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Crypto

Kraken starts forced sale of 7 delisted tokens, warns proceeds could be zero if liquidity thin

Global cryptocurrency exchange Kraken has begun automatically selling remaining user holdings in seven delisted tokens after users can no longer withdraw or dispose of them. The sales run from Aug. 3 to Aug. 7 local time and cover PLANCK, AIR, MICHI, FLY, ANLOG, TERM and STRD. Kraken warned some assets trade in limited markets or are effectively inactive, so sales may execute far below displayed prices and could yield little or no proceeds. It did not disclose execution venues, order, fees or spreads.

Crypto

MSTR falls more than bitcoin as Strategy revises capital raise threshold

Strategy has simplified its mNAV formula, a key metric used to decide on new share issuance, and fixed the threshold for resuming issuance at 1.0x. The change comes as MSTR shares have fallen more than bitcoin this year, weighing on investor confidence. CEO Phong Le said the 1.0x standard is the simplest and most transparent way to bring back stock issuance. Strategy said the revised metric reflects senior securities, separates in- and out-of-the-money convertibles, and aims for value-accretive issuance.

Crypto

Strategy sells more MSTR shares, bitcoin holdings unchanged

Strategy sold 2,732,318 shares of MSTR common stock, raising net proceeds of $263.5 million and increasing its dollar reserve to $3.225 billion. The company sold no bitcoin from July 13 to 19, Decrypt reported. The funds were raised through an at-the-market program and added to a dedicated dollar reserve used for dividends and debt repayment. Michael Saylor said the company held 843,775 BTC and $3.2 billion in its dollar reserve as of July 19.