After US trading hours today, Michael Saylor’s Strategy announced they will be launching a new ticker, STRD. This new investment vehicle is a “perpetual preferred stock offering” and promises to deliver 10% in dividends every year, open to institutional investors and a select few non-institutions. The proceeds from the sale of STRD will go to fund more BTC purchasing operations, a model which has become quite the trend among companies struggling to make it on their existing businesses. With all the copy cats popping up, it seems Saylor is looking to make a statement of Stategy’s “bluechip” status among the imitators.

It also seems the sentiment is flipping hard for Ethereum, which has shown relative strength through the dump on Bitcoin and the alt market over the last week. Last week, co-founder Vitalik Buterin said at ETHGlobal Prague that he aims to scale the Layer 1 by a factor of 10x over the next year. Simple messaging like this may not sound like much, but it’s a huge pivot from the complex (and frankly tone-deaf) public relations that the Ethereum Foundation conducted until now. You may not know it by looking at the price chart, but the Ethereum ecosystem has actually done quite well over the last two years. About 90% of all total-value-locked (TVL) is on Ethereum or its L2’s, massive TradFi institutions are actively building their own L2 networks, and Ethereum mainnet alone houses almost 60% of all tokenized Real World Assets (RWAs). All it takes is the right messaging, and it seems the Ethereum Foundation is finally headed in the right direction on that front.

Gwart is back with another banger after infamous trader James Wynn complains his liquidations on 40x leverage are due to the “cabal” hunting him.

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Ethereum should scale by 10x over the next year: Vitalik Buterin

• The MicroStrategy playbook: The good, bad and ugly

Alt Coins and Stocks

• Another Bitcoin buyer? Nasdaq-listed Reitar Logtech plans $1.5 Billion BTC purchase

• Stablecoin giant circle bullish on IPO demand, boosts offering with $7.2 Billion valuation

Regulatory

• What the SEC’s staking ETF objection means for other proposals

Random

• $302 million lost to crypto scams, hacks and exploits in May: CertiK