Crypto

Strategy sells 1,638 bitcoin; CEO says it is only preparing for a bear market

Strategy sold 1,638 bitcoin and its CEO said the move was capital structure management to prepare for a bear market, not a pullback from its long-term accumulation policy. In an interview, he said bitcoin is in a bearish cycle influenced partly by the macroeconomic environment. The company sold bitcoin for about $104.7 million and bought back STRC preferred shares for about $81.2 million. Strategy’s shares are down about 40 percent this year.

Crypto

U.S. CLARITY Act splits Democrats; Coinbase sees high chance of passage

Some Democrats remain opposed to the U.S. digital asset regulation bill known as the CLARITY Act, but Coinbase’s chief policy officer says the measure is likely to pass Congress. He said understanding of the bill’s purpose is growing among younger Democratic lawmakers and described crypto as a highly bipartisan issue in Washington. Congress is reviewing the latest draft, including ethics provisions. Some Democrats still say the bill remains inadequate.