Morning Minute is a daily newsletter by Tyler Warner. The analysis and opinions expressed are the author's and do not necessarily reflect those of Decrypt.

Today's top headlines: Crypto majors traded higher with HYPE leading gains at +5%, while BTC held at $63,800. Strategy sold $105 million in Bitcoin to fund repurchases of its STRC preferred stock. Solana's fee-burn and disinflation proposal went live for a vote. Pump Fun recorded its highest weekly revenue since March, and TokenWorks shared a controversial buyback update ahead of the FWA token launch.

Strategy Sells $105 Million in Bitcoin to Support Preferred Stock

Strategy sold 1,638 BTC for $104.7 million last week, according to an 8-K filing on Monday, reducing its holdings from 843,775 coins—the level maintained since early July—to 842,138 coins. The sale marks a notable departure for the company, which is the largest publicly traded corporate holder of Bitcoin and had exclusively accumulated BTC since beginning its treasury strategy in 2020. The Bitcoin was sold at an average price of $63,957, approximately $11,500 below the company's cost basis of $75,419 per coin, meaning Strategy realized a loss on the sale.

The company has not purchased any Bitcoin since June 22, marking its longest acquisition pause on record. Strategy also sold $291 million in MSTR shares during the same period.

Of the proceeds, $52.4 million was allocated to fund dividends on the company's preferred stock, while $52.3 million went toward an $81 million buyback of STRC preferred shares—its second such repurchase in two weeks under a $1 billion program. The remaining funds were directed to cash reserves, which now stand at $4 billion, equivalent to what the company describes as 2.3 years of runway.

STRC has traded below its $100 par value since mid-May. The decline in the preferred stock has placed pressure on the broader corporate structure, prompting Strategy to sell Bitcoin at a loss and dilute common shareholders through MSTR share sales in an effort to stabilize the preferred shares—a dynamic that underscores the tension between the company's Bitcoin-centric identity and its obligations to shareholders across multiple layers of its capital structure.

Saylor's Messaging Shift

Michael Saylor's public messaging has notably shifted from his earlier "never sell" stance. On August 3, Saylor addressed the topic on X (formerly Twitter):

When I say "Never Sell Your Bitcoin," I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet. Since 2020, it has disclosed it may buy or sell $BTC to manage capital. Our shared conviction in Bitcoin remains unchanged.

— Michael Saylor (@saylor) August 3, 2026

The clarification marks a departure from earlier statements, including Saylor's past remark: "Sell a kidney if you must. But keep the Bitcoin."

Bitcoin Shows Resilience Amid Negative News

Bitcoin absorbed a week of significant negative developments, including a $100 million-plus Coldcard hack and Strategy's own $100 million BTC sale, yet the price remained flat over the week. The muted price reaction comes against the backdrop of a 78-day negative streak on the Coinbase BTC Premium Index, suggesting that sustained selling pressure from major holders has been absorbed without triggering broader contagion.

Macro Crypto and Markets

Crypto majors traded in positive territory: BTC gained 2% to $63,800, ETH rose 2% to $1,870, SOL climbed 2% to $73.90, and HYPE led with a 5% increase to $55.50. Top alternative token movers included ATOM (+8%), PUMP (+6%), and AVAX (+6%). Oil held steady at $79.50, while gold rose 0.6% to $4,115. U.S. stock futures were green on new earnings beats, with the Dow up 0.7% and the Nasdaq up 0.9%.

Solana's fee-burn and disinflation proposals entered an initial vote on Monday. The paired proposals would double annual disinflation to 30%, reduce emissions by $1.36 billion over six years, and increase daily burns from 650 SOL (approximately $47,000) to 9,000 SOL (approximately $646,000). If approved, the changes would meaningfully alter SOL's circulating supply dynamics in a manner comparable to Ethereum's EIP-1559 fee-burn mechanism.

BlackRock launched tokenized money market funds on both Solana and Ethereum. The new vehicle for stablecoin reserves records ownership on-chain through Securitize while investing entirely in cash and short-term Treasurys. The move by the world's largest asset manager deepens the trend of traditional financial institutions deploying tokenized products across multiple blockchains.

The Coinbase BTC Premium Index recorded its longest-ever negative streak at 78 days, indicating a prolonged lack of buying pressure from U.S. retail investors.

Telegram was briefly removed from the Apple App Store, causing the GRAM token to sell off 10% before partially recovering to a 1% decline.

A former FBI counterintelligence agent was charged with stealing approximately $1 million in cryptocurrency from wallets tied to ongoing investigations. The agent reportedly consulted ChatGPT on how to invest the funds and relocate to Europe.

Corporate Treasuries and ETFs

Bitcoin ETFs recorded $170 million in net inflows on Monday, while ETH ETFs saw $12 million in outflows.

Tom Lee's BitMine purchased an additional 10,399 ETH, raising its total holdings to approximately 5.8 million ETH, equivalent to about 4.8% of the total supply. The company also repurchased 4.5 million of its own shares.

Meme Coin Tracker

Meme coin leaders traded higher: DOGE gained 2%, SHIB rose 4%, PEPE added 2%, PENGU was up 1%, TRUMP gained 2%, and BONK held steady, according to CoinMarketCap.

On the Robinhood chain, top performers included Cashcat (+43%), Tendies (+54%), and Frong (+25%). Stonkbroker rebounded 5% to a $40 million market cap.

Solana meme coin leaders included DOOM (+130x), Tiktok (+115x), and OnlyMarms (+440%). CATE experienced a significant sell-off, falling from $80 million to $10 million before ending the day down 30% at a $30 million market cap.

Token, Airdrop, and Protocol Tracker

The Fomo app entered the top 10 U.S. finance apps on Apple's App Store, posting its strongest week to date with $378 million in trading volume, over $2 million in fees, and an average of 34,000 daily traders.

Robinhood Chain's total value locked surpassed $400 million for the first time on Monday.

Pump Fun's weekly revenue reached $9.23 million, its highest level since March 2026, as the PUMP token gained 6%.

POAP announced it is winding down operations after five years, citing difficulties in maintaining profitability without compromising its core ethos. The protocol, which popularized blockchain-based proof-of-attendance badges for events, was once widely adopted across the Ethereum ecosystem.

NFT Market Update

NFT leaders were mostly green: CryptoPunks held at 32.3 ETH, BAYC rose 3% to 8.41 ETH, and Pudgy gained 1% to 3.88 ETH. Stonkbrokers declined 7% to 6.4 ETH.

Top movers included Pitboys (+43%), Cashcats (+50%), and Zaibatsu (+540%).

TokenWorks announced an 80% buyback program for the FWA token using platform fees, effective once the token begins trading today at 3 p.m. ET. Ten percent of existing fees will be allocated to build a team treasury, and platform fees will be reduced.