Bitcoin Holds $65K as MSTR Raises $263M, COIN Climbs

Bitcoin ($BTC) traded +0.86% to $65,438.98 as escalating US-Iran hostilities curbed broader risk appetite, though 24-hour trading volume increased 92%. $BTC held the $65,000 area through most of the session, reaching a two-month high. Ethereum ($ETH) gained +1.51% to $1,909.75, while $XRP rose +1.30% to $1.11 and Solana ($SOL) advanced +1.27% to $77.93. Dogecoin ($DOGE) declined -0.70% to $0.07226 as leading cryptocurrencies traded mixed amid geopolitical tensions.

Strategy ($MSTR) raised $263 million by selling common stock (equity issuance) last week without selling bitcoin from its treasury holdings, causing the stock to rise. Michael Saylor of $MSTR argued that corporate adoption of Bitcoin is both necessary and inevitable, linking the long-term success of Bitcoin as a global currency to deeper engagement from corporations. Coinbase Global ($COIN) closed at $160.43, marking a +2.11% gain while the broader market declined. CEO Brian Armstrong has been pushing aggressively for passage of the Digital Asset Market Clarity Act in Congress, though the legislation seeks to establish clearer regulatory frameworks. In Europe, Sweden's BTC AB listed Europe's first Bitcoin-backed preferred stock paying 10%, though nearly half the offering went unsold.

Morgan Stanley's E*TRADE rolled out crypto trading, allowing users to trade $BTC, $ETH, and $SOL, marking expanded institutional access to digital assets. Robinhood Markets ($HOOD) received a price target increase from Bernstein to $160 from $130, maintaining its Outperform rating, with the firm betting the brokerage is positioned to benefit from a broader shift in retail trading behavior. Bernstein indicated it expects Robinhood's prediction market offering will eventually overtake crypto in revenue contribution. Crypto trader Brian Jung reported turning an $80,000 position into $1.25 million during the rally in Robinhood-linked meme coin Cash Cat, attributing the gain to disciplined research rather than luck. $HOOD is scheduled to report second-quarter earnings on July 29.

U.S. regulators missed the stablecoin rulemaking deadline under the GENIUS Act, creating legislative confusion impacting issuers including Tether and Circle. The Digital Asset Market Clarity Act remains stalled in Congress despite aggressive lobbying from industry figures including Coinbase's Brian Armstrong. The regulatory delays come as the stablecoin market continues to evolve without clear federal frameworks, leaving issuers operating under fragmented state-level and existing financial regulations. The missed deadline adds to broader uncertainty around comprehensive crypto legislation in the United States.

Bitcoin mining stocks including CleanSpark climbed as $BTC hit a two-month high, with positive momentum lifting crypto-linked and AI infrastructure names. Tom Lee's Bitmine slowed its Ethereum purchase pace and pivoted $86 million into a stock buyback program, with Lee stating in a statement that "the reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares." The shift represents a strategic allocation change from direct crypto accumulation to equity buybacks as the firm adjusts its capital deployment strategy. Despite institutional adoption rhetoric intensifying, one report noted Bitcoin has declined 50% from recent peaks, adding pressure from Strategy's equity sale and stalled U.S. crypto legislation.