Hype token rides a passing breeze while MicroStrategy’s overleveraged bitcoin galleon lists toward treacherous shoals
𝕏/@jdorman81 •
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Promote with Leviathan News$128.3M of MSTR common ATM issuance plus a 32 BTC sale in the same June 1 8-K puts Strategy squarely in liability-management mode. The coins sold are dust, but once STRC's 11.5% cash coupon and $900M reserve become the market's focus, mNAV compression can choke the issuance loop that kept BTC per share climbing. Hyperliquid sits on the opposite side of that trade: its docs route fees to HLP, deployers and the Assistance Fund, where fee flow becomes HYPE burns instead of balance-sheet triage.
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