Morning Minute: Saylor and Tom Lee Make Major Moves
Morning Minute is a daily newsletter crafted by Tyler Warner. The views and analyses belong to him alone and may not reflect the stance of Decrypt. Subscribe to Morning Minute on Substack.
GM!
Today’s top lines:
- Crypto majors slide 1-3%; BTC at $90,600
- CFTC to pilot tokenized collateral using BTC, ETH, and USDC
- Michael Saylor ($963M) and Tom Lee ($429M) each made substantial buys last week
- BlackRock files S-1 for ETH staking ETF “ETHB”
- Stripe introduces stablecoin payments across EVM networks
💰 Saylor and Lee Quadruple Down on Bitcoin and Ethereum
Two leading crypto investors made sizable bets last week, signaling continued confidence in a downbeat market and an appetite for capital deployment even during volatility.
📌 The Details
Michael Saylor’s Strategy added $963M in BTC (10,624 BTC) to its balance sheet, one of the largest purchases since the summer.
That sum eclipses all BTC bought by Saylor over the prior three months.
Shortly after, Tom Lee’s firm BitMine boosted its Ethereum exposure by another $429M (138,452 ETH), bringing its ETH stake to around $12B. BitMine also increased its cash buffer to $1B, up from $800M.
🗣️ What People Are Saying
BitMine’s latest holdings update (as of Dec 8, 2025) shows:
- About $13.2B in total crypto and “moonshots” including -3,864,951 ETH at $3,139 per ETH
- 192 BTC
- A $36M stake in Eightco Holdings (ORBS)
- $1.0B in cash
Analysts weighed in online: one noted that MicroStrategy/MSTR-like fundraising momentum continued, highlighting the rapid scale of investment activity versus historical pacing. Another observer pointed out that Saylor’s moves demonstrate resilience in a downturn and potential for a longer-term accumulation thesis.
🧠 Why This Matters
There’s ongoing chatter about the potential unwind of the DAT trade, and Saylor and Lee have not been immune to it. A notable talking point was whether Strategy would start selling BTC if its net asset value (mNAV) dipped below a threshold. In the latest downturn, the NAV approached that line, yet Saylor did not retreat—he expanded positions instead.
This is a relief for MSTR supporters and a vote of confidence for those wondering how Saylor would respond in a downturn.
More striking from a near-term trading perspective is Tom Lee’s capacity to raise capital amid an ETH downturn. BMNR’s stock fell significantly, yet the team consistently accessed liquidity, enabling large ETH purchases and a growing cash war chest.
Contextually, Lee’s $429M ETH purchase is roughly double Saylor’s notable BTC buy when measured by market capitalization (BTC roughly five times ETH in market cap).
The ETH/BTC ratio has edged up about 4% this month, hinting at a potential breakout from a three-month slide. A breakout in ETH often accompanies an “altseason” surge where multiple tokens outperform Bitcoin for a period.
With Lee still carrying about $1B in cash and aiming to lower his average ETH purchase price on dips, the likelihood remains high that he will stay a aggressive buyer. That could be positive for ETH—and possibly for altcoins in general.
Tom Lee and his team may be setting the stage for a Santa Rally that crypto bulls have hoped for.
🌎 Macro Crypto and Memes
A few notable headlines:
- Broad crypto markets touch slightly red territory; BTC around $90,600, ETH near $3,130, major coins softening
- ZEC, ADA, and DASH lead weekly movers with gains
- CFTC to pilot tokenized collateral using BTC, ETH, and USDC in derivatives markets
- BlackRock files to launch ETH staking ETF ETF “ETHB” tracking spot ETH and staking rewards
- Tether invests in Italian robotics startup Generative Bionics
- Bitcoin wallets holding more than 0.1 BTC have declined over two years
- SEC closes Ondo Finance probe with no charges
- PayPal’s PYUSD stablecoin supply surges by 224% over three months
- UK government unveils anti-corruption strategy for crypto crime
- Stripe expands stablecoin payments across Ethereum, Base, and Polygon
In Corporate Treasuries / ETFs
- Saylor’s Strategy adds 10,624 BTC (~$963M) at roughly $90,615 per BTC
- Tom Lee’s BMNR adds $429M in ETH and increases cash to $1B
In Memes / On-chain Movers
- Meme coins mostly flat; notable movers include Franklin, 67, Kabuto, and others shifting by double-digit percentages
- Some NFT and game-related projects report mixed results and new launches
🚚 NFT and Protocol News
- NFT markets mostly flat; blue chips steady but some projects down
- Beeple’s Regular Animals collection experiences a floor drop
- New Strategy-related token and wallet shifts surface in the ecosystem
- A reputation platform launch and other protocol updates unfold
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