capital Framework, Establishes BTC Monetization Plan and Two $1 Billion Buyback Plans
According to the 8-K filing submitted by Strategy to the US SEC, it did not purchase Bitcoin from June 22 to 28, 2026. As of June 28, the company cumulatively holds 847,363 BTC, with a total cost of approximately $64.1 billion and an average holding price of approximately $75,651. During the same period, the company sold MSTR common stock through the ATM plan, raising net proceeds of approximately $1.152 billion.
The company also released the "Digital Credit Capital Framework," covering five items: USD reserve policy, STRC dividend policy adjustment, preferred stock buyback plan, common stock buyback plan, and Bitcoin monetization plan. Among them, USD reserves can only be used to pay preferred stock dividends and debt interest; as of June 28, the reserve balance was $2.55 billion.
In addition, Strategy increased the STRC annual dividend rate to 12.00% and established two buyback authorizations of $1 billion each, for preferred stock and Class A common stock buybacks respectively. The board also approved a Bitcoin monetization plan of up to $1.25 billion to supplement USD reserves, pay dividends and interest, or fund buybacks.
Michael Saylor: Strategy USD Reserves Increase to $2.55 Billion
Michael Saylor posted on X platform stating that Strategy announced the launch of the Digital Credit Capital Framework, aiming to strengthen the digital credit system, enhance liquidity, retain long-term Bitcoin exposure, and support long-term value creation.
At the same time, the company has increased USD reserves to $2.55 billion, equivalent to 17.4 months of dividend coverage. These reserves can only be used to pay dividends and interest expenses, with a minimum maintenance standard of 12 months.
In addition, Strategy announced an increase in the STRC dividend rate by 50 basis points to 12.00%, effective from the record date in July 2026, and will evaluate the interest rate level on a monthly basis. The company stated that its goal is to drive the long-term trading price of STRC to remain in the $99 to $100 range.
In terms of capital operations, Strategy established a digital credit securities buyback plan of up to $1 billion and an MSTR buyback plan of up to $1 billion to flexibly carry out accretive buybacks during market volatility. The company emphasized that buyback funds will not come from USD reserves.
In addition, Strategy also established a Bitcoin monetization plan, which can provide funding for the following purposes through the sale of Bitcoin:
- USD reserve construction, up to $1.25 billion
- Dividend and interest expenses
- Digital credit securities and MSTR buyback plans
Combining $2.55 billion in USD reserves and $1.25 billion in Bitcoin monetization capacity, Strategy currently has a total dividend coverage capacity of $3.8 billion, equivalent to a coverage period of 25.9 months.
Circle Expands Cooperation with BNY Mellon, Includes USDC in Digital Asset Custody and Provides Minting and Redemption Services
According to official news, BNY Mellon (BNY) announced an expansion of cooperation with Circle, integrating the USD stablecoin USDC into its digital asset custody platform, becoming the first stablecoin supported by the platform. Institutional clients can complete USDC custody and transfers at BNY, and conduct minting and redemption operations between USD and USDC through Circle.
Circle Chief Commercial Officer Kash Razzaghi stated that this cooperation is a continuation of the long-term relationship between the two parties, connecting on-chain assets and traditional assets for BNY clients. In the future, both parties plan to expand this capability to more stablecoin issuers and digital cash workflows.
Sharplink Resumes ETH Accumulation After 8 Months, Received 5,000 ETH from FalconX 6 Hours Ago
According to on-chain analyst Ember (@EmberCN), Ethereum treasury company Sharplink, which had not accumulated ETH for 8 months, resumed accumulation today, receiving 5,000 ETH from FalconX 6 hours ago, valued at approximately $7.85 million.
Sharplink currently holds a total of 876,000 ETH, valued at approximately $1.37 billion at current prices, with an average holding cost of $3,609. The current unrealized loss is approximately $1.789 billion, with a loss magnitude of 56%.
Previously, Bitmine, Sharplink, and Joseph Lubin jointly established the Ethereum non-profit organization Ethlabs on June 23.
BlackRock and Ethena Labs Deepen Cooperation, Advancing Institutional-Grade Digital Dollar Infrastructure Applications
According to The Block, BlackRock and Ethena Labs announced deepened cooperation; the Aladdin platform has included USDe in the scope of recognized crypto assets to improve institutional investors' access to Ethena products and improve liquidity arrangements for BUIDL.
According to the statement, Ethena will also provide a $100 million liquidity mechanism through Securitize, supporting eligible BUIDL clients to exchange BUIDL for stablecoins such as USDC and USDtb outside normal trading hours. This move aims to promote interoperability between digital dollar infrastructure and tokenized financial assets, further expanding the application of tokenized real-world assets in the institutional market.
Changpeng Zhao: Binance Greece MiCA Application Was Close to Approval, Later Withdrawn Due to Political Factors
According to The Block, Binance Founder Changpeng Zhao stated that the EU Markets in Crypto-Assets (MiCA) license application submitted by Binance in Greece was originally "fully compliant" and was close to being approved by at least one EU regulatory authority, but was subsequently withdrawn due to political intervention. Changpeng Zhao said that this move was a loss for both Binance and the European market.
At the same time, he also stated that he has tried to understand Strategy's STRC preferred stock product multiple times, but still believes its structure is too complex and has an "over-engineering" problem.
Loopring DEX Announces Immediate Shutdown, Will Directly Return User Assets
According to Loopring's official announcement, Ethereum's first zkRollup protocol Loopring DEX announced the immediate cessation of all trading services, with relayers going offline simultaneously. The team stated that the reasons for shutdown mainly include: early architecture lacking virtual machine support leading to limited ecosystem development, insufficient team commercial operation capabilities, and external pressures such as LRC being delisted by multiple mainstream exchanges in 2026, plus modern zkEVM solutions have comprehensively surpassed its original technical architecture.
Regarding user asset disposal, Loopring will adopt a centralized method to directly batch send assets to user L1 wallet addresses. Users do not need to perform any on-chain operations or pay Gas fees; all fees will be borne by the team. The specific process is: publish final balance list → upgrade smart contracts → two-week public audit period → batch distribution.
BIS: Stablecoins Do Not Yet Have Monetary Attributes, Warns Emerging Markets of "Stablecoin Dollarization" Risk
According to on-chain analyst Onchain Lens (@OnchainLens), BlackRock just deposited 7,432 BTC (approximately $446.38 million) and 8,150 ETH (approximately $12.89 million) into Coinbase.
Bitmine Increased ETH Holdings by 27,084 Last Week, Total Position Increased to Approximately 5.7 Million
According to PRNewswire, Ethereum treasury company Bitmine Immersion Technologies disclosed an increase of 27,084 ETH last week. Currently, the company's crypto asset holdings include 5,700,040 ETH, 206 BTC, equity in Eightco Holdings valued at $74 million, and shares in Beast Industries valued at $180 million.
In addition, the total amount of ETH staked by the company is 4,879,157 (calculated at $1,569 per ETH, totaling $7.7 billion).
Analyst: Bitcoin Inflows to Binance and OKX Exceed 550,000, Highest Since 2023 Bear Market
CryptoQuant analyst Darkfost stated that after Bitcoin tested the $60,000 level again, large-scale Bitcoin inflows appeared in deposit addresses related to Binance and OKX. Among them, inflows to Binance exceeded 220,000 BTC, and inflows to OKX exceeded 330,000 BTC, totaling over 550,000 BTC, significantly higher than the average level of the two platforms within the year.
This situation indicates that the market is relatively sensitive to price fluctuations during the Bitcoin consolidation phase. After Bitcoin briefly fell below $60,000 previously, some investors transferred Bitcoin to exchange deposit addresses, showing increased potential selling willingness. Overall, this abnormal inflow reflects cautious investor sentiment, and market selling pressure may be increasing.
Today's Market Conditions
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Bank of America Research Report Interpretation: The Super Cycle of Storage Chips Has Just Begun, LTA Is Locking in Long-Term High Profitability
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The storage industry, with a five-year average operating profit margin of less than 20%, can now achieve over 80% for top companies. Bank of America Securities analyst Simon Woo's team proposed a bold judgment in the Global Storage Technology Weekly Report on June 26: This is structural profit growth, and the industry super cycle may last until 2027, or even extend to 2030.
July Price Hike Wave Sweeps Global Chip Industry Chain, Asian Stock Market Semiconductor Sector Continues Upward Trend
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Entering July, the global semiconductor industry chain welcomed a new round of collective price increases. Murata, Infineon, Texas Instruments, and more than ten other giants announced price increases effective July 1, with increases up to 40%. Samsung Group announced on the same day a 1,000 trillion Korean won (approximately $648 billion) domestic investment plan for the next ten years, with chip manufacturing as the core direction. The A-share semiconductor sector continued its upward trend today, with Yinhe Microelectronics hitting a 20% limit up.
AI computing power demand is rewriting the pricing rules of the global semiconductor industry chain.
According to reports from Securities Times, 21st Century Business Herald, and other media, starting July 1, more than ten leading semiconductor and electronic component companies such as Infineon, Texas Instruments (TI), Murata, and Yangjie Technology will collectively implement a new round of price increases, covering multiple key links from upstream wafer foundry to terminal chips. At the same time, Samsung Group officially announced an industrial blueprint of investing 1,000 trillion Korean won over the next ten years at the Cheong Wa Dae in South Korea on June 29, with about 300 trillion Korean won directed towards chip manufacturing. In the A-share market, the semiconductor industry chain continued its upward trend today, with Yinhe Microelectronics hitting a 20% limit up, and Yangjie Technology, Hongwei Technology, etc. rising over 5%.
$ANSEM Emerges: To Play Meme "One Step Ahead", You Still Need GMGN
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The AI industry ushers in an unprecedented wave of capital and infrastructure investment, with large model ecosystems built by major tech giants fully penetrating public life and industrial production. The crypto industry is also iterating rapidly, attempting to find technical integration points with AI.
Early exploration directions focused on complementing and replicating traditional AI industry chain links: decentralized GPU computing power supply, data ownership confirmation, cryptographic model verification. Recently, the industry focus has shifted to solving pain points that centralized architectures find difficult to overcome, including AI agent autonomous on-chain interaction and real-time automatic settlement between machines.
Generically using "AI + Blockchain" to summarize the entire track will only cover up the real differences in subdivided fields. We need to conduct rigorous demand-side analysis: What problem does each subdivided track aim at? Can blockchain native solutions provide truly differentiated solutions?
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