By Phil Bring of FreightWaves

Police in Greenfield, Indiana, arrested a California truck driver after officers recovered nearly $2.9 million worth of tungsten oxide powder that police said thieves stole during a cargo theft in Pennsylvania.

According to a June 28 news release from the Greenfield Police Department, officers received an alert around 6 a.m. Saturday regarding a wanted semi tractor-trailer traveling eastbound on Interstate 70 into Hancock County. Police said the truck was connected to a cargo theft that occurred in Pennsylvania on June 25. Officers located the truck and trailer just west of the Greenfield exit at mile marker 104, confirmed the information and conducted a traffic stop.

Police identified the driver as 31-year-old Deepak Kumar of Fresno, California. Authorities said Kumar used fraudulent documents to obtain a load of nearly 40,000 pounds of tungsten oxide powder. Police valued the shipment at $2,857,500 and said it was headed to Mitsubishi Materials Corporation in Japan.

Greenfield police arrested Kumar at the scene on an active arrest warrant issued by the state of Pennsylvania. According to police, the warrant charges Kumar with theft by unlawful taking of movable property and criminal use of a communication facility.

Officers transported Kumar to the Hancock County Jail following the arrest. Police said the Hancock County Prosecutor’s Office will determine whether Kumar will face criminal charges in Indiana related to the traffic stop and evidence recovered during the subsequent search warrant.

Police said officers impounded the truck and trailer through Inman’s Towing of Greenfield following the traffic stop. Investigators held both as evidence while they requested a search warrant. After a judge issued the warrant, officers searched the trailer and confirmed it contained the reported stolen cargo.

According to police, a representative of Mitsubishi Materials Corporation traveled to Greenfield on Sunday and took possession of the recovered shipment.

The Greenfield Police Department has not identified the Pennsylvania business where investigators allege the cargo theft occurred. Authorities also have not released additional information describing the fraudulent documents investigators said Kumar used to obtain the cargo.

Police have not identified additional suspects or released court documents describing the alleged cargo theft. The department said the Hancock County Prosecutor’s Office will determine whether Kumar will face additional criminal charges in Indiana related to the traffic stop and the evidence recovered during the search warrant.

We previously discussed the unprecedented collapse observed in recent months in Chinese oil demand and imports, which led to the bizarre scenario where even Iran can’t find buyers (read China) for its temporarily unsanctioned oil armada (see “Iran Runs Into Big Problem: No Buyers For Its Oil, As Full Tankers Pile Up Off China“) and which prompted even JPM to point out that something bigger is going on behind the scenes.

“The scale of China’s oil demand collapse has been so dramatic that Chinese policymakers are reportedly examining whether this historic slump reflects a temporary response to elevated global prices or a more structural shift in consumption patterns.” – JPM

— zerohedge (@zerohedge) July 4, 2026

Understandably, with such a huge source of demand sidelined, today Bloomberg reported that Saudi Arabia has made big reductions to its main crude oil prices for buyers in Asia, selling barrels at a discount for the first time since it embarked on a price war in 2020, as a surge of global supply heightens competition to find buyers.

State producer Saudi Aramco will lower Arab Light oil for next month by $11 a barrel to a $1.50 discount over the regional benchmark, according to a price list seen by Bloomberg. The last two times it sold the grade at a discount were during price wars in 2020 and 2015.

The large drop in prices, the biggest in at least 26 years, follows a surge at the height of the Iran war when the disruption to the Strait of Hormuz restricted the kingdom’s flows; it is also bigger than the $8 decline expected in a Bloomberg survey.

The surprise price cut underscores the surging volumes of oil that are now available on global markets, as the interim US-Iran peace deal enables Gulf producers to ramp up exports at the same time as a flood of trapped barrels escape through the Strait of Hormuz. The size of the cutback also raises questions whether other Middle East producers might be forced into steeper cuts to their prices as they compete for customers (mostly China, as India is quite happy importing cheap Russian oil) that are inundated with supply.

Aramco’s August prices are for buyers who purchase crude on long-term contracts, the main way in which the kingdom markets its barrels. Some traders who spoke to Bloomberg said even with such a large reduction, the barrels are more expensive than spot supplies from other regional producers that are available for immediate purchase on an adhoc basis.

According to Bloomberg, official prices from other producers in the region are expected to be released in the coming days.

Oil has plunged since the agreement between US and Iran came into effect in the middle of June, allowing traffic to resume through the Strait of Hormuz, the key chokepoint that had been largely blocked since the start of hostilities. Brent crude has given up all its wartime gains, and was trading below $72 a barrel on Tuesday.

Before the war, Saudi Arabia loaded most of its crude from within the Persian Gulf. However, Aramco diverted a chunk of those flows to its Red Sea facility at Yanbu as the war effectively blocked Hormuz. The kingdom made the rare move of selling some cargoes on a so-called spot basis in recent days, as it got resumed flows of shipments that had been trapped inside the Persian Gulf.

There’s no time like the eve of the major annual NATO summit for Trump to reignite his longstanding feud with Italian prime minister Giorgia Meloni, apparently. The American President blasted out the below Truth Social just before heading to Ankara, Turkey for the gathering of NATO heads…

With just a few days to go before the next NATO summit, POTUS Donald Trump has once again attacked the Italian Prime Minister, Giorgia Meloni.

He portrays her as worshipful and calls for a “restraining order” to be imposed on her.

A few weeks ago, Trump had said that Meloni… pic.twitter.com/hHJTn8yCra

— Crazy Ass Moments in Italian Politics (@CrazyItalianPol) July 5, 2026

The doctored image featuring the caption “Restraining order needed” marks but the latest escalation between to the two leaders. Meloni has not responded or commented directly regarding the Truth Social Post, and is unlikely to given that Italy likely wants to avoid escalation.

“People come and go but relations must endure,” Italian Defense Minister Guido Crosetto remarked on the prime minister still being in Trump’s crosshairs to news channel Sky TG24. And Foreign Minister Antonio Tajani tried to brush it off while presenting an optimistic picture of future relations, saying he was “sure that transatlantic relations go well beyond individual comments.”

This new post follows on another Truth Social post from June, in which Trump accused the Italian PM of asking for a picture with him “over and over” at the G7 Summit in France.

At heart of the feud is Italy’s breaking with Trump over his Iran operation. This has included denying shared base usage for American military flights connected with Operation Epic Fury.

Trump had claimed earlier in the summer of Meloni, “She is doing poorly in Italy with her level of popularity, possibly because she turned down the United States of America, a Country that truly loves and protects Italy, when it came to denying Iran from obtaining or developing a Nuclear Weapon.”

He then suggested that Meloni wanted to be “friends again” to get her “numbers up” – but has appeared to stipulate that she must fully open up Italian bases for US aircraft usage once again.

Meloni in response to the prior June post slammed the US president for his “senseless” and “constant, unprovoked attacks”.

“As for my popularity, being your friend has certainly not helped it, nor does it depend on my relationship with you,” she shot back. “My popularity is none of your concern. I suggest you focus on yours.”

All of this could serve to make any close-quarter contact at the NATO summit in Ankara very awkward – also as the two will certainly be in the same general vicinity for events like the group photo.

The week after payrolls is usually a quieter affair but there’s plenty of global events even if the US calendar is light.

In terms of the main highlights, given the current focus on monetary policy the FOMC minutes (Wednesday) and the ECB’s June meeting account (Thursday) will be carefully watched, especially the former given it was the first of the new Warsh regime. Speeches from Fed Governors Waller (Monday), Williams and Logan (Thursday) will provide a more “live” update to the committees’ thinking. Elsewhere, China inflation data (Thursday) and a run of German activity indicators including factory orders (today), industrial production (tomorrow) and trade (Thursday) are worth tracking. German reforms in recent weeks have offered some renewed optimism that we will finally see the benefits of the huge fiscal spending and reform agenda after skepticism had been building. Geopolitically, the NATO summit (Tuesday–Wednesday) will also be in focus, with Trump in attendance, and could generate plenty of headlines.

In terms of other data and events, today sees ISM services (Monday) which follows the recent weakness in manufacturing, where DB economists expect a modest improvement. Most of the other data in the US is second tier but includes existing home sales on Thursday. Outside of the US, the BoE’s financial stability report (tomorrow) will be interesting, while inflation prints from Sweden (Wednesday) and Denmark and Norway (Friday) deserve a glance. In Japan, the data flow includes labor cash earnings and household spending (tomorrow), the Economy Watchers survey (Wednesday) and PPI (Friday). Elsewhere, we will see the RBNZ policy decision (Wednesday), where economists expect a rate hike, and Canada’s labor market report (Friday).

Courtesy of DB, here is a day-by-day calendar of events

Monday July 6

• Data: US June ISM services, UK June new car registrations, construction PMI, Germany May factory orders, June construction PMI, Eurozone May PPI, retail sales, Canada June services PMI
• Central banks: Fed’s Waller speaks, ECB’s Schnabel, Wunsch and Lane speak, BoE’s Mann speaks, BoC business outlook

Tuesday July 7

• Data: US May trade balance, China June foreign reserves, Japan May labor cash earnings, household spending, leading index, coincident index, Germany May industrial production, France May trade balance, Canada May international merchandise trade
• Central banks: ECB’s Panetta and Kocher speak, BoE’s financial stability report
• Auctions: US 3-yr Notes ($58bn)
• Other: NATO summit (through July 8), French Court ruling on Marine Le Pen’s eligibility to run for President

Wednesday July 8

• Data: US May wholesale trade sales, consumer credit, Japan May BoP current account balance, BoP trade balance, June bank lending, Economy Watchers survey, France May current account balance, Sweden June CPI, May GDP indicator 
• Central banks: FOMC minutes, ECB’s Kocher, Moulin, Nagel and Dolenc speak, RBNZ decision
• Auctions: US 10-yr Notes (reopening, $39bn)

Thursday July 9

• Data: US June existing home sales, initial jobless claims, China June CPI, PPI, UK June RICS house price balance, Japan June M2, M3, machine tool orders, Germany May trade balance
• Central banks: ECB’s account of the June meeting, Fed’s Williams and Logan speak, BoE’s Breeden speaks
• Earnings: PepsiCo
• Auctions: US 30-yr Bond (reopening, $22bn)

Friday July 10

• Data: Japan June PPI, Italy May industrial production, Canada June labour force survey, May building permits, Denmark June CPI, Norway June CPI
• Central banks: ECB’s Vujcic and Stournaras speak
• Earnings: Delta Air Lines

Looking at the US, Goldman writes that the key economic data release this week is the ISM services index on Monday. There are a few speaking engagements with Fed officials this week, including events with Governor Waller and Presidents Williams and Logan. The minutes to the FOMC’s June meeting will be released on Wednesday.

Monday, July 6 

• 09:45 AM S&P Global US services PMI, June final (consensus 51.3, last 51.3)
• 10:00 AM ISM services index, June (GS 54.0, consensus 54.0, last 54.5): We estimate that the ISM services index declined to 54.0 in June. Our non-manufacturing survey tracker was unchanged in June but remained below the latest ISM services reading at 52.9.
• 11:00 AM Fed Governor Waller speaks: Fed Governor Christopher Waller will take part in a policy panel at a conference in Rome. On May 22, Waller said that while he did not think the FOMC should hike “in the near future,” he could “no longer rule out rate hikes further down the road if inflation does not abate soon,” especially if inflation expectations showed “signs of becoming unanchored.” At the same time, Waller said there would need to be “improvement on inflation or a significant deterioration in the labor market” for him to support cuts. 

Tuesday, July 7 

• 08:30 AM Trade balance, May (GS -$78.5bn, consensus -$78.8bn, last -$55.9bn)

Wednesday, July 8 

• 10:00 AM Wholesale inventories, May final (last +0.3%)
• 02:00 PM FOMC meeting minutes, June 16-17 meeting: The FOMC left the funds rate unchanged at 3.5-3.75% and removed the previous forward guidance suggesting cuts from its statement at the June FOMC meeting. But the meeting delivered a hawkish surprise, with nine participants projecting a hike in 2026 (vs. our expectation of three). That said, we suspect that FOMC participants treated the news about a deal with Iran and the reopening of the Strait of Hormuz—which emerged only a few days before the meeting—cautiously. Chairman Warsh also noted earlier this week that “inflation expectations have come down, and inflation risks have come down” at a panel discussion in Sintra, Portugal. We will look for details in the minutes on the assumptions underlying participants’ economic outlook and views of the balance of risks at the time.

Thursday, July 9 

• 08:30 AM Initial jobless claims, week ended July 3 (GS 225k, consensus 220k, last 215k); Continuing jobless claims, week ended June 27 (consensus 1,815k, last 1,814k)
• 09:00 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will take part in a moderated discussion at a conference on market liquidity and functioning hosted by the New York Fed and The Clark Center for Global Markets at the University of Chicago Booth School of Business. On June 25, Williams said that the current stance of monetary policy was “well positioned” to restore inflation to the Fed’s 2% target. Williams said he expected inflation to “edge down” as tariff effects faded, supply disruptions from the Middle East got resolved, and slow rent growth translated into a lower pace of shelter inflation. He noted that medium-term inflation expectations “have remained well anchored through May.” 
• 10:00 AM Existing home sales, June (GS +2.5%, consensus +0.7%, last +3.2%)
• 01:30 PM Dallas Fed President Logan (FOMC voter) speaks: Dallas Fed President Lorie Logan will moderate a panel on market liquidity at a conference hosted by the New York Fed and The Clark Center for Global Markets at the University of Chicago Booth School of Business. On June 3, Logan noted that “inflation appears to be trending toward the mid 2’s—not all the way back to 2 percent” and that “above-target inflation can become entrenched if it persists too long.” At the same time, Logan said economic activity “remains strong,” financial conditions are “accommodative,” and the labor market “appears stable and broadly balanced.” Logan stressed she was “increasingly concerned that higher interest rates could be necessary later this year to fully restore price stability and appropriately balance both sides of the Fed’s dual mandate.”

Friday, July 10 

• There are no major economic data releases scheduled.

Source: DB, GS, Barc

Russia has unleashed another massive drone and missile attack wave on Ukraine’s capital, just on the eve of the major annual NATO summit, which is in Ankara, Turkey this week.

Over a dozen people were killed, with heavy damage against residential structures observed. The death toll could rise, but “In total, 14 people have died and 117 have been injured in Kyiv,” the office of the attorney general said on Monday morning. Rescue crews have been retrieving bodies from under rubble throughout Monday.

The Russian Defense ‌Ministry announced that it used long-range weapons ‌and drones to carry out a “massive” attack on ​Kiev and other cities, saying that military bases and energy facilities were successfully struck.

According to details of the timing of the attack wave:

The Kyiv Independent reported that the first explosions were heard at about 1:40am local time, followed by more strikes at 2:10am and 3:15am.

Thousands of residents fled to underground shelters, it reported, as air raid sirens sounded across Ukraine. At least 15 buildings were damaged in Kyiv in the strikes, including four in the capital’s historic Podilskyi district, Tkachenko said.

As for the significant numbers of projectiles focused on the Ukrainian capital alone, another source reports:

Ukraine’s air force said Russia used 68 missiles, including 23 ballistic and six super and hypersonic missiles, as well as 351 drones in the attack. Air force units shot down or neutralized 37 missiles and 326 drones, but none of the ballistic missiles or super and hypersonic missiles, the air force data showed.

Neighboring Poland briefly scrambled fighter ​jets as a preventive measure.

Rumors of warehouse with depleted uranium having been struck…

According to Kyiv sources, Russia may hit a military warehouse with depleted uranium-238 ammunition. This is why residents were ordered to stay indoors and keep windows closed. The small town of Vyshneve is being fully evacuated. The detonation is still ongoing.

This could have… pic.twitter.com/LlZQFlDxsB

— Diana Panchenko 🇺🇦 (@Panchenko_X) July 6, 2026

Rumors persist…

DEPLETED URANIUM FEARS AFTER STRIKE NEAR kiev: 600 EVACUATED

More than 600 people have reportedly been evacuated from the outskirts of kiev following an overnight strike on a storage facility containing depleted uranium ammunition for Abrams tanks.

The depot, located in the… pic.twitter.com/pePX4wsWxU

— Russian Market (@runews) July 6, 2026

But Ukraine has been launching its own significant drone salvos against Russia, with devastating effect against its energy infrastructure.

In its second large-scale attack in under a week, drones were sent against an oil terminal and port in St. Petersburg, with damage being observed in the Baltic Sea ports of Vysotsk and Ust-Luga. More attacks also impacted Sevastopol on the Black Sea, resulting in a power blackout there.

Russia hit something big in Kiev pic.twitter.com/YFAeX2QFU8

— Glenn Diesen (@Glenn_Diesen) July 6, 2026

According to some further details in CBNC being reported:

Ukrainian officials reported that forces struck a major oil terminal in Russia’s second-largest city, St. Petersburg, as well as the Kronstadt Naval Base, the main base of the Russian Baltic Fleet, on Friday and Saturday. The attacks reportedly caused fires at both the oil terminal and the military facility.

Further Ukrainian attacks on Russian energy infrastructure were reported on Monday morning. Ukraine’s military said via Telegram that it had struck oil refineries in Russia’s Yaroslavl and Leningrad regions overnight. CNBC couldn’t independently verify the report.

It was only on Saturday that President Trump said he had a “business-like and constructive” nearly 90-minute phone call with his Russian counterpart Putin.

The prospect of renewed US mediation efforts to find peace in the Ukraine conflict was discussed, and Trump was even (once again) invited to visit Russia for an in-person summit.

Ukrainian drone attacks damaged Russia’s Baltic Sea ports of Vysotsk and Ust-Luga, a major oil export outlet, Reuters reported. Leningrad region’s governor claimed 56 drones were downed, with debris recorded near Ust-Luga port and the Luga training ground. #Ukraine pic.twitter.com/8QJ5zKEoSN

— NOELREPORTS 🇪🇺 🇺🇦 (@NOELreports) July 6, 2026

While the prospect of renewed talks and diplomatic effort was raised, the two warring sides seem further from dialogue than ever, and the Zelensky government is finally sensing that it has found a ‘weak point’ – hammering Russian energy and creating a national fuel shortage crisis.

By Benjamin Picton, senior market strategist at Rabobank

When A Toll Isn’t A Toll

Yields on 10-year Treasuries finished last week up 11bps to 4.48% while yields on 10-year Bunds rose 8.5bps to 2.93%. Those higher borrowing costs came despite signs of weakening in the US jobs market, a weaker-than-expected prices paid figure on the ISM manufacturing index, and a surprisingly weak Eurozone CPI inflation report that follows in the wake of lower than expected inflation readings in the UK.

Market-based expectations of the future path of the Fed Funds rate finished the week a little lower than it started, with pricing of a future rate hike pushed out from October to December. 2-year Treasury yields fell by almost 4bps on Thursday after the payrolls report confirmed hiring in June was little better than half the expected figure.

This was still enough for the unemployment rate to tick down to 4.2% as a lower participation rate saw the labor force contract. Nevertheless, 2-year yields were higher across the week as sovereign curves bear-steepened.

Brent crude posted its first weekly gain in almost a month last week to see the front contract close up 0.18% at $72.12/bbl. The gains appear to have been short-lived as news of continued tanker flows through the Strait of Hormuz and a decision by OPEC+ over the weekend to ease production restrictions by 188,000 barrels/day from August steer the price action lower this morning. Announcements of increased production are all well and good, but when much of that production is occurring in the Persian Gulf or in Russia (where Ukrainian strikes against oil infrastructure are ongoing) the ability to actually ship the product to market will remain the critical limiting factor.

On that note, official figures show that Hormuz traffic is back to approximately 30% of pre-war levels, though this likely understates the true picture as many vessels are transiting dark (i.e. without their tracking systems on) to avoid the attentions of Iran’s IRGC. Bloomberg reports that six vessels transited the route closest to the Omani coastline under US auspices on Sunday without incident. That follows reports of up to eight vessels performing u-turns (with some later being redirected through the Iranian route) after attempting to transit close to Oman on Friday and Saturday.

Updated data from Kpler and Vortexa shows that crude exports from the UAE surged in June to exceed pre-war levels and approach record highs. The UAE’s recent decision to leave OPEC and OPEC+ is considered bearish over the longer term for energy prices as a diminished share of potential production is subject to non-market constraints.

On the other hand, Iran again indicated over the weekend that it will be instituting “service fees” on vessels transiting Hormuz through its territorial waters once the 60-day negotiating period kicked-off by the signing of the Iran-US memorandum of understanding expires. According to Iran’s ambassador to China a new fee regime is being designed in consultation with Oman and will include “special considerations” for China and other friendly nations in determining the level and type of fee applied. According to the ambassador, this is not a toll. This might prove be a convenient fiction for all parties given President Trump’s unyielding view that a permanent toll regime would not be acceptable after the 60-day negotiating period expires.

Critically, what this little titbit sets up is exactly the type of scenario we have been pointing towards for some time: the ‘oil market’ splitting into ‘oil markets’ with terms over pricing and access being determined by which geopolitical camp you happen to sit in, and a series of quid pro quos informing the deal that each party gets.

The prime movers here are the United States and China, with Iran having clearly chosen China and the UAE hitching its wagon to the US of A. An easy tell that this scenario is playing out will be pressure from Iran to have other Gulf producers accept a toll that isn’t a toll, and/or have their cargoes priced in CNY rather than USD. The USA, similarly, will pressure Gulf allies to price in Dollars and normalize relations with Israel to expand the Abraham Accords and have oil flow from east to west to cut out Iran entirely and demonstrate to China that Uncle Sam can step on the hose whenever he likes.

Europe and the balance of Asia are likely to be reduced to the role of spectators in these affairs. Highlighting the weakness of Europe’s current position in the Great Game, the Wall Street Journal carried a story last week on how the German Mittelstand is being decimated by state-backed Chinese competition, with the most energy-exposed sectors of the manufacturing economy faring particularly badly.

To a certain extent, the hollowing out of German industry at the hands of China mirrors the hollowing-out of British finance at the hands of the United States as more and more firms choose to list in New York in pursuit of higher multiples or are bought-up as value picks. This has elicited a response from the British Government in the form of the Mansion House compact aimed at encouraging pension funds to hold more British assets. If that fails, will the discussion then turn to capital controls under an Andy Burnham premiership?

Similarly, the rapid decline of the German Mittelstand will almost certainly elicit further protectionist measures from officials in Brussels who have just spent the last 18 months and more criticizing Washington for taking similar steps to protect American industry. In the absence of a hold-your-nose peace accord with Russia to reduce energy costs that will almost certainly not happen, what is Europe’s grand macro strategy to avoid being de-industrialised by China and vassalized by US energy and finance?

Germany was once the industrial engine of Europe, but years of disastrous climate change policies, high energy costs, and left-wing economic mismanagement have battered its manufacturing base. This pressure has been roiling the country’s auto industry, where struggling carmakers are restructuring operations through workforce reductions, production cuts, and capacity reductions.

Germany’s top financial newspaper, Handelsblatt, reports that Porsche is preparing another round of deep job cuts at its main factories as the sports car maker grapples with weak demand.

The company is considering eliminating as many as 4,000 additional jobs at its Zuffenhausen plant, the outlet said, citing people familiar with the matter. These reductions would come on top of previously agreed cuts impacting 3,900 jobs.

Porsche’s Zuffenhausen plant in Stuttgart is home to the brand’s core sports car production lines, including the 911, 718, and Taycan.

Administration and management roles are expected to be reduced the most, while Porsche may also cut capacity at its Weissach development site by up to 30%.

Last month, Porsche CEO Michael Leiters said the company plans to produce at a lower capacity than the roughly 280,000 cars sold last year. He stated that the company must “make money with fewer cars.”

Porsche’s profit eroded further in the first quarter as the automaker faced mounting pressure from tariffs, geopolitical turmoil, and gaps in its model lineup. The emergence of Chinese EV giants like BYD and Chery in Europe is another troubling development for EU automakers.

Porsche is part of the Volkswagen Group, where the VW CEO recently warned that more than 100,000 jobs could be eliminated in a massive overhaul.

Authored by Micah Zimmerman via Bitcoin Magazine.com,

Strategy sold 3,588 bitcoin for $216 million to fund dividends on its preferred securities, the company disclosed in a Form 8-K on July 6, 2026.

The sale marks the largest bitcoin disposal in the company’s history and its most direct admission that its dividend obligations now shape its treasury.

Chairman Michael Saylor posted about the transaction on social media. As of July 5, the company held 843,775 bitcoin in its reserves and $2.55 billion in cash. Saylor said the proceeds covered second-quarter dividends on four preferred instruments and the full June payment on a fifth.

The disclosed sale funded quarterly dividends on STRF, STRE, STRK, and STRD. It also covered the monthly dividend on STRC. Together these securities form the core of what Strategy calls its Digital Credit business.

Each instrument carries a distinct payout structure. STRF, the senior tier, pays a fixed 10% annual dividend on a $100 stated amount. STRE pays 10% a year on a €100 stated amount, denominated in euros. 

STRK pays 8% and converts to common stock if shares reach $1,000. STRD pays 10% but is not cumulative, giving the board room to skip a payment. 

STRC sits in the middle of the stack and pays a variable rate near 12%, reset to keep the security trading close to its $100 par. The board recently shifted STRC to semi-monthly payments.

None of the preferred securities is backed by the company’s bitcoin. Each holds only a claim on residual assets.

Why Strategy is selling

Strategy is the largest corporate holder of bitcoin. The company has built its treasury through repeated stock and debt offerings. Its bitcoin sits at a cost basis near $63.9 billion, or roughly $75,700 a coin.

That model created a growing cash bill. The preferred securities pay dividends in cash, not bitcoin. Strategy’s software business does not generate enough to cover them. 

Grayscale’s head of research, Zach Pandl, estimated the annual dividend load at $1.5 billion. When cash reserves run short, the company must raise more capital or sell coins.

For years Saylor pledged to never sell. That stance ended in late May 2026. Strategy sold 32 bitcoin for about $2.5 million, its first disposal since 2022, to fund preferred dividends. 

The move broke the pledge and drew wide attention. Saylor framed it as a signal of commitment to preferred holders rather than a retreat from bitcoin. “Our goal is to make STRC the best credit instrument in the world,” he said at the time.

The July sale dwarfs that first step. At 3,588 coins and $216 million, it is roughly a hundred times larger.

According to the company’s latest filing, Strategy sold 3,588 Bitcoin between June 29 and July 5. About 1,363 Bitcoin were sold during the first two days of the program at an average price around $59,256, with another 2,225 Bitcoin sold over the following five days at $60,773.

Buying and selling at once

Strategy continues to accumulate even as it sells. After the May sale, the company bought 1,550 bitcoin for $101.3 million, nearly 50 times the size of the disposal. It made a $2 billion purchase in May and a $2.54 billion purchase in April. 

The pattern shows a firm that funds dividends from its stack while adding to it through fresh capital raises.

That approach depends on market access. Strategy can issue new preferred shares and common stock to raise cash. When those markets cooperate, the company avoids large sales. When they tighten, bitcoin becomes the source of funds. 

The July disposal suggests the second condition held during the quarter.

Last night, Saylor posted “Bitcoin is Digital Energy” on X, accompanied by Strategy’s orange-dot Bitcoin acquisition chart, prompting expectations that another SEC filing disclosing a new Bitcoin purchase is imminent. Traders have come to view these weekend posts as a recurring signal ahead of Strategy’s BTC accumulation announcements. This time, the announcement was about a bitcoin sale.

At the time of writing, Strategy shares are down 2% in premarket and bitcoin has dipped below $62,000.

Submitted by American Truckers United,

A Pennsylvania State trooper is the latest victim of the trucking industry’s open borders experiment. This dangerous policy began under the Biden-Harris regime when hundreds of thousands of illegal aliens were issued CDLs, mostly from ten states. The fast-tracking of CDLs for illegal aliens has flooded the industry with drivers who may lack the necessary training, language proficiency, or commitment to American safety standards, endangering lives on our highways every day. Shockingly, this experiment is still running.

🚨Truck Driver responsible for the death of Pennsylvania state trooper now a confirmed illegal alien from Haiti

Source – Boston Herald Link Below👇 pic.twitter.com/4oXFTg7Jh4

— American Truckers United (@atutruckers) July 3, 2026

Trooper Michael E. Pahira, Jr., 44, was inspecting a semitruck on Interstate 81 on July 1, 2026, when another truck went off the roadway and hit the first vehicle, creating a domino effect and striking the officer. Pahira’s patrol car was parked behind the cab with its emergency lights on as he inspected the vehicle parked on the right shoulder in Cass Township when the deadly chain reaction occurred. The second truck, allegedly driven by 33-year-old Michael Bon, veered off the road, striking Pahira’s side mirror before crashing into the other truck. Both truck cabs caught fire as a result of the impact. Construction workers nearby saw the smoke from the wreck and raced to help the pinned trooper. Pahira was rushed to a local hospital where he was pronounced dead.

🚨Immigration Status of truck driver that killed Pennsylvania State Trooper now in Question.

Does he have Legal Status? a Non-Domicile CDL? TPS?

Thank you to @maybedanielleee for the infopic.twitter.com/1SHMnjdHsk pic.twitter.com/z7flBe1YXH

— American Truckers United (@atutruckers) July 2, 2026

As with all of these truck crashes, there is no reporting mechanism either on the crash reports or CMV inspections that document the immigration status or even the type of CDL that was in the driver’s possession at the time of the crash. So when this crash first occurred, there was no discussion of the truck driver’s immigration status. Several experienced industry professionals began asking the same question that’s been asked recently in light of all the crashes being caused by the surge of illegal aliens who were able to be fast-tracked into the trucking industry. Only then did his immigration status come into question and later confirmed

🚨Truck Driver responsible for the death of Pennsylvania state trooper now a confirmed illegal alien from Haiti

Source – Boston Herald Link Below👇 pic.twitter.com/4oXFTg7Jh4

— American Truckers United (@atutruckers) July 3, 2026

The trucking community, represented by organizations such as American Truckers United, has been raising alarms about this growing threat to highway safety. Without proper tracking, the true scope of the problem remains hidden from the public.

🚨Non-Citizen Truck Drivers Involved in Highway Crisis

This is an urgent wake-up call for every American. Our highways are no longer safe. Reckless immigration policies and weakened licensing standards have unleashed a deadly crisis on our roads. pic.twitter.com/NXrQTivkos

— American Truckers United (@atutruckers) July 10, 2025

How many crashes like Trooper Pahira’s go unreported as part of the globalist open-border experiment in the trucking industry?

This accident was preventable.

He should never have been in possession of a CDL. Every accident caused by an illegal alien is a preventable accident. Congress must act on the President’s call during the State of the Union to pass Dalilah’s Law. This law would have revoked the CDL this driver had in his possession and would have saved Trooper Pahira’s life.

Pass Dalilah’s Law today. 

Pass The Dalilah Law – A full revocation and ban on CDLs for illegal alien truck drivers!

Read our endorsement. Then call your Senators today and tell them you support The Dalilah Law!

United States Capitol Switchboard (202) 224-3121@POTUS @SecDuffy @SenatorBanks pic.twitter.com/j2PnXi0SnX

— American Truckers United (@atutruckers) February 26, 2026

Revoke their CDLs. 

Brent Crude prices could plunge to as low as $60 per barrel by the end of the year, according to the latest note from Citi’s commodity research team which expects flows through the Strait of Hormuz to soon normalize and the US and Iran to reach a deal in the coming months.

“Fundamentals are rapidly reasserting themselves as Hormuz disruptions fade, with Brent back to the low $70s/bbl. While the US-Iran process remains fragile and disputes over Hormuz administration and transit fees persist, we expect the MOU to hold and turn into a deal over the coming months as incentives to de-escalate outweigh the alternative for the US, Iran, and much of the ME region. Shipping flows are normalizing, Chinese buyers remain absent, physical crude markets have weakened sharply, and inventories have drawn far less than expected,” Citi’s Francesco Martoccia wrote in his latest note.

“We continue to recommend selling any summer rallies and forecast Brent reaching $60 to $65 a barrel by the turn of the year,” Citi analysts said in the note (available to pro subs).

The investment bank has traditionally been one of the most bearish voices in the market, and especially now that it expects shipping through Hormuz to normalize now that the Strait is open again. Moreover, China’s crude buying remains weak, physical prices have crumbled due to the surge of prompt supply from the Middle East, while “inventories have drawn far less than expected,” Citi said.

Inventories, including in the United States, have crashed to multi-decade lows since the war began four months ago. Buying to refill depleted stockpiles could support oil prices going forward, more bullish analysts say. 

However, the coming global race to rebuild depleted oil inventories will not be enough to offset a massive glut that’s coming to the market next year, as traffic through the Strait of Hormuz appears to be headed toward normalization, Goldman Sachs said this week.

The investment bank expects the global oil surplus to be about 3 million barrels per day (bpd) next year, Samantha Dart, co-head of global commodities research at Goldman, told Bloomberg Television in an interview on Wednesday.

“We do expect a little over 1 million barrels a day just of SPR rebuilding globally, but still, that would leave us close to 2 million barrels a day of a surplus,” Dart added.

Other Wall Street banks have also started to predict a glut next year after the U.S. and Iran signed the MoU.

Morgan Stanley, for example, has slashed its oil price forecasts for the next 18 months as it expects the reopening of the Strait of Hormuz to accelerate a new supply glut.