Sweden-based Bitcoin treasury firm B Treasury Capital AB issued its BTC PREF preference shares, with subscriptions reaching 52% and net proceeds of SEK 11.9 million. The shares are structured to pay a 10% annual cash dividend, but payments can be deferred and unpaid amounts do not accrue interest. The article compares the structure with U.S.-listed Strategy, which reports a reserve equal to 20.4 months of dividend coverage, while BTC AB has not disclosed its reserve balance, raising questions about dividend sustainability. The financing does not directly track prices of traditional listed equities, but offers a point of reference for similar listed structures such as Strategy.

The U.S. Securities and Exchange Commission on June 30 issued a public request for comment focused on so-called “novel” ETFs spanning crypto assets, commodity themes, single-stock strategies, high leverage, blockchain-related exposures, private assets and other approaches. The move is not an immediate ban, but the start of a regulatory review that could reshape how future ETF products are designed, how quickly they are approved, and what they must disclose. The request does not name specific stocks, commodities or indexes, instead framing the issue as a systemic look at structural innovation in the ETF wrapper.

Strategy（前MicroStrategy）上周通过增发271万股MSTR普通股募资3.355亿美元，其中约90%（3亿美元）转入美元现金储备，仅3490万美元用于买入520枚比特币。此举旨在支撑其暴跌至82.50美元的STRC永续优先股（面值100美元），该证券是其比特币收购主要融资工具。STRC持续折价削弱融资能力，迫使公司转向稀释性普通股融资，导致MSTR稀释股数升至3.886亿股，BTC Yield指标下滑，股价单周下跌2.7%。

On June 18, the Federal Reserve kept rates unchanged, but its dot plot shifted sharply hawkish, with 9 officials projecting at least one hike this year and the median year-end PCE inflation forecast rising to 3.6%. The US dollar index (DXY) climbed to a one-year high of 100.80 the same day. Separately, the US and Iran agreed to a 60-day MOU to ensure safe commercial passage through the Strait of Hormuz, sending Brent down to $79.85 a barrel, its lowest since the conflict began. The easing in oil markets, however, failed to offset the Fed’s tighter policy signal.

The article says the long-running link between bitcoin and swings in crude oil prices is fading. It argues that market drivers are shifting from commodity spillover effects to broader liquidity conditions. With macro liquidity pressure rising, liquidity is now described as the dominant source of selling pressure. The piece frames this as a qualitative change in pricing weightings that applies to high-beta crypto assets such as BTC, without citing specific policies, events, on-chain data, or quantitative indicators.

SpaceX shares surged more than 50% in their first week after the company priced its IPO at $135 and the stock traded above $222. The rally has been amplified by the release of only about 5% of shares for public trading, alongside retail speculation, leveraged perpetual futures and short liquidations that reinforced the move. SpaceX also announced a $60 billion acquisition of the AI coding tool Cursor, adding to a broader technology-platform narrative. The company’s roughly $3 trillion valuation now exceeds Amazon’s despite SpaceX not yet being profitable, leaving the move driven largely by momentum.

The article says Asia’s largest Bitcoin holder is looking to turn a sizable BTC stash into income, potentially through staking, lending or structured products. The move is aimed at boosting returns, but it would shift BTC from cold storage into a deployable state, increasing near-term on-chain liquidity and potential selling pressure. It also introduces new risks, including cascading collateral liquidations, counterparty credit exposure and a larger derivatives-driven short overhang. The entity’s holdings were not disclosed, but being described as Asia’s No. 1 suggests a scale that could influence short- to mid-term supply-demand dynamics.