Saylor Signals Fresh Bitcoin Buy at $11.7B Loss

Morgan Stanley Lets Clients Convert Crypto to ETF | Crypto Card Spend Crosses $9B

Marco Manoppo & Karon Pangestu
June 08, 2026

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Good Morning,

Strategy is signaling another bitcoin purchase this week at roughly $61,900, doubling down on a position already $11.7B underwater while reserves sit at $900M following last month's convertible note repurchase.

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In Today's Email:

What Matters: Saylor Signals Fresh Bitcoin Buy at $11.7B Loss 👀
Product of the Week: Morgan Stanley Lets Clients Convert Crypto to ETF 🔎
Charts: Zcash Drops 50%, Crypto Card Spend Crosses $9B Cumulative 📊

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Narratives: Underwater Accumulation

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WHAT MATTERS

Saylor Signals Fresh Bitcoin Buy at $11.7B Loss

State of play: Michael Saylor posted his customary "add more dots" BTC acquisition chart on Sunday, signaling a potential purchase this week while the firm sits $11.7B underwater on its 843,706 BTC position at an average cost of $75,699.

A confirmed buy this week would come roughly 20% below the $77,135 average at which Strategy sold 32 BTC on June 1, its first sale since 2022.
Strategy's USD reserve stood at $900M as of May 31, down from $2B after repurchasing $1.5B in convertible notes, limiting the scale of any potential buy.
The signal lands as bitcoin trades near $61,900 after 13 consecutive sessions of ETF net outflows, with $325.7M in redemptions resuming on June 5.
The post also precedes Strategy's June 8 annual meeting, where voting closes on a proposal to shift STRC dividend payments from monthly to twice monthly.

Why it matters: Saylor buying at $61K while $11.7B underwater shifts the read from momentum to conviction, and the market will decide whether that's discipline or denial.

Our take: The June 1 sale cracked the "never sell" narrative. A buy this week is reputation management as much as portfolio construction, and $900M in reserves caps how aggressive they can get.

For builders and investors: Strategy's constraint is capital access, not conviction. ATM issuance pace and preferred equity demand are the real signals to watch.

PRODUCT OF THE WEEK

Morgan Stanley Lets Clients Convert Crypto to ETF Shares

Morgan Stanley Wealth Management has partnered with Galaxy Digital to let eligible clients lend bitcoin and other crypto assets in exchange for in-kind spot crypto ETP shares, including the recently launched Morgan Stanley Bitcoin Trust.

The arrangement is structured as a referral partnership between Morgan Stanley Wealth Management and Galaxy Digital.
The Morgan Stanley Bitcoin Trust was the first crypto ETF to record zero net redemptions in its first month of trading.
The in-kind conversion structure lets clients gain regulated ETF exposure without a taxable sale event, a meaningful structural advantage over cash redemption alternatives.

Other cool products:

Ondo Perps launches june 9.
Sky launches 5.35% fixed yield.
Jupiter launches forecast markets.
Plume and EtherFi launch rwa vault.
KPK launched a fixed-rate ETH lending on Euler.
Superluminal launches auction-based perps dex.

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CHARTS OF THE WEEK

Zcash Drops 50% After Critical Bug Disclosure

State of play: Zcash shed over 50% to $310 after a critical counterfeiting vulnerability in its Orchard zero-knowledge proof circuit was disclosed, triggering $116M in liquidations, with the flaw undetected since May 2022.

The bug, found by researcher Taylor Hornby using an AI auditing framework powered by Claude Opus 4.8, would have allowed unlimited undetectable ZEC minting within the Orchard pool.
The flaw was patched via soft fork within days, but Zcash's privacy architecture makes it impossible to verify whether the exploit was used before remediation.
Arthur Hayes sold his entire ZEC position, citing the inability to formally prove no minting occurred as incompatible with Zcash's privacy narrative.
Shielded Labs is proposing a new shielded pool with turnstile accounting to verify supply integrity, pending community governance approval.

Our Take: The patch was fast, but it can never be proven the exploit wasn't used. For a protocol whose value proposition is cryptographic certainty, that's a structural ceiling, not a footnote.

Crypto Card Spend Crosses $9B Cumulative

Source: PaymentScan

State of play: Stablecoin neobank card programs have crossed $9B in cumulative spend and top-ups as of March 2026, with RedotPay alone accounting for roughly 65% of all-time volume, according to Paymentscan data.

Growth is heavily back-weighted, with the majority of volume concentrated in the last 12 months, reflecting accelerating consumer adoption of crypto-linked cards.
KAST ranks second with meaningful but distant share, followed by EtherFi, Plasma One, and a long tail of 16 other programs.
RedotPay's dominance signals winner-take-most dynamics in crypto card infrastructure, with no clear second-place challenger in sight.

Our take: $9B cumulative is a rounding error against Visa's $13T annual volume, and RedotPay's dominance will face its real test once Mastercard's stablecoin rails and crypto-overlay neobanks arrive in force.

QUICK BITES

Michael Saylor hints at fresh bitcoin buy.
Zcash selloff extends past 50% amid bug disclosure.
Morgan Stanley lets clients swap crypto for ETF Shares.
Galaxy drops CLARITY Act odds to 60% as time is running out.
Arthur Hayes dumps WLD days after Maelstrom’s AI IPO pitch.
Crypto tax proposals weighed ahead of Tuesday House hearing.

NOTEWORTHY READS & MEME

Bmoney’s read on Neobank 101.
Stacy’s read on Morpho’s Whitepaper.
DWF’s read on The Pre-IPO Gold Rush.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.