Happy Wednesday!

Peter Schiff is attacking Michael Saylor again: ‘when will you sell?’, Schiff asked. Saylor had no answer, but Strategy’s actions speak for themselves…

SpaceX is about to be a record-breaking IPO and that matters for Bitcoin as well. It will become the biggest public company to hold BTC on its balance sheet.

Plus, join Direxion on June 11 at 11:00 AM ET to discuss the market’s biggest themes shaping retail trading, including precious metals, crypto, and the ongoing momentum in technology and semiconductor stocks. Hosted on Benzinga’s platform, this live bootcamp will explore how active traders are navigating volatility, macro trends, and sector-driven opportunities using ETFs.

TOP STORY

'What Will You Sell Next?' Peter Schiff Fires At Michael Saylor After Strategy's $1.5B Debt Repurchase

Peter Schiff is asking the question Strategy bulls don't want to hear: "You're running out of cash. What will you sell next?"

The attack came after Strategy completed a $1.5 billion debt repurchase at an 8% discount — a move the company framed as generating a $333 million dollar gain and 4,391 Bitcoin gain while cutting convertible notes from $8.2 billion to $6.7 billion.

Strategy simultaneously issued $2 billion in STRC preferred stock and $84 million in common stock to buy another 24,869 Bitcoin $BTC, leaving the company with 843,738 BTC and just $871 million in cash reserves.

Schiff's read: the debt buyback masked a liquidity squeeze, not financial strength — and with gold and silver miners outperforming on the day, he called Bitcoin's current price action a structural top, not a dip.

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Crypto, Gold & AI Mania: Where Traders See Opportunity

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Benzinga’s Gianni Di Poce will be joined by Direxion’s Ed Egilinsky for a dynamic conversation covering gold and silver trends, the evolving crypto landscape, AI-driven semiconductor momentum, and broader tech sector opportunities. Attendees will gain insights into current market narratives, trader sentiment, and tactical ways investors are positioning around today’s most closely watched sectors.

The bootcamp will take place live on June 11 at 11:00 AM ET on Benzinga.com.

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QUICK N DIRTY

XRP has not meaningfully moved in a while and is staying glued to the $1.30 level like its life depends on it. What is going on with XRP?

Bitcoin ETFs have not been interested over the past weeks, at least not in buying. What is driving the current tidal wave of net outflows?

Donald Trump has commented on prediction markets and — surprise surprise — slammed Democrats for criticizing them. Here’s what else he had to say.

FINTECH FOCUS

SpaceX To Overtake MSTR, TSLA, COIN As Largest Public Company Holding Bitcoin

SpaceX will become the largest diversified public company holding Bitcoin $BTC when it lists on June 12 — its 18,712 coins worth roughly $1.4 billion will leapfrog Tesla, Coinbase, and Block, though at just 0.1% of its $1.75 trillion expected market cap it's a portfolio hedge, not a thesis.

That's the key distinction Grayscale draws: Strategy holds 843,738 BTC representing over 80% of its market value — a pure-play Digital Asset Treasury 45 times larger than SpaceX's position—while diversified businesses treat Bitcoin as a small line item beside real operating revenue.

At least 100 publicly traded companies now hold Bitcoin collectively topping 1.24 million coins and over 5% of total supply, and Grayscale expects more to follow.

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