Good morning everybody.
Happy birthday to my dad!
I think he’s 67. The only thing I wish was 67 today was Bitcoin. Unfortunately, it’s still hanging around $64,000.
Let’s get into the news.
Strategy Raises Another $163 Million Without Buying More Bitcoin
Strategy raised approximately $163 million through sales of MSTR common stock between July 13 and July 19, but didn’t purchase or sell a single Bitcoin during that period.
The company still holds 843,775 Bitcoin, acquired for roughly $63.69 billion at an average purchase price of $75,476 per Bitcoin. The latest stock sale increased Strategy’s cash reserves from approximately $3 billion to $3.225 billion.
Matt questioned what this means for the company’s long-term strategy.
Strategy has been raising cash to maintain the liquidity needed to pay dividends while continuing to hold its Bitcoin rather than selling it. If Bitcoin stays below the company’s average purchase price for an extended period, Matt wondered what the long-term exit strategy looks like and whether continually issuing more stock is sustainable.
Bitcoin Treasury Companies Continue to Multiply
TD Cowen lowered its price target on the UK’s Smarter Web Company from £1 to 64 pence, while maintaining a Buy rating.
The revised target still represents roughly 123% upside from the company’s current share price. Analysts cited updated Bitcoin assumptions, treasury activity, and expected dilution. Smarter Web currently holds 2,878 Bitcoin and remains one of the UK’s largest public Bitcoin treasury companies.
Meanwhile, Capital B, Europe’s second-largest Bitcoin treasury company, approved a 10-for-1 reverse stock split to make its shares more attractive to institutional investors. The company currently holds 3,139 Bitcoin, trailing Germany’s Bitcoin Group SE.
Regulators Miss the GENIUS Act Deadline
Federal regulators have officially missed the GENIUS Act’s one-year deadline to finalize stablecoin regulations.
The Treasury Department, Federal Reserve, OCC, FDIC, NCUA, and several other agencies still have major rule packages left unfinished. While the missed deadline does not delay implementation of the law, stablecoin issuers now face a compressed timeline before the law takes effect on January 18, 2027.
Key rules covering customer identification, anti-money laundering, reserves, custody, sanctions, capital requirements, and liquidity are still pending.
France Blocks Polymarket
France’s gambling regulator ordered internet service providers to block access to Polymarket, arguing that the platform operates as unauthorized gambling.
Officials cited concerns including addictive product design, insufficient consumer protections, and allegations of market manipulation involving weather markets. According to Cointelegraph, Polymarket is now geo-blocked in 36 regions.
Matt argued that governments ultimately want these markets regulated under their own systems, but he also acknowledged that prediction markets can be manipulated.
He pointed to research he previously published showing how coordinated wallets could influence betting odds in smaller congressional races by spreading funds across multiple accounts to create the appearance of market momentum.
South Korea Reviews Upbit Hack
South Korea’s Financial Supervisory Service has opened formal sanction proceedings involving Dunamu, the operator of Upbit, following the exchange’s $36 million hack in November 2025.
Upbit says it reimbursed affected users, froze approximately $1.5 million in stolen funds, rebuilt portions of its wallet infrastructure, and developed improved on-chain tracing tools after the attack.
Zilliqa Investigates Suspected Cold Wallet Theft
Zilliqa announced it is investigating a suspected cold wallet theft involving one of its exchange partners and asked exchanges to temporarily pause ZIL deposits and withdrawals.
The project has not disclosed the amount stolen or identified the affected exchange.
Matt reflected on Zilliqa’s early promise during the 2017-2018 bull market, when it attracted attention for pioneering sharding technology. Despite that early excitement, the token now trades roughly 99% below its all-time high.
Crypto Prices
Bitcoin: $64,636
Ethereum: $1,875
Tether: #3
BNB: $568
USDC: #5
XRP: $1.09
Solana: $76.77
TRON: $0.325
Hyperliquid: $61.03
Dogecoin: $0.072
Total Market Cap: $2.2 trillion
Fear & Greed Index: 35 (Fear)
RSI: 47
My Take
The story that caught my attention today wasn’t Bitcoin’s price. It was Strategy’s financing.
The company has now built a substantial cash reserve without buying additional Bitcoin, largely to maintain enough liquidity to meet its dividend obligations. I understand why they’re doing it, but it raises an important question. If Bitcoin doesn’t recover above Strategy’s average purchase price for an extended period, how does this model continue without eventually selling Bitcoin or issuing even more stock?
It’s a question worth asking, and one I’ll be watching closely.