Strategy and BitMine Double Down
Plus, Over 200 Crypto Firms Urge Senate Vote on CLARITY
Christopher Storaker & Camila Russo
June 08, 2026
gm, Defiers!
- Strategy buys 1,550 BTC for $101M one week after selling 32
- BitMine buys 126,971 ETH for $207M, largest weekly buy of 2026
- Arthur Hayes dumps Worldcoin days after pitching its AI-IPO trade
- Bybit and Kraken add xStocks SpaceX as pre-IPO race reaches four venues
- 200+ crypto firms urge CLARITY Senate vote as Galaxy cuts odds to 60%
Strategy bought 1,550 bitcoin for $101.3 million between June 1 and 7, 50 times the 32 BTC the company sold one week earlier, and pushed its cash reserve to $1 billion. The same Monday, BitMine Immersion disclosed its largest weekly purchase of 2026: 126,971 ETH for $207 million at a $1,630 average, deploying the proceeds of last Thursday's $300 million STRC-style preferred-stock filing. The buy lifts BitMine's treasury to 5.54 million ETH, 4.59% of the circulating supply. Both purchases were funded with capital raised in the prior weeks through instruments designed for exactly this trade: issue paper at one price, deploy it at a lower one.
Across the trade, Arthur Hayes sold his entire Worldcoin position on June 6, completing a weeks-long liquidation across HYPE, NEAR, ZEC, and now WLD — three days after Maelstrom publicly pitched Worldcoin as the liquid AI-IPO play. The drawdown is the moment crypto exposure rotates between holder types.
Read more below!
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DeFi's Near-Death Moment | Mike Silagadze on Ether.fi, Security, and What Comes Next
How close did DeFi come to a real systemic collapse? Camila Russo sits with Mike Silagadze, co-founder and CEO of Ether.fi, to break down the Kelp exploit and the cross-protocol rescue effort that followed — the 12-hour-cycle 'fog of war' between protocols protecting themselves, the DeFi United coordination that prevented a wider cascade, and why Mike thinks the default path could still reverse if application-layer protocols don't ship emergency controls.
The pitch Silagadze makes for Ether.fi — 'the safest place to stake' — is the application-side answer to the same question the corporate treasuries face: if BitMine now holds 4.59% of ETH supply, where does that ETH stake. Worth a watch for the structural framing on how DeFi gets safer from here.
Strategy Buys 1,550 BTC for $101M One Week After Selling 32, Cash Reserve Hits $1B
The 8-K covering Strategy's 1,550-BTC purchase runs the company's accumulation count to roughly 845,000 bitcoin, paid for at a $65,376 average across the week. Funding came from $1 billion in cash reserves the company built up across Q2 through STRC preferred-stock issuance and at-the-market common stock sales. The 32-BTC disposal Strategy disclosed one week earlier — its first since the 2022 tax-loss harvest — was used to fund STRC dividend obligations; this week's buys redeploy the rest of the cash pile into BTC at materially lower prices.
BitMine Buys 126,971 ETH for $207M at $1,630 Average
BitMine deployed $207 million across the week, buying 126,971 ETH at a $1,630 average — its largest weekly purchase of 2026 and the first major deployment of capital raised through last Thursday's STRC-style preferred-stock filing. The treasury now holds 5.54 million ETH, 4.59% of Ethereum's circulating supply, concentrating the chain's float in a way only Strategy has approached on BTC. The average cost basis is still above the current trading price — BitMine is roughly $9 billion underwater on cumulative position — but the marginal cost basis just got materially lower.
Arthur Hayes Dumps Worldcoin Days After Maelstrom Pitched Its AI IPO Trade
Arthur Hayes sold the rest of his Worldcoin (WLD) position on June 6 — three days after his fund Maelstrom published a piece pitching WLD as the cleanest liquid expression of an AI-IPO trade. The Worldcoin sale closes a sequence that has run for several weeks: full exits across HYPE, NEAR, ZEC, and now WLD. Hayes addressed the contradiction in a Telegram post, framing the public thesis as 'where I'd allocate in a normal tape' and the personal liquidation as 'where I am in this tape.'
Bybit and Kraken Add xStocks SpaceX Tokenized Equity as Pre-IPO Derivatives Race Reaches Four Venues
Bybit and Kraken both listed 1:1 equity-backed SpaceX exposure via xStocks, joining Coinbase International and BitMEX to take the pre-IPO derivatives race to four venues in under a week. The architecture splits two ways: synthetic perpetuals (Coinbase International, BitMEX) reference SpaceX's Forge/EquityZen secondary print without holding any underlying; xStocks (Bybit, Kraken) are regulated tokenized equity issued by Backed Assets (JE) Limited, with shares custodied 1:1 against the issuance.
Over 200 Crypto Firms Urge Senate Vote on CLARITY Act as Galaxy Cuts Passage Odds to 60%
A 200-organization coalition — Coinbase, Ripple, the Blockchain Association, and the rest of the industry's DC-facing lineup — sent Senate leadership a letter pressing for a CLARITY Act floor vote this week. Hours later, Galaxy Digital's research head Alex Thorn cut his 2026 passage probability from 75% to 60%, citing the shrinking legislative calendar and unresolved ethics provisions linked to the Trump family's crypto business. Both moves landed the same day Senate Majority Leader Thune restarted floor-time negotiations with Schumer.
Other Stories Worth Your Time
PiggyBank's LAB Hedge Fails, Cutting USDC Vault NAV by 15% — A Solana yield protocol's bet on a contested mid-cap turned a dollar-stable vault into one nursing double-digit losses; depositors are waiting on a promised post-mortem. The DeFi-side counterweight to the treasury-machine buying-the-dip story above.
MetaMask Launches Agent Wallet in Early Access, Giving AI Agents Self-Custody Access — The Consensys-owned wallet opened early access for autonomous AI agents to trade across 25+ EVM chains and Hyperliquid, pitching transaction simulation and $10,000 in loss coverage as the security defense. The first major wallet to ship an agent-native product line.
Yuga Labs Executes White-Hat Rescue of 68 NFTs After Flooring Protocol Exploit — Yuga Labs used its GrailsOTC trading desk to extract 68 blue-chip NFTs worth more than $500,000 from vulnerable Flooring Protocol pools ahead of an active exploit.
Trending on The Defiant
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- apxUSD Loses Dollar Peg as Bitcoin Slide Squeezes STRC-Backed Collateral
- Major US Banks Including JPMorgan, Citi and BofA Plan Shared Tokenized Deposit Network
- Coinbase Launches Pre-IPO Perpetual Futures, Starting with SpaceX
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