Thomas Braziel has asked Cardano founder Charles Hoskinson to clarify the status of about 1,090 Bitcoins tied to Cardano’s early structure.

Braziel raised the issue after reviewing corporate filings connected to Cardano entities in the Isle of Man and Switzerland. His questions focus on the original Cardano Foundation and the handling of Bitcoin raised during the project’s ICO.

Braziel questions Cardano’s Bitcoin allocation

According to Braziel’s posts on X, Hoskinson acted as a supervisor for the original Isle of Man foundation. Braziel said the same entity held part of the funds raised during Cardano’s 2015 initial coin offering. Cardano’s genesis records showed that the project raised 108,844.5 BTC across four rounds.

Those rounds took place between October 2015 and January 2017, according to the records cited by Braziel. Out of that amount, about 1,090 BTC went to the Isle of Man entity. Another 7,168 BTC went to the Swiss-registered Cardano Foundation.

Braziel said his main question concerns the current control of the 1,090 BTC. He raised concerns because the Isle of Man entity dissolved in December 2025. He also said public records do not clearly show who now controls those funds.

Filings add pressure on early governance

Braziel’s review also covered Cardano’s early governance structure. On June 7, 2026, he said he had identified the original 2016 Swiss board members. He named Michael Kenneth Parsons as chairman and Bruce Robert Milligan as vice chairman. Braziel then asked the Cardano community to help locate more governance records. He also said he reviewed filings connected to entities linked to Hoskinson. 

According to Braziel, the review found at least 21 Wyoming entities connected to Hoskinson. Those entities reportedly include a newly formed family office and a healthcare investment. Braziel said the healthcare investment had a reported value of $250 million. He did not accuse Hoskinson of fraud in the posts.

The transparency request does not allege fraud

Braziel said his questions seek transparency rather than an allegation of wrongdoing. “It’s not a scam to pivot a company or foundation’s mission,” he said. He added that his concern involves possible conflicts of interest. 

Braziel pointed to Hoskinson’s roles at the Cardano Foundation and IOHK. IOHK built Cardano’s software and operated as a private development company. Braziel also compared Cardano’s early structure with EOS. 

He said both projects used private development companies during the ICO boom. He also questioned public accountability around the use of raised funds. Hoskinson had not issued the clarification requested by Braziel in the provided report.

ADA drops 25% weekly as Cardano price holds near $0.17 

According to CoinMarketCap data at the time of press, Cardano traded at $0.1720 on the weekly chart, down 25.56%. The ADA price chart shows ADA moved lower from levels near $0.2312 before extending losses through the week.  

Source: CoinMarketCap

The ADA price action formed a steady downward path, with repeated declines below the $0.22 and $0.20 areas. ADA later dropped toward the $0.16 range before stabilizing around that zone. The ADA price chart also shows a small recovery from the weekly low, with ADA moving back toward $0.17. 

Market cap stood at $6.23 billion, up 8.33%. Trading volume reached $529.49 million over 24 hours, up 9.04%. The volume-to-market-cap ratio stood at 8.55%, showing active trading during the weekly decline.

Key Takeaways

• OKLO shares gained approximately 4% during Monday’s premarket session following the completed acquisition of ARMEC, a nuclear precision manufacturing company located in Oak Ridge, Tennessee.
• The transaction finalized on June 4, 2026, bringing aboard approximately 40 specialized professionals including engineers, fabricators, machinists, and technical experts with nuclear sector expertise.
• ARMEC contributes advanced machining capabilities, rapid prototyping, fabrication services, and strategic procurement functions to bolster Oklo’s reactor development and fuel initiatives.
• Tigress Financial’s five-star analyst Ivan Feinseth maintains the highest Wall Street price target of $130 on OKLO shares, suggesting potential upside of approximately 117%.
• Analyst consensus stands at Moderate Buy with a mean price target of $90.79, indicating roughly 51% upside from current trading levels.

Shares of Oklo experienced an approximate 4% increase during Monday’s premarket session after the advanced nuclear company revealed its completed acquisition of ARMEC, a specialized mechanical engineering and precision manufacturing operation headquartered in Oak Ridge, Tennessee. During regular trading hours, shares advanced 3.41%, despite posting a 16.43% decline year-to-date.

Oklo Inc., OKLO

The transaction reached completion on June 4, 2026. Neither party disclosed specific financial details of the arrangement.

Established in 2002, ARMEC focuses on delivering high-precision machining services, prototype development, advanced fabrication, quality inspection, and procurement assistance primarily for nuclear sector clients. The firm has additionally provided services across defense, research and development, and broader energy industry segments.

Through this acquisition, Oklo gains access to roughly 40 skilled professionals—including engineers, welders, machinists, fabricators, and technical specialists—all possessing substantial nuclear industry backgrounds.

ARMEC has previously collaborated with Oklo’s engineering divisions, contributing to the progression of nozzle production from preliminary test-fit components through controlled production processes.

Jacob DeWitte, Oklo’s CEO and co-founder, emphasized that the acquisition provides enhanced oversight of critical manufacturing phases within the company’s deployment roadmap.

“Successful advanced nuclear deployment demands robust manufacturing capabilities,” DeWitte stated. “ARMEC enhances Oklo’s operational strength by broadening our hands-on engineering, fabrication, inspection, and procurement resources.”

Travis Reagan, President of ARMEC, noted the transaction enables his organization to leverage its accumulated expertise toward establishing the manufacturing infrastructure necessary for advanced nuclear energy expansion. ARMEC’s existing leadership team will continue in their roles following the deal to preserve established customer and supplier connections.

Strong Analyst Sentiment on OKLO

At least one Wall Street analyst demonstrates considerable optimism regarding the stock. Ivan Feinseth from Tigress Financial maintains the highest Street price target at $130 per share on OKLO, accompanied by a Buy recommendation. This projection suggests approximately 117% appreciation potential from present valuation levels.

Feinseth launched coverage on April 27, 2026, identifying multiple favorable growth drivers. He emphasized Oklo’s ARC-100 Aurora Powerhouse reactor—a liquid metal-cooled, metal-fueled fast reactor design capable of generating up to 75 MWe—as a compelling competitive advantage within the advanced nuclear and small modular reactor landscape.

AI Infrastructure Expansion Fuels Nuclear Sector Interest

The nuclear power industry has garnered increasing investor focus as artificial intelligence infrastructure development intensifies. Data center operations demand substantial, consistent electrical capacity, and traditional grid limitations have prompted technology companies to explore alternative power sources, with nuclear energy emerging as a viable solution.

Feinseth characterized Oklo as presenting a “unique investment opportunity within the developing U.S. advanced-nuclear and SMR expansion.”

Among Wall Street analysts, the overall consensus rating on OKLO stands at Moderate Buy, derived from 10 Buy recommendations and 7 Hold ratings issued during the previous three-month period.

The mean analyst price target rests at $90.79, signaling approximately 51% upside opportunity.

Monday’s trading activity remained subdued—approximately 4.29 million shares changed hands, substantially below the three-month average daily volume of 15.46 million shares.

Spot Bitcoin exchange-traded funds (ETFs) continued to pull in the red last week, with net outflows totaling about $1.72 billion in the week ending June 5, according to SoSoValue data. The pace stretches a four-week run of billion-dollar redemptions that began mid-May, underscoring a shifting risk appetite among institutional players rather than a Bitcoin-specific crisis.

Data compiled by Farside Investors show the bulk of the pressure coming in the first three trading days of June, when the sector collectively shed $483.8 million, $519.1 million and $396.6 million, respectively. A brief $3.2 million inflow on Thursday was followed by Friday’s $325.7 million withdrawal. The week’s losses were led by the largest fund in the space, BlackRock’s iShares Bitcoin Trust (IBIT), which logged roughly $1.34 billion in net outflows. Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Trust (GBTC) also contributed to the drag, with net outflows of about $201.9 million and $144.3 million, respectively. The four-week streak marks a pronounced reversal from the inflows that supported spot BTC ETFs earlier in the year.

The broader market picture shows that the pullback in Bitcoin ETFs sits within a macro backdrop characterized by shifting rate expectations and appetite for institutional risk. As investors recalibrate portfolios in response to employment data, Treasury yields and rate-cut expectations, the most liquid and widely used products tend to bear the brunt of adjustments, according to market observers.

Key takeaways

• Bitcoin spot ETFs posted about $1.72 billion in net outflows in the week to June 5, extending a four-week streak of billion-dollar redemptions.
• IBIT accounted for the majority of the losses, with around $1.34 billion in net outflows; FBTC and GBTC also saw material withdrawals.
• Ether spot ETFs recorded $173.05 million in net redemptions for the same week, the fourth straight weekly withdrawal, bringing four-week losses to roughly $885.6 million.
• Altcoin ETF flows diverged: HYPE ETFs posted about $16.65 million in net inflows, XRP ETFs gained around $2.62 million, while Solana ETFs shed about $6.52 million.
• Analysts frame the move as macro-driven repricing of risk rather than crypto-specific weakness; the pattern aligns with broader shifts in rate expectations and institutional risk appetite.

Macro repricing behind ETF outflows

Market participants are interpreting the persistent outflows as a macro-driven revision of risk, rather than a signal of deteriorating faith in crypto assets per se. Matthew Pinnock, chief operating officer of Altura DeFi, emphasized that the ETF withdrawals reflect liquidity dynamics and risk tolerance in institutional portfolios more than a fundamental failure of Bitcoin itself.

“The timing of these redemptions aligns closely with stronger-than-expected U.S. employment data, rising Treasury yields, and a sharp reduction in rate-cut expectations this year amid the ongoing Gulf conflict,” Pinnock told Cointelegraph. “Bitcoin’s recent weakness has been driven more by changing rate expectations and institutional risk appetite than by crypto-specific developments.”

The dominance of IBIT in the redemptions is unsurprising to market observers, given its scale, depth and status as a preferred access vehicle for large investors. In times of risk-off sentiment, the deepest and most liquid instruments are typically the first to bear the brunt as portfolios rebalance toward perceived safety or more liquid hedges.

Ether ETFs shed, while the alt-coin mosaic moves at a different pace

The retreat in Bitcoin ETFs was mirrored by Ether products, which recorded a $173.05 million net outflow for the week ending June 5. Ether’s fourth straight week of redemptions continues a pattern that has seen about $885.6 million leave Ether ETFs over the four-week span. This contrasts with a few pockets of inflows in the broader altcoin ETF space.

Not all alternative-coin ETFs followed the same trajectory. HYPE ETFs reported $16.65 million in net inflows, suggesting some demand for newer or more specialized crypto exposures even as core Bitcoin and Ether vehicles faced redemptions. XRP ETFs attracted modest inflows of about $2.62 million, while Solana ETF products posted a $6.52 million outflow over the same period. The mixed signals across altcoins highlight how traders are slicing risk and seeking different exposure levers as macro conditions evolve.

The evolving ETF flow dynamics come amid ongoing debates about the role of regulated products in crypto markets. While Bitcoin and Ether continue to be the anchor assets for many institutional allocators, the performance differentials among altcoins underscore the importance of liquidity, product depth and regulatory clarity in shaping investment choices.

For readers tracking the broader crypto ecosystem, these dynamics matter because they help illuminate how institutions are currently managing risk and where the next wave of adoption or retreat could come from. When traditional macro catalysts dominate, even the most liquid products can experience outsized moves, creating both potential opportunities and pitfalls for traders and portfolio managers alike.

In sum, the latest ETF flow data portray a market in transition: a clear macro-driven rotation among the most liquid products—with BTC and ETH bearing the brunt of redemptions—while select altcoin ETFs demonstrate uneven resilience. The coming weeks will be telling as investors weigh inflation signals, central-bank guidance and geopolitical developments that continue to shape risk appetite.

As the calendar turns, market watchers will be paying close attention to whether rate expectations stabilize or shift again and how institutional demand evolves for the deepest, most liquid crypto exposure vehicles. The next set of data releases could either reinforce this macro-driven repricing or reveal early signs of a demand resurgence for regulated crypto products.

Strategy (formerly MicroStrategy) just won shareholder permission to pay its mostly costly dividend twice as often, treating the scheduling change as win for innovation.

This morning, the company announced the approval of moving Stretch (STRC) dividends from monthly to semi-monthly payouts. 

The same 11.50% annualized dividend rate payout now splits into two smaller checks each month of 0.48% apiece.

The first semi-monthly dividend for STRC is scheduled for July 15 — two weeks earlier than the former calendar allowed.

The yield itself doesn’t change. Holders simply get half of the prior $0.96 monthly per share, on the 15th and last days of every month.

Strategy wanted approval and got it

Because retail investors own the overwhelming majority of STRC, the company prominently advertised the vote. Although it didn’t mention its motivation beyond vague shareholder benefits like “stabilize price, dampen cyclicality, drive liquidity, and grow demand,” Strategy itself benefits from semi-monthly dividends.

The campaign worked and the vote passed.

Indeed, timing is everything in markets. This particularly important vote arrived at the best possible time for Strategy. Specifically, STRC closed on Friday 6.6% below its intended $100 price per share.

Immediately, the following business morning, Strategy announced that the next dividend payout would arrive two weeks ahead of schedule.

Prior to this vote, shareholders had more than three weeks until they would have received their dividend. Now, they will receive a new dividend in just five business days.

As a result, Strategy immediately benefited from this new, near-term catalyst. STRC rallied 3.7% by noon.

Although the company might have needed to raise its dividend rate to encourage bids closer to $100, STRC is already rallying today due to its far more near-term payout date — no dividend rate increase needed.

Strategy has approved a plan to pay STRC dividends twice a month, introducing a new payout schedule while the preferred stock continues to trade below its $100 par value.

Based on preliminary voting results from the company’s 2026 Annual Meeting of Stockholders, Strategy said shareholders approved Proposal 5, which changes STRC dividend payments from a monthly schedule to semi-monthly distributions. The proposal received support from both MSTR and STRC stockholders.

Under the revised structure, dividend payments will be made on the 15th and the final day of each month. The first record date is scheduled for June 30, 2026, while the first payment under the new schedule will be distributed on July 15.

Commenting on the change, Strategy chief executive Phong Le said the company believes more frequent dividend payments could help improve liquidity and provide holders with faster opportunities to reinvest their returns. 

“Paying dividends on STRC twice a month is designed to stabilize price, dampen cyclicality, drive liquidity, and grow demand for STRC, while giving STRC holders faster reinvestment opportunity.”

At the time of writing, STRC was trading around $96.65, according to Yahoo Finance data, remaining below its $100 par value. The preferred stock currently carries an annual dividend rate of 11.50%.

Strategy expands cash reserves alongside dividend changes

Alongside the dividend update, Strategy has resumed adding to its Bitcoin holdings after briefly interrupting its accumulation strategy.

As previously reported by crypto.news, the company acquired 1,550 BTC for approximately $101.3 million between June 1 and June 7, paying an average of $65,332 per coin. The purchase increased Strategy’s total Bitcoin holdings to 845,256 BTC.

Regulatory filings also showed that the company increased its U.S. dollar reserve by $100 million, bringing the total reserve to $1 billion.

The latest purchase followed Strategy’s sale of 32 BTC near the end of May for roughly $2.5 million. The transaction represented the company’s first reported Bitcoin sale since December 2022 and drew attention from investors because Strategy has long built its reputation around holding Bitcoin rather than selling it.

As reported by crypto.news earlier, JPMorgan said the sale appeared to be symbolic and voluntary, likely intended to demonstrate flexibility and commitment to preferred stockholders. Even so, the bank argued that the transaction raised questions about how future dividend obligations could be funded without relying on Bitcoin holdings.

JPMorgan also noted that replenishing reserves could help ease concerns that additional Bitcoin sales may eventually be required to support preferred stock dividends and debt-related obligations.

Some market participants see limited pressure to sell Bitcoin

Not all market participants share JPMorgan’s concerns. BTCTOP CEO Jiang Zhuoer argued that major Bitcoin sales would undermine Strategy’s identity as a long-term holder and could cause more damage than maintaining exposure during downturns.

Jiang added that even if Bitcoin fell to $30,000, Strategy’s leverage ratio would remain manageable at around 10%. He also said the company could sell older, lower-cost Bitcoin to cover STRC obligations while using proceeds from new issuances to continue buying Bitcoin.

Spanish football club Osasuna attempted to hedge the impact of its relegation from the country’s top football league by buying a €1.2 million ($1.4 million) insurance policy involving a bet on the prediction market Kalshi.

The club revealed today that it purchased “insurance” from broker Howden, which would’ve guaranteed it €6 million ($6.9 million) in the event of relegation from La Liga and helped cover any subsequent financial losses. 

It said, “Documents issued by Howden and LaLiga… confirm that such policies are routinely used by clubs and sports organizations to protect against financial contingencies related to their activity.”

This comes four days after Semafor reported that an unnamed Spanish football club placed a multi-million-dollar bet using Kalshi to hedge financial losses from relegation. 

Osasuna lost its final game against Getafe 0-1. However, the goal difference was just enough to save the club from relegation. As a result, it lost the Kalshi bet but maintained its top-flight status.  

Read more: Polymarket exploited for $700K in private key hack

Semafor also reported that trading firm Susquehanna was on the other side of the Osasuna relegation trade, and that risk analysis firm Game Point Capital orchestrated the trade. Susquehanna reportedly made over $1 million.

The club doesn’t mention either firm in its statement and only references Howden, which also doesn’t mention Kalshi or any other trading firms in its published certificate. 

Osasuna added that, “The purchase of this policy was also reported to the chairman of the club’s Control Commission and will be included in a report that the commission plans to issue in the coming days about this and other current matters. The club’s auditors were also informed.”

Spain temporarily bans prediction markets 

To make matters more interesting, three days after Osasuna’s game, the Spanish government temporarily banned prediction markets like Kalshi and rival Polymarket in the country for three to four months. 

Spain’s Consumer Rights Ministry reportedly claimed that the pair failed to secure a ‌gambling licence and have been operating in the country without authorisation. 

This distinction as to whether or not the pair constitute gambling has been a hotly debated topic among regulators. 

Brazil banned Kalshi and Polymarket in April for breaching betting regulations, South Korean police are investigating Polymarket users for alleged illegal gambling, and legal cases across the US continue to argue over its regulatory status.