Happy Thursday!

Bitcoin has crashed badly, hitting as low as $61,000 overnight. But according to Standard Chartered, at this level, the bottom is almost in. Here’s why.

BitMine is looking to raise money in a similar manner to Michael Saylor’s Strategy. Guess who’s not impressed? Peter Schiff.

Plus, one company just beat earnings by $100M. One launched megawatt-scale energy infrastructure where the grid can't reach. One approved a $2B buyback after blowing past Q1 expectations. Get the news, tickers and catalysts first via Benzinga Pro.

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TOP STORY

Bitcoin Crashes 4% But At $63,000 The Bottom Is 'Almost In': Standard Chartered

Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick says the bottom is "almost in," calling $63,000 the buying zone.

The call is a direct reversal of his February 12 note warning of "final capitulation" and a $50,000 near-term target, and the variable that changed his mind is spot ETF holdings: instead of capitulating, holdings went from 682,000 BTC to a peak and settled at roughly 674,000 — broadly flat.

"This tells me that ETF holdings are more structurally strong than I had feared in February," Kendrick wrote.

He's keeping his $100,000 year-end Bitcoin target and $4,000 Ethereum target intact.

The next potential catalyst: Strategy's 32 BTC sale last week fits the bear thesis perfectly, but when Strategy last sold 704 BTC in December 2022 it bought back 810 BTC two days later…

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3 Stocks Moving Right Now (That Most Traders Missed)

One just beat earnings by $100M. One launched megawatt-scale energy infrastructure where the grid can't reach. One approved a $2B buyback after blowing past Q1 expectations. The tickers, the catalysts, and the context are live inside Benzinga Pro right now — the same way they are every morning before the open.

QUICK N DIRTY

Bitcoin crashing? No problem because you don’t need to own it, according to Kalshi’s CEO. Better to just trade the perpetuals that are now approved in the US.

Michael Saylor has dug himself a $10B hole on unrealized Bitcoin losses. How will he climb out of that?

XRP has dropped violently every midterm year June. Is this time any different?

FINTECH FOCUS

Bitmine's $300M Raise Is 'Borrowing A Page From Saylor's Ponzi Playbook', Peter Schiff Says

Bitmine Immersion is filing to raise $300 million through preferred shares yielding 9.5% to buy more Ethereum.

Peter Schiff says it's "borrowing a page from Saylor's Ponzi playbook."

The structure mirrors Strategy's STRC preferred almost exactly: 3 million shares at $100 par, weekly cash dividends, listing on NYSE under BMNP within 30 days, with Moelis and Cantor running the books.

The problem is the underlying: Ethereum trades at $1,774, down 32% over the past year, Bitmine holds 5,416,901 ETH and is sitting on $9.2 billion in unrealized losses — and still added 26,497 ETH as recently as June 1.

Schiff's blunt take: with MSTR preferred already yielding over 12% and ETH tanking, investors have no reason to choose BMNP at 9.5%.

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