Strategy watchers were not disappointed on Sunday as executive chairman Michael Saylor took to social media to signal pending news on changes in the company’s Bitcoin holdings, hours ahead of the final tally of shareholder votes on a proxy measure that would see the company pay dividends twice a month on its preferred STRC shares.

“A good time to add more dots,” was the message Saylor posted on X.com along with a bubble chart tracking Strategy’s Bitcoin (BTC) purchases over the past nearly six years. That chart, from Iceland-registered StrategyTracker.com, has been consistently posted by Saylor in the days ahead of news of a purchase by the biggest publicly traded Bitcoin holder.

By mid-afternoon on Sunday, Michael Saylor’s X post had 2.3 million views. Source: Michael Saylor on X.com

CEO Phong Le shared Saylor’s tweet with his own message, “Our corporate @Strategy is to increase net Bitcoin and Bitcoin per share over time. Rumors otherwise are just rumors.”

Should any purchases be announced in the coming days, they will likely reflect that the Bitcoin treasury company bought at or below the average cost of previous BTC purchases. That average cost of Strategy’s current holdings of 843,706 Bitcoin is $75,701 apiece. However, the biggest cryptocurrency by market cap has lost 16.6%% of its value in the past seven days, trading at about $62,153 at the time of publication, according to CoinMarketCap data.

Last week, Strategy announced that it has repurchased some corporate debt, temporarily pausing its Bitcoin accumulation. That sent a chill to the market as traders feared that the company could be forced to liquidate some of its BTC holdings to fund the buybacks. 

Related: Strategy’s leveraged Bitcoin model has faced its first stress test: Grayscale

Down to wire on STRC dividend change proxy vote

Strategy shareholders have been asked to approve a change in dividend payments on STRC, to semi-monthly instead of monthly. The company claims that if approved and adopted, it will lead to reduced reinvestment lag, enhanced liquidity, market efficiency and increased price stability.

“We think that it should decrease the volatility, should cut the volatility by some decent factor. It should increase the Sharpe ratio. It provides more entry and exit points. There’s 24,000 companies that pay a quarterly dividend. 176 pay monthly. We’ll be paying twice a month. And so that’s, it’s an interesting thing. It all will start in June. In July,” Saylor said at last week’s Synergy26 conference for registered investment advisors.

Chart showing proposed change to dividend cadence.
Source: Strategy SEC filing

The amendment for STRC to pay semi-monthly dividends needs 50% of all 85 million shares outstanding as of April 17, 2026, to pass, according to the company.

The decision will likely be reached at Monday’s Strategy shareholder meeting. Cointelegraph requested information on the number of shareholders who had voted as of June 7, in an email to proxy solicitor Alliance Advisors. An immediate reply was not received.

Retail investors have shown limited interest in casting proxy votes. A November research note from The Harvard Law School Forum on Corporate Governance revealed data that showed retail investors have consistently voted only about 29% of their owned shares during the past five proxy voting seasons. Institutional holders have voted about 77%.

Magazine: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?

TLDR:

• JPMorgan shifted from a positive crypto stance to caution amid regulatory and market concerns.
• The bank expects institutional investors to remain the primary source of future crypto inflows.
• Analysts estimate less than a 50% chance of the Clarity Act passing before key elections.
• JPMorgan still sees long-term Bitcoin upside despite current weak sentiment and price pressure.

JPMorgan analysts have turned cautious on cryptocurrency markets for 2026, reversing their earlier overweight and positive stance as regulatory uncertainty and market-specific concerns weigh on sentiment.

The analysts, led by Nikolaos Panigirtzoglou, said several developments must occur for crypto markets to regain momentum during the second half of the year.

Despite the downgrade, they noted that current weak sentiment could eventually become a bullish contrarian signal.

According to the report, a stronger market recovery would depend on improved confidence around Strategy, formerly MicroStrategy, and progress on U.S. crypto legislation. The analysts also cited concerns about token oversupply and declining investor enthusiasm.

Strategy Concerns Remain a Key Focus

JPMorgan said renewed confidence in Strategy could help support broader cryptocurrency markets. Analysts believe the company needs to rebuild its dollar reserves to reduce concerns about potential future bitcoin sales.

The report also pointed to questions surrounding Strategy’s ability to meet approximately $1.7 billion in annual dividend obligations. Analysts said greater clarity on the company’s plans could ease investor concerns.

JPMorgan highlighted Strategy’s large exposure to Bitcoin and noted that uncertainty surrounding its financial position has become an important market consideration. The bank said resolving those concerns could improve sentiment across the digital asset sector.

Regulatory Outlook Clouds Market Expectations

The analysts also lowered expectations for regulatory progress in the United States. JPMorgan now estimates that the probability of the Clarity Act passing this year is below 50%.

According to the report, the legislative window has narrowed ahead of upcoming midterm elections. That reduced timeline has lowered confidence that lawmakers will approve the bill in the near term.

While the bank remains cautious, it did not abandon its longer-term constructive view on digital assets. JPMorgan said current market weakness and negative sentiment may eventually serve as a bullish contrarian signal if key concerns surrounding regulation and institutional confidence are addressed.

The report reflects a shift from the bank’s earlier optimism. However, analysts said improvements in regulatory clarity and confidence around major market participants could still support a stronger second half for crypto markets.

TLDR:

• Bybit launched IPO Express, enabling eligible users to access tokenized IPO shares directly.
• SpaceX becomes the first IPO available through Bybit’s new tokenized equity subscription platform.
• Users can subscribe through Bybit accounts without opening traditional brokerage accounts.
• Allocations will be distributed pro-rata, with tokenized shares trading on Bybit Spot afterward.

Bybit announced the launch of IPO Express, a new platform offering tokenized access to initial public offerings.

The cryptocurrency exchange said the service makes it one of the first centralized exchanges to provide tokenized IPO participation at the offering price. The first available offering will be SpaceX through tokenized shares powered by Payward Services’ xStocks.

The Dubai-based exchange stated that eligible retail investors worldwide can subscribe to tokenized representations of publicly traded equities.

The service allows users to participate directly through their Bybit accounts. Customers do not need traditional brokerage accounts to access the offering.

The launch reflects growing integration between traditional capital markets and crypto-based infrastructure. The company described IPO Express as a way to expand access to investment opportunities that were previously concentrated among institutional participants and select brokerage clients.

Expanding Access to IPO Participation

Participation in major IPOs has historically faced several barriers. Geographic restrictions, brokerage relationships, and allocation requirements often limited access for retail investors. Many investors could only purchase shares after public listings had already occurred.

According to Bybit, xStocks provides compliant tokenization solutions designed to broaden access to IPO subscriptions.

The framework brings investor participation, liquidity, and underlying assets onto blockchain networks. The company said the model enables wider access through global platforms.

The tokenized IPO offering complements xStocks’ existing tokenized equities products. Those products provide exposure to listed shares trading on secondary markets. xStocks stated that its framework supports onchain interoperability and crypto-native settlement capabilities.

Bybit said eligible users can subscribe to IPO allocations without navigating traditional cross-border financial systems.

The exchange added that investors can participate through a streamlined process within the platform. Funds are committed during subscription and refunded automatically if unused.

SpaceX Becomes First Offering on IPO Express

SpaceX will serve as the inaugural IPO available through the new platform. Bybit announced that registration and subscription periods will run from June 7 through June 11, 2026. Eligible users can review offering details and register their interest during that period.

During the subscription window, users may submit requests within the announced IPO price range. Bybit said allocations will be determined on a pro-rata basis according to overall demand. The allocation process is scheduled to take place between June 11 and June 12.

Following allocation, tokenized SpaceX shares will be distributed to users’ accounts. Unused subscription funds will be returned automatically. The tokenized shares are scheduled to begin trading on Bybit Spot on June 12.

Emily Bao, Head of Spot at Bybit, said the launch represents a milestone in the company’s platform development. She stated that the partnership with xStocks allows customers to access U.S.-listed IPOs alongside digital assets.

Bao added that the initiative aims to combine traditional finance and crypto services within a single platform.

Bybit also linked the launch to increasing interest in tokenized real-world assets. The company noted that both crypto-focused firms and traditional financial institutions continue exploring the sector. It described tokenized assets as an area of ongoing growth within blockchain adoption efforts.

TLDR:

• Vietnam’s digital law recognises crypto assets as property while enabling five-year pilot exchange prog
• SSC officials said Vietnam is building a regulated crypto framework with AML, custody and investor safeguards
• Tokenised assets including real estate and infrastructure could reach $70–80B in Vietnam by 2030, per projections
• Vietnam ranks 7th globally in crypto users as ETF growth and APAC volumes continue rising sharply

Vietnam’s State Securities Commission said crypto assets and tokenised real-world assets are entering the country’s formal digital economy framework.

Officials said preparations are underway for a regulated crypto asset market launch planned for the third quarter of 2026. 

Authorities described crypto and tokenised assets as emerging pillars supporting Vietnam’s broader digital economy development strategy.

The SSC said Vietnam’s Law on Digital Technology Industry took effect on January 1, 2026, recognising digital assets as property.

Government Resolution No. 05/2025/NQ-CP launched a five-year pilot program for licensed crypto asset trading platforms nationwide. 

The framework aims to support structured market development while providing legal recognition for digital asset ownership. Officials emphasised that recognition of digital assets provides clearer legal protection for investors and institutions.

Regulatory Framework and Pilot Market Development

SSC vice chairman Bùi Hoàng Hải said Vietnam is building a legal framework for digital financial markets. He spoke at a conference in Hà Nội attended by regulators, banks, and blockchain associations. Industry participants discussed tokenization trends and digital exchange development during the conference. 

The conference included representatives from central banks, security regulators, and industry associations collaborating on policy design.

He stated that sustainable market growth requires transparent ecosystems and stronger investor protection mechanisms. Officials also discussed anti-money laundering controls, cybersecurity risks, and regulatory safeguards for digital assets. 

These measures aim to strengthen compliance and reduce systemic risks in emerging digital markets. Cybersecurity resilience was also identified as a core requirement for sustainable digital asset markets.

Draft orientations outline licensed virtual asset service providers as central to the domestic trading system. Authorities indicated all trading activity will eventually occur through approved domestic platforms denominated in Vietnamese đồng. 

Foreign investors would be allowed to participate through licensed platforms under the proposed regulatory framework. Investors may continue holding assets in personal wallets alongside regulated exchange participation.

Market Expansion and Tokenisation Outlook

Officials said tokenisation of real-world assets is viewed as part of future financial infrastructure. Potential assets include real estate, gold, infrastructure projects, data centers, energy projects, and ports. 

Tokenization is expected to improve asset liquidity and enable fractional ownership across large-value assets. Experts noted tokenisation could streamline settlement processes across multiple asset classes.

Industry projections estimate global tokenized asset markets could reach nineteen trillion dollars by 2033. Vietnam’s market may expand to between $70 billion and $80 billion by 2030. 

Growth projections reflect increasing institutional interest in blockchain-based financial instruments worldwide. Adoption figures place Vietnam among leading global markets for retail crypto participation.

Vietnam ranks seventh globally in crypto users and fifth in transaction growth rates. Officials noted Bitcoin ETF growth and rising Asia-Pacific digital asset transaction volumes of around 2.4 trillion dollars. 

The market has shown increased stability following periods of earlier volatility in crypto cycles. Institutional products such as Bitcoin ETFs have expanded access for traditional investors globally.

TLDR:

• PiggyBank closed its LAB hedge after negative funding rates made the strategy too costly to maintain.
• The protocol expects NAV declines of 15% for USDC, 12% for SPYx, and 9% for JitoSOL.
• Locked LAB tokens valued at $1.35 million will remain excluded from NAV until the August unlock.
• ZachXBT criticized the trade and renewed concerns over LAB token supply concentration claims.

PiggyBank reported expected net asset value (NAV) drawdowns of up to 15% after unwinding a hedged position tied to the LAB token.

The protocol said it closed the hedge after extreme volatility, declining liquidity, and deeply negative funding rates made the strategy unsustainable.

According to a statement released by the team, the position originated from a basis trade executed last month. PiggyBank purchased locked LAB tokens through an over-the-counter transaction for approximately $100,000 while simultaneously shorting LAB perpetual futures contracts.

The protocol said the trade initially represented about 2% of portfolio assets and was designed to reduce directional market exposure.

However, changing market conditions increased the cost of maintaining the hedge and ultimately forced its closure.

PiggyBank said it will exclude its locked LAB holdings from NAV calculations until the first token unlock on August 14.

The team cited insufficient liquidity and said the approach represents the fairest method for managing user liquidity during the period.

Current NAV estimates indicate an approximate 15% decline for the USDC vault, a 12% decline for SPYx, and a 9% decline for JitoSOL. PiggyBank said it plans to publish a detailed report and follow-up handling plan next week.

Market Conditions Forced Closure of Hedged Position

PiggyBank said the strategy combined discounted purchases of locked LAB tokens with perpetual futures shorts. The structure aimed to capture value from the discount while limiting price risk.

The protocol said LAB later experienced severe market manipulation and worsening liquidity conditions. Trading conditions became increasingly difficult as liquidity in the token market deteriorated.

PiggyBank also reported deeply negative funding rates on LAB perpetual contracts. Those funding payments increased hedge maintenance costs and reduced the strategy’s effectiveness.

According to the team, maintaining the hedge became economically impractical under those conditions. The protocol ultimately chose to close the short position to limit additional downside exposure.

PiggyBank said the locked LAB position currently carries an estimated value of $1.35 million. Despite that valuation, the holdings will remain excluded from NAV calculations until the scheduled unlock.

The team said conditions surrounding the position remain subject to change. It added that excluding the holdings provides a transparent framework for current portfolio reporting.

NAV Declines Draw Scrutiny From Market Observers

The reported NAV reductions affected multiple PiggyBank products. The largest projected decline was recorded in the protocol’s USDC vault.

The losses also extended to SPYx and JitoSOL products. PiggyBank attributed those declines to the effects of unwinding the LAB-related hedge.

The protocol acknowledged what it described as a serious error in the basis trade. The statement outlined the circumstances that contributed to the outcome.

Meanwhile, on-chain investigator ZachXBT publicly criticized PiggyBank’s involvement with LAB. His comments focused on the protocol’s exposure to the token.

ZachXBT previously alleged that insiders controlled more than 95% of LAB’s supply. PiggyBank has not announced any changes to the August unlock schedule and said further details will be provided in its upcoming report.