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Crypto

Trump bitcoin strategic reserve faces legal, jurisdiction hurdles

U.S. President Donald Trump’s plan for a strategic bitcoin reserve is facing legal and jurisdictional problems, The Block reported on July 6, citing Bloomberg News. The plan would be funded with bitcoin already held by the government from criminal and civil seizures and a separate digital-asset reserve. Bloomberg reported questions over whether the Treasury can legally manage the reserve and whether it could be held indefinitely given bitcoin’s volatility.

Crypto

Strategy sells 3,588 bitcoins to fund preferred dividend pool

Strategy sold 3,588 bitcoins for $216 million to secure funds for preferred share dividends and bolster its cash reserve. The sale reduced its bitcoin holdings to 843,775, Cointelegraph reported. An SEC filing said 1,363 bitcoins were sold early in the week at an average $59,256 and 2,225 later at an average $60,773. The company previously disclosed selling 32 bitcoins in early June and set a framework to sell bitcoin to pay dividends.

AI & Enterprise

Microsoft cuts 4,800 jobs, scales back Xbox unit and splits off four game studios

Microsoft is cutting 4,800 jobs and reducing staffing at its Xbox division by about 20 percent, CNBC reported on Sunday. The layoffs amount to 2.1 percent of the company’s workforce, and Microsoft said the restructuring is aimed at reducing costs during the transition to AI. Xbox CEO Asha Sharma told employees the unit plans to cut 3,200 roles by fiscal 2027. Microsoft will also separate four game studios.