Michael Saylor has pushed back against dilution concerns after Strategy sold approximately $181 million worth of MSTR shares and used part of the proceeds to expand both its Bitcoin holdings and cash reserves.

According to comments posted by Strategy Executive Chairman Michael Saylor on X, criticism surrounding the company’s latest capital raise misunderstands how shareholder value should be measured.

Saylor’s response came after Bitcoin analyst Matthew R. Kratter argued that recent share issuance diluted existing shareholders and pointed to a decline in Strategy’s BTC Yield metric between June 1 and June 8.

BTC Yield measures the increase in BTC per share, not total shareholder accretion. Last week Strategy added ₿1,550 of BTC and $100 million of USD Reserve. When both assets are included, the transaction was accretive to MSTR shareholders.

— Michael Saylor (@saylor) June 9, 2026

Data published by Strategy showed the company held 843,706 BTC while its assumed diluted shares outstanding increased to 384,180 during the period. Referring to those figures, Kratter said on X that the increase in shares outweighed the short-term benefit of additional Bitcoin per share.

Fresh scrutiny followed Strategy’s June 8 filing, which disclosed the sale of more than 1.4 million MSTR shares for roughly $181 million. Market participants also noted that company executives sold around $15 million worth of MSTR stock for tax-related purposes, while sentiment had already been pressured by Strategy’s disclosure of its first Bitcoin sale in more than four years at the end of May.

Saylor disputed the dilution argument by stating that BTC Yield measures growth in Bitcoin per share rather than total shareholder accretion. In his response, he said Strategy added both Bitcoin and cash during the transaction, making the outcome positive for shareholders when both assets are considered.

“Last week Strategy added ₿1,550 of BTC and $100 million of USD Reserve. When both assets are included, the transaction was accretive to MSTR shareholders.”

Strategy points to cash reserves alongside Bitcoin growth

Figures released by the company show Strategy acquired 1,550 BTC for approximately $101.3 million between June 1 and June 7. The purchase was completed at an average price of $65,332 per Bitcoin during a period of heavy market volatility.

Company disclosures indicate Strategy now holds 845,256 BTC, which Saylor said are valued at roughly $51.9 billion based on current market prices. The company also reported a year-to-date BTC Yield of 12.8% and a BTC Gain of 86,328 BTC.

At the same time, the latest fundraising increased Strategy’s dollar reserves by $100 million, lifting total cash reserves to about $1 billion. Those reserves have attracted additional attention following shareholder approval of a proposal to change STRC preferred stock dividend payments from a monthly schedule to semi-monthly distributions beginning this month.

Rising obligations remain a focus for analysts

A separate analysis published by Fortune has highlighted concerns about Strategy’s growing use of preferred stock and Bitcoin-backed financing. According to the publication, the company’s combined debt and preferred stock obligations have increased from approximately $6.9 billion in early 2025 to around $21.8 billion, with preferred stock issuances accounting for much of the increase.

Fortune also estimated that Strategy’s stock continues to trade roughly 31% above its net asset value and warned that the premium could come under pressure if Bitcoin prices fall or investor concerns about the company’s capital structure intensify.

Under a scenario modeled by Fortune in which Bitcoin (BTC) declines to $50,000, the company’s net asset value could fall to about $23 billion while liabilities remain unchanged.

Attention has also remained on Strategy’s funding flexibility after the company disclosed the sale of 32 BTC for about $2.5 million in late May, its first reported Bitcoin sale since December 2022.

In a previous research covered by crypto.news, JPMorgan described the transaction as largely symbolic and said it appeared intended to demonstrate flexibility toward preferred shareholders, while cautioning that future dividend commitments could raise questions if cash reserves are eventually depleted.

TLDR

• Senator Elizabeth Warren questioned whether the CFTC can handle expanded crypto oversight.
• Warren said staffing cuts and reduced enforcement weaken the agency’s capacity.
• The CFTC workforce has reportedly declined by about 25% in recent years.
• Warren criticized the agency’s decision to back vacating the 2022 Gemini judgment.
• The CFTC concluded the Gemini complaint would not meet current enforcement standards.

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Senator Elizabeth Warren has challenged the readiness of the Commodity Futures Trading Commission as Congress weighs broader crypto oversight. She warned that staffing cuts and reduced enforcement could strain the agency. Her letter to Chair Michael Selig described the situation as a “recipe for disaster.”

CFTC Staffing and Enforcement Under Scrutiny

Warren sent the letter on Friday as lawmakers advanced legislation expanding CFTC authority over crypto and prediction markets. She argued the agency lacks the capacity to manage wider responsibilities under current conditions.

She wrote that a smaller workforce and fewer enforcement actions weaken oversight. Warren cited reports that staff levels have fallen by about 25%.

Warren also pointed to a decline in enforcement since President Donald Trump took office. She said the trend raises concerns about the agency’s ability to police complex crypto firms.

In her letter, Warren stated, “A CFTC with fewer staff members, reduced enforcement activity, and expanded responsibilities is a recipe for disaster.” She asked Selig to explain how the agency would handle expanded duties.

Warren further questioned internal decisions affecting oversight priorities. She requested records on staff reassignments and communications with industry participants.

She also asked for documents covering contacts between the CFTC and crypto firms regarding the Clarity Act. The request included communications with prediction market platforms.

Disputes Over Crypto and Prediction Markets

Warren referenced the agency’s recent handling of cases involving Gemini. She highlighted the CFTC’s decision to support vacating a 2022 judgment.

That case alleged Gemini made “false or misleading statements” in 2017 about bitcoin futures manipulation risks. The agency later concluded the complaint “should not have been filed.”

The CFTC said the case would not meet enforcement standards today. Warren questioned the reasoning behind that conclusion.

She also cited reports that officials who raised concerns about firms like Polymarket and Crypto.com left the agency. Warren asked whether internal pressure influenced those departures.

Selig has maintained that prediction markets fall under the CFTC’s “exclusive jurisdiction.” However, several states argue that such platforms violate local gambling laws.

Those disputes have led the CFTC to sue states that attempted to block prediction market operations. Warren referenced those legal actions in her letter.

She requested details on communications between agency officials and prediction market companies. She also asked for records related to enforcement strategy shifts.

Congress continues to debate legislation that would expand CFTC oversight of crypto markets. Warren’s letter seeks further clarity on staffing, enforcement, and internal decision-making as those discussions proceed.

Token of Power suffered an exploit on Tuesday that drained more than $1.5 million from its liquidity pool. On-chain firms Blockaid, PeckShield, and Cyvers flagged the incident in posts on X.

• Token of Power lost 944.2 WETH, worth about $1.58 million, from its TOP/WETH Balancer V1 pool.
• Blockaid described the incident as a governance-takeover attack, while Cyvers traced the drain to the Balancer pool.
• PeckShield data showed the attacker later moved stolen funds into the Tornado Cash crypto mixer.

The attack targeted the TOP/WETH Balancer V1 Pool and drained 944.2 WETH.

TOP token exploit hits Balancer pool

Token of Power, also known as TOP, is an Ethereum-based ERC-20 token. The project operates under a DAO called The Mask of Power. The project built TOP around collective ownership of a specific MetaMask NFT. Its token also supported liquidity for the project’s market activity. 

Cyvers said the attacker drained funds from the TOP/WETH Balancer V1 Pool. The pool held TOP tokens and Wrapped Ethereum under a 50-50 structure. Wrapped Ethereum, or WETH, represents ETH in a token format used across DeFi. 

The Balancer V1 pool functioned as an automated trading vault for both assets. Blockaid described the incident as a “governance-takeover attack” in its X post. PeckShield and Cyvers also published alerts as the transaction activity became visible on-chain.

On-chain firms report 944.2 WETH loss

On-chain intelligence firms said the attacker added a large number of TOP tokens into the pool. The attacker then swapped those tokens against the pool’s real WETH reserves. The exploit drained 944.2 WETH, worth about $1.58 million at the time. 

After the drain, the pool held heavily diluted TOP tokens. The incident left liquidity providers exposed to tokens with little market value. Further project details on recovery, compensation, or next steps remain unavailable.

PeckShield data showed the attacker later moved stolen funds into Tornado Cash. Tornado Cash is a crypto mixer that can make tracing funds more difficult. The movement to Tornado Cash followed the initial drain from the Balancer pool. Security firms have not yet published a complete technical report on the incident.

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Exploit follows separate Humanity Protocol breach

The Token of Power incident came one day after another reported DeFi security breach. As it was reported by crypto.news,  Humanity Protocol lost $36 million in user funds through an employee’s laptop breach. The two incidents affected different projects and used different reported attack paths. 

However, both cases drew attention from blockchain security firms this week. The Humanity Protocol breach involved a digital identity project built on blockchain infrastructure. In contrast, the Token of Power exploit centered on a liquidity pool.

The TOP project has not yet released a full incident review in the provided details. More information about the attacker’s route and possible project response remains pending. Blockaid, PeckShield, and Cyvers continue to serve as the main cited sources for the incident. Their alerts identified the affected pool, the estimated loss, and the fund movement.

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SBI Shinsei Bank will reportedly launch a service that rewards deposit customers with cryptocurrency exchange vouchers based on their account balances.

According to a Nikkei report, customers will receive vouchers equal to 20% of their interest payments, in addition to their yen-denominated interest. The vouchers can be exchanged for Bitcoin (BTC), Ether (ETH) or XRP within a specified period. 

Customers would need to open an account with SBI’s crypto exchange arm, SBI VC Trade, to redeem the vouchers.

The rollout turns a conventional savings product into a crypto on-ramp, potentially exposing mainstream bank customers to digital assets without requiring them to make direct purchases. 

Ahead of the permanent launch, SBI Shinsei will reportedly run a three-month campaign starting Wednesday, covering ordinary deposits and time deposits ranging from three months to five years.

SBI expands crypto push across deposits, lending and investment products

The deposit-voucher service follows several crypto moves by SBI Group as the financial conglomerate prepares for broader digital asset adoption in Japan.

On March 18, SBI VC Trade launched a retail USDC lending service, allowing users to lend the stablecoin to the platform under fixed-term agreements in exchange for returns. The product is structured as a loan to the exchange rather than a bank deposit, which means that users take direct counterparty risk.

Related: Startale raises $50M from SBI to complete $63M Series A

SBI has also been expanding its position in the local crypto exchange market. On May 1, the group said it was considering acquiring shares in the Bitbank trading platform and making it a consolidated subsidiary, a month after SBI VC Trade absorbed Bitpoint Japan. 

Top crypto exchanges in Japan. Source: CoinGecko

The group’s securities arm is also preparing crypto investment products. SBI Securities reportedly plans to sell funds developed by SBI Global Asset Management, including investment trusts and exchange-traded funds (ETFs) focused on crypto assets like BTC and ETH. 

The moves show that the group is working to build crypto access points across regulated channels, from bank deposits and exchange services to securities products and stablecoin lending. 

Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

RLUSD Records Strong Minting Activity on XRP Ledger

Ripple USD (RLUSD) recorded a strong liquidity increase during the past week as activity expanded across the XRP Ledger. Fresh minting transactions significantly exceeded token redemptions during the period. Consequently, the stablecoin added more than $275 million in net liquidity while its market capitalization continued to grow.

RLUSD experienced a notable rise in network activity over the last seven days. Several large minting and redemption transactions took place on the XRP Ledger. As a result, the stablecoin supply expanded during the reporting period.

Data from XRP Ledger activity showed substantial token creation across multiple days. On May 22, RLUSD Treasury minted more than 10 million RLUSD. Meanwhile, additional minting and burning transactions occurred on May 21 and May 20.

The largest transaction involved the creation of 230 million RLUSD on the XRP Ledger. At the same time, Ripple removed smaller amounts of RLUSD from circulation through treasury burn events. Consequently, minting activity outweighed redemptions by a wide margin.

Network data showed that RLUSD minted approximately $354.4 million during the week. In contrast, total burned supply reached about $78.7 million. Therefore, the stablecoin generated a net liquidity increase exceeding $275 million.

The latest figures highlight growing usage of RLUSD within the XRP Ledger ecosystem. Increased token issuance often reflects higher demand for settlement and liquidity purposes. Moreover, stablecoin activity can support broader network participation.

RLUSD continues to serve as a key component of Ripple’s expanding digital payments strategy. The stablecoin supports value transfers while maintaining a dollar-pegged structure. As adoption grows, transaction volumes may continue increasing across supported platforms.

Binance Expands RLUSD Utility Through Trading Support

Major cryptocurrency exchange Binance contributed to RLUSD activity during the reporting period. The platform processed RLUSD transactions on the XRP Ledger. Consequently, exchange-related flows added to overall network volume.

Binance expanded support for RLUSD earlier this year through several product integrations. The exchange introduced spot trading support for the stablecoin. Additionally, it enabled portfolio margin eligibility for qualifying users.

The platform also added RLUSD to its Earn products. These additions created more use cases for holders across trading and yield-related services. Therefore, RLUSD gained broader exposure within the cryptocurrency market.

Exchange support often plays an important role in stablecoin growth. Larger trading venues provide liquidity and increase accessibility for users. Moreover, integration with multiple products can encourage wider adoption.

The recent increase in RLUSD activity coincided with continued exchange participation. Transaction processing across major platforms supported the movement of newly issued tokens. As a result, liquidity expanded alongside network usage.

Growing exchange availability may strengthen RLUSD’s position among dollar-backed digital assets. Stablecoins rely on liquidity and accessibility to support adoption. Therefore, exchange partnerships remain an important factor in future growth.

RLUSD Market Cap Climbs as Ecosystem Growth Continues

RLUSD’s market capitalization recently surpassed $1.7 billion. The milestone reflects continued expansion since the stablecoin entered the market. Furthermore, growing transaction activity has supported that upward trend.

Ripple has positioned RLUSD for use in payments and decentralized finance applications. These sectors continue to represent major growth areas for stablecoins. Consequently, broader utility may contribute to sustained demand.

Market participants also expect additional ecosystem developments in the near term. Industry discussions have pointed to potential end-of-month activity involving the cryptocurrency exchange Gemini. Such developments could generate further minting and redemption transactions.

Stablecoin growth remains a significant trend across the digital asset sector. Companies continue expanding products that support blockchain-based payments and settlements. Moreover, increased liquidity often improves efficiency across related services.

RLUSD’s latest expansion demonstrates rising activity on the XRP Ledger. Strong minting volumes drove a substantial weekly liquidity increase. As adoption advances, the stablecoin continues strengthening its presence within the broader digital asset ecosystem.

TLDR

• Bitcoin traded near $61,100 after a 10% weekly decline as ETF outflows extended.
• Wintermute linked the selloff to US institutional exits rather than panic-driven retail selling.
• Spot Bitcoin ETFs recorded their longest outflow streak, totaling nearly $2.97 billion by May 30.
• Changpeng Zhao urged calm, stating Bitcoin “won’t be dead for too long.”
• On-chain data showed small wallets increased holdings while large holders reduced exposure.

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Bitcoin traded near $61,100 on June 9 after a weekly drop of about 10%, while ETF outflows and whale selling persisted. Binance founder Changpeng Zhao urged calm as trading firm Wintermute linked the decline to US institutional flows. On-chain data from Santiment showed retail buyers adding exposure as larger wallets reduced holdings.

Bitcoin Faces ETF Outflows and Institutional Selling

Bitcoin extended losses as US spot ETFs recorded their longest outflow streak on record through late May. Wintermute estimated cumulative outflows near $2.97 billion by May 30, while fresh inflows remained absent. The firm stated, “With prior support gone, there’s not much underneath to lean on,” and added that flows now set direction.

Wintermute attributed the decline to US institutions unwinding positions built weeks earlier, not panic selling. Analysts said Bitcoin never formed strong support between $50,000 and $59,000 during the 2024 rally. As a result, traders lack clear technical levels and rely on capital movement to guide price action.

Bitcoin remains more than 50% below its October 2025 peak above $126,000. MicroStrategy sold 32 BTC, marking its first disposal since 2022, though it called the sale immaterial. Still, the transaction drew attention as ETF outflows persisted and liquidity conditions tightened.

Macro data reinforced the pressure as US payrolls increased by 172,000 in May. That figure exceeded expectations near 80,000, while April payrolls were revised up to 179,000. Strong labor data lifted yields and reduced near-term expectations for Federal Reserve rate cuts.

CZ Urges Calm as Whales Reduce Holdings

Changpeng Zhao addressed the decline after stepping back from Binance leadership in 2023. He wrote, “Bitcoin won’t be ‘dead’ for too long. Don’t panic,” framing the pullback as temporary. His message arrived as ETF outflows extended and sentiment weakened across derivatives markets.

Santiment reported a widening split between small and large holders over two weeks. Wallets holding under 0.01 BTC increased balances by 0.36%, while wallets holding 10 to 10,000 BTC reduced holdings by 0.20%. The firm said durable bottoms often follow retail capitulation rather than steady retail buying.

Santiment added, “That widespread surrender simply isn’t showing up yet,” describing current behavior. Analysts stated markets often move against retail expectations and align with whale positioning. As whales trimmed exposure, retail accumulation continued without coordinated large-wallet support.

Some long-term holders began accumulating at current levels, citing multi-year positioning strategies. However, blockchain data has not shown aggressive whale accumulation that marked prior cycle lows. ETF flow trends and wallet distribution metrics remain the most recent indicators shaping Bitcoin’s short-term direction.

Bitcoin traders have positioned for a Federal Reserve pause next week, with CME FedWatch data showing a 98.2% probability that policymakers will leave interest rates unchanged at the June 16-17 meeting.

According to CME FedWatch data, markets are assigning only a 1.8% chance of a rate cut and no meaningful probability of a rate increase, leaving investors focused less on the decision itself and more on what Federal Reserve officials signal about the path ahead.

Attention has increasingly turned to the first Federal Open Market Committee meeting chaired by Kevin Warsh, who will oversee both the rate announcement and the release of updated economic projections.

Alongside the policy statement, officials will publish a revised Summary of Economic Projections and the closely watched dot plot, which outlines where policymakers expect interest rates to move in the coming years.

The cautious positioning has coincided with weakness across digital assets. Crypto market data shows total market capitalization falling 2.47% over the past 24 hours to roughly $2.13 trillion, while Bitcoin (BTC) has also retreated as traders reduce risk exposure before the Fed decision.

Economists expect rates to stay unchanged through 2026

Fresh forecasts from Wall Street suggest policymakers may remain on hold for far longer than markets expected earlier this year.

According to a Reuters survey conducted between June 4 and June 9, 72 of 102 economists expect the federal funds rate to remain within the current 3.50% to 3.75% range through the end of 2026. Reuters noted that this represents the strongest consensus so far this year against additional rate cuts.

Several factors have contributed to that outlook. Reuters reported that stronger-than-expected economic data and ongoing inflation concerns have reduced expectations that the central bank will ease policy in the coming months.

Rate markets have moved in a similar direction. As reported by crypto.news, futures traders are now pricing the possibility of at least one rate increase by late 2026 rather than anticipating renewed cuts.

Additional support for the higher-rate outlook has come from major financial institutions. According to a crypto.news report, BNP Paribas recently revised its forecast and now expects the Federal Reserve to begin raising rates in December 2026. The French bank projects three increases that would effectively reverse the three rate cuts delivered during 2025.

Markets are watching the Fed’s projections and tone

Although traders overwhelmingly expect no change in borrowing costs next week, the accompanying forecasts could have a larger impact on financial markets.

Current Federal Reserve data places the effective federal funds rate near 3.62%, within the target range of 3.50% to 3.75%. Any adjustments to inflation forecasts, growth expectations, or the dot plot could influence expectations for 2027 and beyond.

Inflation remains a key variable heading into the meeting. Market commentary cited in the original report noted expectations for U.S. inflation around 4.2%, keeping investors attentive to how Fed officials assess price pressures and future policy risks.

Political pressure has also remained part of the discussion. As crypto.news previously reported, President Donald Trump has continued to advocate for lower interest rates, while Warsh has stated that monetary policy decisions will remain independent of political influence.

For Bitcoin traders, a rate hold appears largely priced in. Instead, market participants are preparing for signals from Warsh’s press conference and the Fed’s updated projections, which could shape expectations for liquidity conditions and risk assets during the second half of the year.