Strategy's STRC stablecoin has been trading below its peg since May, now under $100, with buying pressure drying up. The depeg could trigger forced selling of Bitcoin, the asset backing the token. Michael Saylor tweeted on June 19 that markets are closed and volatility is hard, but 'Bitcoin keeps working,' while an old video resurfaced of him claiming he built parts of the mechanism with ChatGPT.
Microsoft warns of clipboard-swapping Trojan
Microsoft Threat Intelligence issued a warning about a crypto clipper campaign active since February 2026. The malware, dubbed Trojan:Win32/CryptoBandits.A, swaps wallet addresses in the clipboard, spreads via malicious .lnk files on USB drives, and uses Tor communications. Users should avoid plugging unknown USB drives and double-check withdrawal addresses.
Cheapest ETF fees yet
Morgan Stanley updated its spot Ethereum and Solana ETF filings with a 0.14% fee, making it the cheapest offering so far. Franklin Templeton also filed for new products that convert stock dividends into Bitcoin, targeting up to 20% exposure, with a planned September 2026 launch. The fee war could pressure other issuers to cut costs.
Kalshi eyes $22B public listing
Prediction market platform Kalshi is preparing to go public at a $22 billion valuation. The company raised $1 billion in a Series F round led by Coatue, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest. The IPO would be one of the biggest crypto-adjacent listings this year.
Geopolitical backdrop
Iran suspended peace talks with the US less than 24 hours after signing a memorandum, blaming strikes on Lebanon. The Pentagon requested $80 billion to cover Iran war costs. The uncertainty could weigh on risk assets, including crypto.
Franklin Templeton's Bitcoin dividend product is scheduled for September, while the STRC peg situation remains unresolved. Whether forced selling materializes will depend on whether buying pressure returns.
