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Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Today’s top news:
Crypto majors fall 1-3%; BTC at $90,600
The CFTC to pilot tokenized collateral with BTC, ETH & USDC used as collateral
Saylor ($963M) and Tom Lee ($429M) both buy big last week
BlackRock files S-1 for ETH staking ETF ‘ETHB’
Stripe rolls out stablecoin payments across EVM networks
Perhaps most notable, BitMine added to its cash position during the week as well, now holding $1B in cash (up from $800M).
🗣️ What They’re Saying
"BitMine provided its latest holdings update for Dec 8th, 2025: $13.2 billion in total crypto + "moonshots": -3,864,951 ETH at $3,139 per ETH
- 192 Bitcoin (BTC)
- $36 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
- total cash of $1.0 billion." - BitMNR on X
“MSTR raised $1B in one week, the same amount it took them 4 months to raise in 2020. The exponential trend continues” - James Van Straten, Coindesk analyst, on X
Strategy has acquired 10,624 BTC for ~$962.7 million at ~$90,615 per bitcoin and has achieved BTC Yield of 24.7% YTD 2025. As of 12/7/2025, we hodl 660,624 $BTC acquired for ~$49.35 billion at ~$74,696 per bitcoin. $MSTR$STRC$STRK$STRF$STRD$STREhttps://t.co/oyLwSuW7nW
There has been a lot of concern about the DAT trade unwinding, and neither Saylor nor Tom Lee have been spared from that conversation.
The heat turned up even more recently when it was widely speculated that Strategy would start to sell BTC if and when its mNAV dipped below 1.
Well, it got very close to 1 in this latest downturn - and he’s not selling.
In fact, the opposite. He’s buying and in big size.
It’s relieving for the MSTR bulls out there and confidence-building for those concerned about how Saylor would act in this downturn.
But what’s more notable, especially from a near-term trading perspective, is Tom Lee’s ability to raise capital during this ETH downturn.
BMNR stock dipped over 60% from local highs, and yet, the team has been able to keep slamming its ATM and raising cash.
This has enabled Tom to buy a ton of ETH and grow his cash pile.
And for perspective, his $429M buy is about 2x the size of Saylor’s $1B buy in market cap perspective (BTC is 5x ETH in market cap).
The ETH / BTC ratio is up 4% on the month now and looking like it’s ready to break out of a 3-month downturn.
That matters because ETH breaking out typically means some form of “alt season” rally against Bitcoin where multiple tokens see relatively large gains in a short period.
The fact that Tom is still sitting on $1B in cash (and is motivated to lower his average purchase price from $4k/ETH on this dip) means that he is likely to remain a heavy buyer - which is good for ETH, and perhaps, for alts.
Tom Lee and crew may just deliver the Santa Rally that crypto bulls are hoping for…
🌎 Macro Crypto and Memes
A few Crypto and Web3 headlines that caught my eye:
Crypto majors are slightly red; BTC -1% at $90,600; ETH even at $3,130, BNB -2% at $888, SOL -3% at $133
ZEC (+11%), ADA (+3%) and DASH (+3%) led top movers
The CFTC will pilot tokenized collateral with Bitcoin, Ethereum, and USDC, allowing tokenized versions of crypto and stablecoins to be used as collateral in derivatives markets.
BlackRockfiled an S-1 for its new ETH staking ETF ‘ETHB’ which will track the returns of spot ETH and also add rewards from the portion of their staked ETH holdings
Tetherinvested in Italian humanoid-robotics startup Generative Bionics
