The Wire — June 27, 2026

The Wire — June 27, 2026

Strategy's Premium Vanishes as Enterprise mNAV Slips Below 1 Strategy's flagship preferred stock, STRC, fell to a record low of $71.40 on Friday, leaving the shares about 25% below par, as the company's enterprise mNAV dipped under 1 for the first time. That metric is the market value of Strategy versus the bitcoin it holds, and a reading below 1 means the equity is now worth less than the coins on its balance sheet. The premium that powered the playbook is gone. Michael Saylor called it a "volatility test." The backdrop is bitcoin itself, which lingered below $60,000 through Friday's session before reclaiming the level this morning at $60,366, up 2.1% on the day. Ripple CEO Brad Garlinghouse went further during the week, arguing Saylor's leveraged treasury model has hurt the broader market. For yields, the read is the same one that held all month: carry that does not depend on price going up keeps paying while leveraged directional bets get repriced. (The Block, Decrypt)

Solana DAT Stocks Rip as SOL Leads the Majors Higher Solana treasury stocks ran double digits on Friday and SOL led the majors off the lows. Sol Strategies (STKE) climbed as much as 22% to $1.20, outpacing every other crypto treasury name, while SOL jumped roughly 9% on the session and is holding the gain at $72.25 this morning, up 4.7% over 24 hours against bitcoin's 2.1% and ether's 3.0%. Divergence like this is the case for yields in one chart. When the majors chop sideways, capital hunting return rotates toward the chain that is actually moving, and Solana DeFi has somewhere to put it: total value locked sits near $4.82 billion and the top USDC lending rate runs at 5.61% on Jupiter Lend, with Kamino close behind. See the live board at Solana yields. (The Block)

Securitize Lines Up Early-July NYSE Debut via $400M SPAC Tokenization firm Securitize is set to go public on the NYSE as soon as next week, taking in roughly $400 million after retaining more than 70% of its SPAC trust through the deal. Securitize is the issuer behind BlackRock's BUIDL fund and a large slice of the onchain Treasury market, so a public listing puts a real-world-asset infrastructure name in front of equity investors for the first time. The signal matters more than the size of the raise: tokenized Treasuries and credit are the fastest-growing yield category in DeFi, and the rails that mint them are now bankable enough to clear a public-market debut. Track the category on RWA yields. (The Block)

Ethereum OG Wallets Sell After Eight Years Four Ethereum wallets that had held 37,602 ETH since 2018 finally sold, locking in an estimated $27 million in profit, according to onchain analysts. The catch is what got away: at peak prices the same stack carried about $150 million in unrealized gains, almost all of which evaporated before the holders moved. With ether trading at $1,584 this morning, up 3.0%, the sale reads less as a top signal and more as long-term holders capitulating after watching a fortune mark down. Old supply moving is worth watching, but 37,602 ETH is a rounding error against daily volume, not a market-mover on its own. (The Block)

Spain Holds Firm on MiCA: No Extensions for Binance Spain's securities regulator said there will be "no exceptions or extensions" for Binance or other crypto firms ahead of the MiCA deadline, drawing a hard line as Europe's licensing regime takes full effect. Industry leaders remain split. Some praise MiCA as the clarity the sector asked for, others warn the framework could cut customer access to liquidity if unlicensed venues are forced out. Either way, the message from Madrid is that the grace period is over, and firms still operating without authorization are now on borrowed time in the EU's largest jurisdictions. (Decrypt)

Numbers

• BTC: $60,366 (+2.1%)
• SOL: $72.25 (+4.7%)
• ETH: $1,584 (+3.0%)
• Solana DeFi TVL: $4.82B
• Top USDC yield (Solana): Jupiter Lend at 5.61% APY

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