The Blockchain Bulletin June 4: Strategy Sells Shares to Buy More BTC
Hey folks, welcome to our latest edition of the Blockchain Bulletin, where we uncover and unravel our latest insights in the past 24 hours.
Strategy, the investment firm already known for aggressive Bitcoin acquisitions, has unveiled a new financing strategy. Just days after acquiring 705 BTC on June 2, the company revealed plans to sell 2.5 million Series A Stride (STRD) Preferred Shares at $100 each, aiming to raise $250 million, with a motive to buy additional bitcoin to its treasury. The capital raised will primarily fund additional Bitcoin purchases and corporate operations.
While Strategy seeks to deepen its Bitcoin reserves, policymakers in South Korea are setting the stage for a regulatory overhaul that could propel crypto adoption on a national scale. In the presidential election held on June 3, crypto reform has emerged as a central campaign theme. Both leading candidates, Kim Moon-soo of the People Power Party and Lee Jae-myung of the Democratic Party, support policies aimed at institutionalizing digital assets. Lee, speaking on May 6, committed to legalizing spot crypto ETFs and enabling the $884 billion National Pension Service to invest in digital assets.
Meanwhile, Ripple has secured a critical win in the Middle East with regulatory approval of its RLUSD stablecoin in the Dubai International Financial Centre (DIFC). The Dubai Financial Services Authority (DFSA) officially greenlit the enterprise-grade stablecoin, which is backed 1:1 with U.S. dollars and built to meet high regulatory and operational standards. Ripple’s SVP of Stablecoins, Jack McDonald, emphasized the product’s design around trust and transparency, which includes segregated reserves and independent audits. This approval allows RLUSD to be integrated into Ripple’s licensed payment platform at DIFC, advancing its goal to facilitate fast, low-cost, cross-border payments for businesses.
Across the Pacific, the U.S. crypto regulatory scene continues to evolve. Trump Media & Technology Group is moving to launch a spot Bitcoin ETF through a new product called the “Truth Social Bitcoin ETF,” created in partnership with Yorkville America Digital and Crypto.com. A filing was submitted by NYSE Arca requesting a rule change to list the fund, building on the momentum from 2023 when the SEC approved 11 Bitcoin ETFs.
Elsewhere, Australia has started to clamp down on crypto-related financial crime. AUSTRAC, the financial watchdog, has recently promulgated regulations placing a cap of 5,000 AUD ($3,250) on cash deposit or withdrawal transactions at crypto ATMs owing to a sharp spike in fraud reports. The loss in excess of $3 million across 150 scams at these kiosks between January 2024 and January 2025, as reported by the Australian Cyber Security Centre, gave regulators no choice but to take a firm stance.
On a geopolitical level, U.S. Senator Cynthia Lummis recently stated that some military officials are supporting the idea of establishing a national Bitcoin reserve. In an interview with Bloomberg on June 3, she cited unnamed generals in Southeast Asia who believe that BTC could serve as a strategic buffer in ongoing economic tensions with China, positioning it as a tool for future national resilience.
Finally, with a $200 million cash deal, Robinhood has come into ownership of Bitstamp, pushing the company into big-time investment in crypto markets. The exchange, based in Luxembourg, gives Robinhood over 50 licenses and an extensive institutional client base, which will bolster Robinhood’s regulatory footprint in Europe, the U.K., and Asia. The company recently announced on June 2 that it had consummated the transaction under the terms initially announced in June 2024.
Market Overview
According to CoinMarketCap, Bitcoin, priced at $105,511.83, has grown by an astonishing 52.53% over the course of the past year. With a market capitalization of $2.09 trillion and a circulating supply of 19.87 million BTCs, the asset approaches its maximum issuance of 21 million. Despite a drop in 24-hour trading volumes to $43.48 billion, the long-term momentum still leans toward bullish. Starting from the synthesis of late 2024, the chart emphasizes that Bitcoin has rushed ahead with strong gains, solidifying its commanding position in the crypto space.
