Friday's pre market session sees Bitcoin trading below $60,000, down less than 1%. Gold and silver are both posting modest gains, with gold holding above $4,000 per ounce and silver above $58. The US Dollar Index (DXY) is trading above 101, adding pressure to risk assets, including technology stocks, with the Nasdaq 100 ETF (QQQ) down 1%.
Meanwhile, high flying semiconductor names Micron Technology (MU) and Sandisk (SNDK) are both down around 5%, following strong rallies in the previous session, where Micron gained 15% and Sandisk climbed 20%.
Bitmine Immersion Technologies (BMNR) is set to join the Russell 1000 Index on June 26, the Ethereum treasury company. Inclusion in the index is expected to increase institutional ownership, as many ETFs and funds tracking the Russell 1000 will add BMNR to their portfolios. The company reported to hold 5.673 million ETH, $601 million in cash and marketable securities, $350 million in preferred equity (BMNP), no debt, and an annualized staking yield of $233 million. Bitmine shares are down 93% from its July 2025 high
Executive Chairman of Strategy (MSTR) Michael Saylor took to X, writing: "Volatility tests every capital structure. Strategy remains focused on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation. We appreciate our investors and will continue to execute with transparency and resolve."
The comments come as Strategy's shares extend Thursday's selloff in Friday's premarket trading, after falling 9% in the previous session to around $85, leaving the stock more than 85% below its November 2024 all-time high. Meanwhile, the company's perpetual preferred stock, STRC, is trading near $75, about 25% below its intended $100 par value, highlighting mounting pressure across Strategy's capital structure.
Major cryptocurrencies Bitcoin (BTC), Ether (ETH), XRP, and Solana (SOL) are on track to post their third consecutive quarterly loss, a feat last seen during previous bear markets.
As of this writing, BTC is down roughly 12% for the June quarter after declining 23% and 22% in the two preceding quarters. A similar three-quarter downtrend was last seen in 2022, a year marked by the collapse of several crypto funds and projects, including FTX.
Ether, the second-largest token, is down 25% for the June quarter, while XRP and SOL are down 22% and 16%, respectively. Meanwhile, HYPE and ZEC were among the few tokens posting strong gains in the lead-up to the end of June, with both up over 60%. Near Protocol’s NEAR was also up more than 50%.
U.S. spot bitcoin ETFs shed $696 million on Thursday, extending the run to six consecutive days of net redemptions. U.S. spot ether ETFs lost $81.9 million the same day, also their sixth straight day of outflows, per SoSoValue data.
The bitcoin bleed was broad. BlackRock's IBIT, the largest fund, accounted for $63 million of the outflows, Fidelity's FBTC shed $3.5 million, and Grayscale's funds lost a combined $23 million. No fund posted meaningful inflows.
Among ether ETFs, BlackRock's ETHA led with $63 million in outflows, and only Bitwise's ETHW posted any inflow, a negligible $557,000. Total ether ETF assets have fallen to $8.3 billion, down from $10 billion at the start of the month.
Tether's USDT stablecoin briefly overtook ether to become the second-largest cryptocurrency by fully diluted market value earlier Friday, according to CoinGecko.
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