Deep analysis of institutional 13F filing activity and smart money moves
80 insights
Strategy's preferred stock STRC, designed to trade at $100 par and fund Bitcoin purchases through an 11.5% dividend yield, crashed to a record low of $83 on June 19 — breaking par for the first time since its July 2025 debut. The 17% discount, driven by Bitcoin's decline from $126K to $63K and a depleted cash reserve, threatens Strategy's ability to raise capital for the world's largest corporate Bitcoin treasury as its dollar reserve covers just 6 months of dividends vs the planned 24.
The SEC approved the T. Rowe Price Active Crypto ETF on June 12 — the first actively managed, multi-asset crypto ETF from a major traditional asset manager. The fund can hold up to 15 cryptocurrencies including BTC, ETH, XRP, SOL, and DOGE, with USDC approved for operational use.
The SEC formally proposed rescinding Regulation NMS Rules 611 and 610(e) on June 11, removing the biggest structural barrier to tokenized U.S. equities trading on-chain. Galaxy Digital's Alex Thorn: 'An AMM cannot comply with 611 by construction.'
Q1 2026 13F filings show the largest structural divergence in Bitcoin ETF ownership since launch: hedge funds slashed exposure by 39% (-31,400 BTC) while major U.S. banks added 7,800 BTC. Wells Fargo (+4,000 BTC), JPMorgan (+3,000 BTC), and Citi (first-ever entry, 97 BTC) led bank buying as Jane Street cut 70% and Morgan Stanley sold its entire position ahead of launching its own MSBT ETF.
Bitwise, 21Shares, and Grayscale launched the first-ever spot ETFs tracking a DeFi protocol token (HYPE), collectively attracting $160M in net inflows since mid-May — while Bitcoin ETFs suffered a record 13-day, $4.4B outflow streak. Zero HYPE ETF outflow days recorded.
The combined market cap of public Bitcoin treasury companies collapsed from $134 billion to $72 billion during the June 2026 crypto rout, with MicroStrategy (Strategy Inc.) shedding 55% of its valuation. The company sold 32 BTC for $2.5 million to fund preferred stock dividends — its first Bitcoin sale since 2022 — breaking the absolute HODL commitment that underpinned the bull case. With all 843,706 BTC now underwater at an average cost basis of $75,699 vs. Bitcoin near $60,000, short sellers led by Kynikos Associates are targeting the leveraged flywheel model as STRC preferred stock de-anchors below par.
CoinShares analysis of SEC 13F filings reveals professional investors cut Bitcoin ETF holdings 17% in Q1 2026 (313K → 261K BTC). Hedge funds led the exit (-39%), while banks doubled exposure (+7,800 BTC) — a divergence that signals conviction among long-term allocators even as tactical traders fled.
The ETF redemption wave that began with Bitcoin has spread across the entire crypto ETF complex. For the first time, U.S. spot Bitcoin, Ethereum, Solana, and XRP ETFs all posted net outflows on the same day, extending Bitcoin's record streak to 13 consecutive sessions with $4.37 billion pulled. Total Bitcoin ETF AUM has collapsed from $104.29 billion to $82.83 billion in under three weeks. Hyperliquid's HYPE funds stood alone as the only crypto ETF category still attracting capital.
U.S. spot Bitcoin ETFs posted their largest and longest withdrawal streak on record, with $3.45 billion pulled across 11 consecutive sessions ending June 2. Bitcoin plunged below $66,000 for the first time since April as institutional capital rotated into an AI-driven equities rally pushing global stocks to all-time highs.
U.S. spot Bitcoin ETFs posted their largest and longest withdrawal streak on record, with $3.45 billion pulled across 11 consecutive sessions ending June 2. Bitcoin plunged below $66,000 for the first time since April as institutional capital rotated into an AI-driven equities rally pushing global stocks to all-time highs.
A single investor dumped 29.21 million shares of BlackRock's IBIT at a 2.3% discount on May 26, paying $29.5M in execution costs. NYDIG analysis rejects the basis-trade theory, citing no corresponding spike in CME futures volume. The position exceeded every disclosed IBIT holder in recent 13F filings.
The CFTC approved Kalshi to list BTCPERP, the first-ever regulated bitcoin perpetual futures contract in the United States, and issued guidance allowing Coinbase Financial Markets to offer perps to U.S. clients through its Bermuda entity. The move ends years of regulatory ambiguity that pushed over $50B in daily perp volume offshore.
Strategy filed an 8-K on May 15 to repurchase $1.5 billion in 2029 convertible notes for ~$1.38 billion — its first major deleveraging move. The filing explicitly lists 'sale of Bitcoin' as a potential funding source, with prediction markets now pricing a 90% chance Strategy sells BTC before year-end, up from 12% a month ago.
U.S. spot Bitcoin ETFs recorded nine consecutive trading days of net outflows — the longest streak since the funds launched in January 2024 — with investors pulling roughly $2.8 billion over the period. Bitcoin has fallen from roughly $80,000 to $73,000 during the streak.
SpaceX's S-1 filing with the SEC discloses 18,712 bitcoin on its balance sheet at $1.45B fair value, purchased for just $661M. The company targets a $1.75T valuation in what could be the largest IPO in history.
Sen. Elizabeth Warren sent a formal letter to OCC Comptroller Jonathan Gould arguing that nine national trust bank charters issued to crypto firms—including Coinbase, Circle, Ripple, Fidelity, and BitGo—violate the National Bank Act and pose 'serious risks' to the U.S. banking system.
Billionaire investor Bill Ackman announced Friday that Pershing Square has built a new position in Microsoft starting in February, arguing the company's massive AI investments aren't reflected in its slumping share price. The stake will be disclosed in regulatory filings later today.
U.S. spot Bitcoin ETFs recorded $630.4M in net outflows on May 13, the worst single day since January 29's $817.8M exit. BlackRock's IBIT led with $284.7M in redemptions. The outflows snapped a five-week inflow streak that had pulled in $3.8B, driven by back-to-back hot CPI (3.8%) and PPI (6%) prints that shifted Fed rate expectations.
Charles Schwab has begun rolling out spot BTC and ETH trading to retail customers via Schwab Crypto, its dedicated crypto platform. An initial cohort of waitlisted clients now has access, with broader expansion planned over coming months.
The Depository Trust & Clearing Corporation—which processed $4.7 quadrillion in securities transactions in 2025—announced it will integrate Chainlink's Runtime Environment into its Collateral AppChain platform, enabling near real-time, 24/7 collateral management across global markets and blockchains. The platform is expected to go live in Q4 2026.