CoinDesk June 4 update: 1) U.S. Treasury Secretary: The Trump administration plans to expand its Bitcoin reserves. 2) Total crypto market liquidations hit $1.105 billion, including about $891 million from long positions. 3) U.S.-listed crypto ETFs recorded $3 billion in net outflows, fueling concerns about institutional selling. 4) Stripe, Visa and Mastercard are reportedly considering a joint stablecoin platform. 5) Kalshi rolls out CFTC-approved Bitcoin perpetual contracts, creating a new venue for U.S. traders. 6) Cointelegraph: Coinbase's Base network has surpassed 100 million in transaction volume. 7) Hyperliquid jumps past Solana despite broader market weakness. 8) Worldcoin rallies 29% as BTC and ETH post sharp declines. 9) BTC OG insider whale: Unrealized losses on BTC long positions widen to $13.68 million. 10) Zcash gains more than 10% after a vulnerability patch is released.

As many firms pause purchases when an asset falls by half, Strive is accelerating. The Nasdaq-listed asset manager (ASST) is raising about $8.1 million per day through its SATA perpetual preferred stock program, a pace it has maintained even with Bitcoin down roughly 50% from its peak. Jeff Walton, Strive's Chief Risk Officer, disclosed the figure in early June 2026, pointing to steady investor demand for structured vehicles that provide Bitcoin exposure. Strive's model centers on SATA perpetual preferred stock: investors buy SATA shares, and the company deploys the proceeds to buy Bitcoin for its corporate treasury. At the current fundraising rate, Strive estimates its future daily dividend obligations of about $390,723 (once payments begin) would be covered roughly 21 times over. Strive says it currently holds about 14,557 to 19,000 BTC, reflecting recent purchases still in settlement. The company has also laid out plans to issue enough SATA shares to potentially finance the purchase of up to 175,000 additional Bitcoin, which would imply about $15.5 billion in total SATA issuance if carried out in full. Following a merger in September 2025, Strive became the first publicly traded asset management firm to adopt a Bitcoin treasury strategy. By relying on preferred stock issuance instead of common equity, the company argues the structure is designed to scale its BTC holdings while limiting dilution for existing common shareholders. For investors, reaching the 175,000 BTC goal hinges on sustained demand for SATA shares over what could be a months- or years-long issuance period. Strive's stated 21x dividend coverage provides a buffer if inflows slow. Two indicators stand out: the daily SATA raise rate as a read on demand resilience, and the dividend coverage ratio as a gauge of longer-term financial sustainability.

Michael Saylor resurfaced with his trademark laser-eyes post, "₿ack to Work," just as Bitcoin's drop accelerated into a leverage washout. Bitcoin slid from roughly $74,000 toward $66,000, helping push total crypto liquidations above $1.68 billion in a single day across about 264,000 traders. Bitcoin accounted for $792.42 million of those forced closures, including $715.85 million from long positions. The timing reignited scrutiny of Strategy's balance sheet. Earlier in the week, the company sold 32 BTC to fund dividends, a small sale numerically but notable for a firm long associated with a "never sell" posture. The move was quickly folded into the broader market narrative after the subsequent correction, despite being tiny compared with Strategy's overall holdings. Strategy still reports 843,706 BTC, though the downturn has left that stash with more than $7.18 billion in unrealized losses. Investors are also watching the firm's financing: STRC preferred shares carry an 11.5% annual dividend, and a recent $1.5 billion debt buyback reduced fiat reserves to $871 million, described as roughly seven months of runway for payout needs. STRC has traded below its $100 par value, while MSTR is down 15%. Analysts largely dismissed the 32 BTC sale as immaterial relative to the company's Bitcoin position, arguing it does not support a capitulation thesis. The bigger issue, they say, is whether Strategy can steady preferred-share obligations and continue its typical dollar-cost averaging without further Bitcoin sales. Saylor's post landed as reassurance as much as a signal, aimed at a market weighing whether the most prominent corporate Bitcoin bull can ride out another liquidation cycle without turning its reserves into a source of selling pressure.

The crypto sell-off erased more than 7% of total market value, with aggregate capitalization sliding from above $2.50 trillion to about $2.32 trillion at press time. Bitcoin drove much of the outflow. The token fell from above $77,000 to around $67,000, cutting its market cap from roughly $1.50 trillion to $1.34 trillion—a drop of more than $250 billion in under a week. The move followed fresh selling by large holders, including Strategy’s announcement that it sold 32 BTC, its first Bitcoin sale since 2022. Technically, Bitcoin failed to reclaim a CME gap in the $78,000–$79,000 zone before sliding into the mid-$67,000 range. Derivatives positioning amplified the downside. Over the past 24 hours, more than $700 million in long positions were liquidated, including $283 million wiped out within a single hour. Market volatility jumped to 20%, marking the largest one-day increase in four months since February’s 55% spike. The Crypto Fear & Greed Index fell to 11, signaling extreme fear. Market watch: what comes next Traders are being forced to reconsider leveraged bullish bets, with liquidation clusters still sitting below current prices. Data point to a potential cascade of sell orders under $67,404 across multiple exchanges if weakness persists. Beyond price action, sentiment among retail participants has been pressured by rising fraud and "rug pull" incidents. The use of AI has been linked to a more than 500% surge in such cases. At the same time, tokenization is drawing greater interest from traditional finance as firms push for around-the-clock trading across crypto, equities, and other assets. Activity has also rotated toward tokenized equities, ETFs, and IPO exposure following CFTC approval of BTC perpetual futures, with capital flowing to high-profile deals such as SpaceX, OpenAI, Anthropic, and Kraken—moves likened to the market dynamics around Coinbase’s IPO. U.S. equities continued to set fresh highs, reflected in the S&P 500 and Nasdaq indexes. Still, some market participants argue that once the current wave of positioning and narrative-driven flows fades, capital could rotate back into crypto as trends revert toward longer-term averages. Summary The latest drawdown pushed the crypto market down more than 7%, while Bitcoin alone shed about $250 billion in market value in less than a week. Heavy long liquidations, scam concerns, and a gradual shift of attention toward tokenized traditional assets are shaping the near-term outlook.

U.S. Treasury Secretary Scott Bessent said he will work to advance a Strategic Bitcoin Reserve, adding new momentum to Washington's effort to treat Bitcoin as a strategic national asset. Bessent's comments build on President Donald Trump's March 2025 executive order establishing a Strategic Bitcoin Reserve as well as a separate U.S. Digital Asset Stockpile. The order directed the federal government to consolidate Bitcoin already in its possession from criminal and civil forfeiture into a dedicated reserve and laid out a framework for potentially acquiring additional Bitcoin through budget-neutral strategies. Senator Cynthia Lummis and other lawmakers have since introduced legislation to codify the Strategic Bitcoin Reserve, aiming to move it from executive action to a durable statutory footing. Bessent's public endorsement indicates the Treasury Department is actively engaged, rather than leaving the initiative solely to the White House. Policy implications are significant. A Strategic Bitcoin Reserve would be the first instance of a major sovereign government formally designating Bitcoin as a reserve asset alongside holdings such as gold and foreign currencies. The difference between simply holding seized Bitcoin and intentionally accumulating it as a matter of policy is central to the debate. A White House fact sheet said the reserve would begin with Bitcoin obtained through forfeiture, while directing the Treasury and Commerce departments to explore budget-neutral ways to add to the holdings. Still, substantial operational questions remain, including custody arrangements, valuation practices, reporting standards, and whether Congress will authorize funding or alternative acquisition mechanisms. Investors and industry participants are expected to watch for concrete steps following Bessent's pledge, such as formal custody agreements, public disclosure of reserve holdings, and a defined acquisition timeline. Progress on the Lummis bill will also be closely monitored; movement through committee would suggest longer-term political durability, while a stall would leave the reserve more exposed to reversal by a future administration. For the broader digital asset sector, the reserve debate is already influencing how institutions frame Bitcoin's role, alongside shifts in how regulators approach crypto-related financial products and how major payment networks integrate digital assets into settlement infrastructure. The next notable milestone may be a Treasury report detailing implementation logistics or a Senate hearing on the codification effort. Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.

SpaceX said in a filing with the U.S. Securities and Exchange Commission that it plans to price its initial public offering at $135 per share, a transaction that would raise $75 billion and value the company at $1.75 trillion. The aerospace group intends to sell 555.6 million shares. At the proposed scale, the deal would rank among the largest IPOs on record and represent a major milestone for Elon Musk's privately held rocket and satellite business. The listing could also ripple into crypto markets. SpaceX reported holding 18,712 bitcoin with a fair value of $1.29 billion as of March 31, placing it among the larger known corporate holders. Going public would bring those holdings into public markets, offering investors indirect bitcoin exposure through SpaceX shares. Attention on the company's bitcoin position has increased amid reports that Musk has explored combining SpaceX with electric-vehicle maker Tesla (TSLA). Tesla holds more than 11,500 BTC, one of the largest corporate bitcoin treasuries among publicly traded companies. A merger, if it were to occur, could concentrate control of one of the largest corporate bitcoin positions in public markets. Neither company has announced a formal merger plan. The IPO may also gauge whether crypto can keep drawing capital in a crowded risk-asset landscape. SpaceX's planned June listing, alongside expected fundraising by AI firms OpenAI and Anthropic, is projected to pull in more than $240 billion by year-end, potentially diverting liquidity from technology stocks, AI investments and digital assets as retail and institutional investors rebalance. Because bitcoin and other digital assets often compete for the same risk-on dollars as high-growth equities, strong demand for shares of SpaceX and other high-profile issuers could pressure crypto prices in the near term.

FLASH: Roughly $190 million in long positions across the crypto market were liquidated over the past hour after Bitcoin slid below $65,000.

Bitcoin has fallen below the $65,000 mark.

Bitcoin traded back under the $65,000 level.