Morning Minute is a day by day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Right this moment’s high information:
Crypto majors fall 1-3%; BTC at $90,600
The CFTC to pilot tokenized collateral with BTC, ETH & USDC used as collateral
Saylor ($963M) and Tom Lee ($429M) each purchase huge final week
BlackRock recordsdata S-1 for ETH staking ETF ‘ETHB’
Stripe rolls out stablecoin funds throughout EVM networks
💰 Saylor and Tom Lee Go Large on Bitcoin and Ethereum
Two of the largest names in crypto investing purchased huge final week.
And proved that they nonetheless have the power to boost capital throughout market downturns.
📌 What Occurred
Each Michael Saylor and Tom Lee quietly loaded up final week.
First, Saylor’s Technique added $963M in BTC (10,624 BTC to be precise) to its stability sheet, marking certainly one of its largest buys for the reason that summer time.
That complete is greater than the whole quantity of BTC purchased by Saylor over the previous 3 months.
Then got here Tom Lee, whose agency BitMine boosted its Ethereum holdings to $12B by buying one other $429M in ETH (138,452 ETH to be precise).
Maybe most notable, BitMine added to its money place throughout the week as effectively, now holding $1B in money (up from $800M).
🗣️ What They’re Saying
“BitMine supplied its newest holdings replace for Dec eighth, 2025: $13.2 billion in complete crypto + “moonshots”: -3,864,951 ETH at $3,139 per ETH
– 192 Bitcoin (BTC)
– $36 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
– complete money of $1.0 billion.” – BitMNR on X
“MSTR raised $1B in a single week, the identical quantity it took them 4 months to boost in 2020. The exponential pattern continues” – James Van Straten, Coindesk analyst, on X
🧠 Why It Issues
There was a whole lot of concern in regards to the DAT commerce unwinding, and neither Saylor nor Tom Lee have been spared from that dialog.
The warmth turned up much more just lately when it was broadly speculated that Technique would begin to promote BTC if and when its mNAV dipped beneath 1.
Nicely, it received very near 1 on this newest downturn – and he’s not promoting.
The truth is, the other. He’s shopping for and in huge dimension.
It’s relieving for the MSTR bulls on the market and confidence-building for these involved about how Saylor would act on this downturn.
However what’s extra notable, particularly from a near-term buying and selling perspective, is Tom Lee’s capacity to boost capital throughout this ETH downturn.
BMNR inventory dipped over 60% from native highs, and but, the staff has been in a position to hold slamming its ATM and elevating money.
This has enabled Tom to purchase a ton of ETH and develop his money pile.
And for perspective, his $429M purchase is about 2x the dimensions of Saylor’s $1B purchase in market cap perspective (BTC is 5x ETH in market cap).
The ETH / BTC ratio is up 4% on the month now and looking out prefer it’s prepared to interrupt out of a 3-month downturn.
That issues as a result of ETH breaking out usually means some type of “alt season” rally towards Bitcoin the place a number of tokens see comparatively giant beneficial properties in a brief interval.
The truth that Tom remains to be sitting on $1B in money (and is motivated to decrease his common buy worth from $4k/ETH on this dip) means that he’s prone to stay a heavy purchaser – which is sweet for ETH, and maybe, for alts.
Tom Lee and crew could ship the Santa Rally that crypto bulls are hoping for…
🌎 Macro Crypto and Memes
A couple of Crypto and Web3 headlines that caught my eye:
Crypto majors are barely crimson; BTC -1% at $90,600; ETH even at $3,130, BNB -2% at $888, SOL -3% at $133
ZEC (+11%), ADA (+3%) and DASH (+3%) led high movers
The CFTC will pilot tokenized collateral with Bitcoin, Ethereum, and USDC, permitting tokenized variations of crypto and stablecoins for use as collateral in derivatives markets.
BlackRock filed an S-1 for its new ETH staking ETF ‘ETHB’ which is able to monitor the returns of spot ETH and likewise add rewards from the portion of their staked ETH holdings
Tether invested in Italian humanoid-robotics startup Generative Bionics
The variety of Bitcoin wallets holding greater than 0.1 BTC has dropped during the last two years
The SEC concluded its investigation into Ondo Finance with no expenses filed
PayPal’s stablecoin PYUSD noticed a 224% surge in circulating provide during the last three months
The U.Ok. authorities unveiled a brand new anti-corruption technique geared toward crypto-related crime
Stripe rolled out stablecoin funds settled in USD throughout Ethereum, Base & Polygon
In Company Treasuries / ETFs
Saylor’s Technique purchased 10,624 BTC (~$962.7M) final week at a ~$90,615 common
Tom Lee’s BMNR purchased $429M in ETH final week and upped their money holdings to $1B
In Memes / Onchain Movers
Memecoin leaders are blended and largely flat; DOGE -1%, Shiba +1%, PEPE -2%, PENGU +1%, BONK +1%, TRUMP -1%, SPX -8%, and FARTCOIN -7%
Franklin (+40%), 67 (+23%) and Kabuto (+54%) led notable movers
Avici fell 25% after sharing newest income numbers
💰 Token, Airdrop & Protocol Tracker
Right here’s a rundown of main token, protocol and airdrop information from the day:
XGames teased a Rekt Drinks partnership and rocked a Rektguy PFP on X
Farcaster shifted from a social platform to wallets and buying and selling after cofounder Dan Romero mentioned the social community by no means discovered pmf
Steady, a stablecoin chain backed by Bitfinex & powered by UDDT, launched its mainnet and STABLE token yesterday, debuting at $1.6B fdv ($300M mc)
MegaETH introduced that Frontier will go reside subsequent week for builders
Talus Labs’ US token will go reside on Binance Alpha on Dec 11
Myriad’s CEO posted a MYR token replace clarifying the RUG snapshot dealing with, a DCM license pursuit for US operations, MYR use instances & timing selections
🚚 What is going on in NFTs?
Right here is the checklist of different notable headlines from the day in NFTs:
NFT leaders had been largely flat; Punks even at 30 ETH, Pudgy -1% at 5.31, BAYC -3% at 5.5 ETH; Hypurr’s -12% at 450 HYPE
Beeple’s ‘Common Animals’ fell 30% to a 7.5 ETH flooring
Fwogstr launched as the most recent Technique token, sits at $300k mc; FWOGS NFTs fell 43% to 0.124 ETH
Mocaverse introduced a repute platform reside on MocaChain testnet
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