The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
I hope you had a good weekend, folks. Neither President Trump’s Strategic Bitcoin Reserve executive order nor the inaugural Crypto Summit at the White House on Friday evening helped lift prices, as most digital assets continued to sell off over the past few days. So, is another bear phase truly underway, or can a new catalyst revive a fearful market?
In today’s newsletter, Strategy seeks to raise up to $21 billion to buy additional bitcoin, global crypto funds shed $876 million amid “signs of capitulation,” Rex Shares and Osprey Funds file for a MOVE ETF and more.
Meanwhile, Coinbase is set to launch 24/7 Bitcoin and Ethereum futures for U.S. traders.
Let’s get started.
Strategy seeks to raise up to $21 billion to buy more bitcoin
Strategy, formerly MicroStrategy, is seeking to raise up to $21 billion through STRK perpetual strike preferred stock offerings to acquire more bitcoin, according to a prospectus filed with the Securities and Exchange Commission on Monday.
- The company plans to sell STRK shares over time, potentially through at-the-market sales, negotiated transactions or block trades.
- STRK stock carries an 8% fixed annual dividend and a $100 per share liquidation preference, with dividends paid quarterly if declared by Strategy’s board of directors.
- STRK holders can convert shares into class A stock under certain conditions, while Strategy has the option to repurchase outstanding shares if specific triggers occur.
- The sale is in addition to Strategy’s previously announced “21/21 plan” to raise $42 billion for bitcoin acquisitions through equity and fixed-income securities, as well as its initial perpetual preferred share offering.
- Strategy currently holds 499,096 BTC, worth around $40 billion, bought at an average price of $66,357 per bitcoin, for a total cost of around $33.1 billion, including fees and expenses.
Crypto funds shed $876 million amid ‘signs of capitulation’
Global crypto funds lost a further $876 million last week, marking a fourth straight week of outflows totaling $4.75 billion, according to CoinShares data.
- Bitcoin dropped 15% from a high of $94,318 to a low of $80,085 last week, while the GMCI 30 index, representing a selection of the top 30 cryptocurrencies, fell 22% over the same period to below 140.
- U.S. investors were the most bearish amid the price drop, pulling out $922 million from crypto funds despite President Trump’s executive order to create a U.S. Strategic Bitcoin Reserve.
- Global Bitcoin funds led the weekly outflows with $756 million. However, short-Bitcoin products also saw outflows of $19.8 million — the largest since December — suggesting “investors are close to capitulation,” CoinShares Head of Research James Butterfill said.
- Altcoin investment products, including Ethereum, Tron and Aave, also faced outflows, but Solana, XRP and SUI-based funds bucked the trend, attracting net inflows amid the broader market downturn.
- Meanwhile, weaker-than-expected U.S. job growth in February has strengthened the case for Federal Reserve rate cuts, which could boost bitcoin and other risk assets, according to analysts.
Rex Shares, Osprey Funds file for MOVE ETF
Investment managers Rex Shares and Osprey Funds have filed to list the first ETF tracking MOVE, the native token of the Movement network, amid the project’s public mainnet beta launch.
- The ETF would allocate 80% of its assets to MOVE tokens or related derivatives, marking a rare attempt to secure SEC approval for an ETF tied to a newer altcoin.
- ETF issuer Rex Shares and crypto asset manager Osprey Funds have previously filed to list funds tracking assets, including BONK, DOGE and TRUMP, the President’s official memecoin.
- Despite utilizing Ethereum for security, the network is not a Layer 2 chain and could be better described as a fast finality rollup or a sidechain, according to Movement Labs co-founder Rushi Manche.
- The SEC, now under Acting Chair Mark T. Uyeda, has shown a more open stance toward crypto but has yet to approve ETFs beyond bitcoin and ether.
Utah scraps bitcoin reserve provision in state’s crypto bill
The Utah Senate passed HB230, a bill integrating crypto into the state’s legal framework, but removed a provision for a state-held bitcoin reserve before final approval.
- The original bill would have allowed Utah’s treasurer to allocate up to 5% of certain public funds into bitcoin, but lawmakers scrapped the clause before passage.
- HB230 still protects citizens’ rights to self-custody crypto, mine Bitcoin, run blockchain nodes and participate in staking without state interference.
- The bill now awaits the signature of Governor Spencer Cox to become law as attention shifts to Arizona and Texas, where similar bitcoin reserve proposals are the closest to approval.
El Salvador continues bitcoin accumulation despite IMF pressure
El Salvador added 6 BTC on Sunday, bringing its total holdings to over 6,111 BTC ($489 million) despite its deal with the International Monetary Fund to limit further bitcoin acquisitions.
- The Central American country agreed to scale back public sector bitcoin activities in exchange for a $1.4 billion loan from the IMF, with the total package expected to be over $3.5 billion, but continues to accumulate the asset, according to El Salvador’s Bitcoin Office.
- President Nayib Bukele said last week that the country will not stop purchasing bitcoin. “If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.”
In the next 24 hours
- It’s quiet on the economic calendar front.
- EigenLayer is set to unlock 1.29 million EIGEN tokens worth $1.5 million, 0.53% of its circulating supply.
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Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
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