The graph below paints a very interesting picture of US energy efficiency and a key structural economic change in this country.
For roughly 25 years after WWII, the US economy’s crude oil consumption nearly tripled. Feeding the growth were a booming post-war economy and strong population growth.
To put consumption in a different context, the graph shows consumption as a ratio to a dollar of real GDP, on a per capita basis.
It shows that consumption per dollar of GDP declined rapidly starting in the mid-1970s, suggesting an increase in US energy efficiency.
The US per capita energy efficiency is less pronounced but noticeable.
In addition to productivity gains and urbanization, there are a few reasons for the gains in efficiency.
The 1973 Arab oil embargo was a shock to the economy. During this time, a quadrupling of gas prices and long gas lines forced policymakers and consumers to treat oil as a strategic vulnerability rather than a cheap given.
Washington enacted numerous measures in response to persistently high oil prices in the 1970s. For instance, the Energy Policy and Conservation Act of 1975 mandated US energy efficiency standards for appliances and introduced fuel-economy standards. Legislators also encouraged a shift from oil and natural gas to coal for power generation. Utilities largely stopped building oil-fired plants.
Structural change was equally important. The economy shifted from heavy manufacturing to services and technology, sectors that require far less energy per dollar of output.
Ironically, AI data centers are now driving a renewed focus on efficiency, this time with natural gas and renewables.
Credit Card Chargebacks Surge As E-Commerce & Cashless Society Gets Messy For Consumers
US consumers are disputing card purchases at a record pace, as online fraud, confusing billing practices, and sneaky subscription charges drive a surge in chargebacks.
Bloomberg cites new data from research firm Juniper Research on consumers’ aggressive use of chargebacks. Last year alone, US consumers filed 158 million transaction disputes, up 29% from 2021 and outpacing overall growth in card spending. Global disputes jumped 46% over the same period.
The increase may reflect not only more legitimate fraud but also subscription traps, unfamiliar merchant names, poor service, and “friendly fraud,” in which shoppers mistakenly or knowingly challenge legitimate purchases.
The report continued:
Some of this growth in reported fraud is indeed a reflection of growth in real fraud. More people are getting scammed, especially online.
But according to Michael Greenwood, a senior research analyst at Juniper who focuses on digital payments, that’s not the main source of dispute rates. Instead he points to two other phenomena responsible for the ballooning number of chargebacks: growing confusion among consumers over how the transactions on their monthly statements correspond to their actual purchases, as well as an increasing willingness, especially among younger shoppers, to engage in a little bit of fraud of their own.
Rising chargebacks may also signal growing consumer stress, as online fraud and distrust of merchants increase. This appears to be one of the drawbacks of going cashless for some people in the era of e-commerce. Some shoppers are struggling with subscription traps, unclear billing, and deteriorating service, while a growing share are also using disputes to reverse legitimate purchases.
The spike in chargebacks is also hurting retailers, resulting in higher fraud losses and processing costs.
Business revolt?
Meanwhile, consumers are carrying near-record credit card balances as inflation remains elevated. The average credit card interest rate is hovering near a record high of 22%.
So one drawback of e-commerce and an increasingly cashless economy is the rise in chargebacks. Digital transactions create more opportunities for fraud, billing confusion, and subscription disputes.
Mick Jagger is pushing back against the trend of rock stars turning stages into campaign rallies, offering a refreshing contrast to Bruce Springsteen’s repeated anti-Trump outbursts.
In a recent New York Times podcast interview, Jagger made his position crystal clear. While contrasting his approach with Springsteen’s, he stated: “My job in the live music world is for those people that come to have the best time … And you don’t want to lecture them.”
Mick Jagger Says It’s Not His Job to Lecture Rolling Stones’ Fans on Politics
NYT: “Bruce Springsteen clearly sees his job as engaging in a meaningful back and forth.”
MICK JAGGER: “My job in the live music world is for those people that come to have the best time … And you… pic.twitter.com/PmNaTgLjs7
This comes as Springsteen has made a habit of injecting leftist political commentary into his shows, often targeting President Trump and his administration.
From calling Trump “treasonous and corrupt” during his European tour to labeling America itself a “reckless, unpredictable, predatory, untrustworthy, rogue nation” in a DC concert, the so called Boss has turned performances into platforms for activism.
Grammy-winning musician Bruce Springsteen began his European tour by calling President Donald Trump a “treasonous and corrupt” leader.
Springsteen urged the crowd to rise up, speak out against authoritarianism, and “let freedom ring.”
Leftist activist Bruce Springsteen went on an unhinged anti-Trump rant during his recent DC concert, calling America a “reckless, unpredictable, predatory, untrustworthy, rogue nation.” pic.twitter.com/wkolcjuh5S
Springsteen has relied on a teleprompter for his anti-Trump and anti-billionaire rants, scripting attacks on the “richest men in America” and claims about a president who “cannot handle the truth.”
Billionaire Bruce Springsteen uses a teleprompter to read a script bashing Trump and billionaires.
“The richest men in America have abandoned the world’s poorest children to death and disease…We have a President who cannot handle the truth.” pic.twitter.com/VJPm443zst
His latest efforts include an angry ‘look at my serious playing face’ anti-ICE music video titled “Streets Of Minneapolis,” railing against the Trump administration.
JUST IN: Singer Bruce Springsteen releases angry, highly political new anti-ICE music video titled “Streets Of Minneapolis,” which was uploaded to YouTube.
Springsteen raged against the Trump administration and called some out by name in the song.
Fans and commentators have taken notice of Jagger’s stance, with many applauding the decision to prioritize the audience’s enjoyment over boring lefty sermons.
Jagger’s been around the block enough times to know how that sort of thing plays out. He’s witnessed first hand what happens when musicians lose themselves in political messaging. Good on him for not stepping in it.
Too bad more musicians and actors don’t heed Jagger’s advice. I have zero interest in supporting any entertainment personality who thinks they have some moral high ground obligation to tell me who I can support politically. It’s none of their GD business.
Mick knows. I was at a private event where U2 played and the entire show they used the monitors and interstitial comments to tell me to give all my money to Democrats and eradicate the evil that is Trump. Fuck them. pic.twitter.com/5WEhW5pcpU
Jagger’s comments strike a chord in an era where many entertainers seem more focused on pushing ideology than delivering the escapist joy fans pay for.
While Springsteen sees his role as political engagement, Jagger understands that most concertgoers want to rock out, not endure lectures – especially from multimillionaire performers far removed from everyday struggles.
This divide highlights a broader fatigue with celebrities who lecture from their bubbles while ignoring their own inconsistencies. America First means putting fans and freedom first, not turning every stage into a partisan soapbox. Jagger gets it. More should follow.
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Reports of Houthi missiles launched on Saudi Arabia: oil extends gains near month-highs.
Trump says US blockade of Iran ports ‘reinstated’: states that US to be reimbursed at rate of 20% of cargo shipped for vessels wishing to transit. CENTCOM affirms with closure message.
Strikes escalated over weekend: US hit over 140 Iranian military targets; Iran attacks US-linked facilities across the Gulf.
Shipping tensions boil: Iran claims the strait is closed, but commercial vessels continue transiting under US protection.
Oil prices climb: on rising risk to global shipping & energy markets, as diplomacy clearly unraveling.
Oil Surges To Month-Highs on Yemen Missile Attack on Saudi Arabia
Reports are emerging out of Saudi Arabia of inbound ballistic missile attacks on its air bases and/or an international airport. With Houthi potential involvement unfolding, there are fears that this war is now rapidly expanding. Oil is reacting to what is both the complete unraveling of the MoU and new signs of the Houthis joining the war on Iran’s side:
US blockade encompasses entirety of Iranian coastline: RTRS
Saudi defenses dealing with Houthi missile attack: Alekhbariya
Tasnim reports of an attack on Abha International Airport in Saudi Arabia
Yemeni war media identifies the coordinates of important airports and ports in Saudi Arabia that will likely be targeted by Houthi attacks, reports Tasnim
Explosions heard on Iran’s Larak Island in Hormuz Strait: Tasnim
Several violating ships were targeted in the Strait of Hormuz, reports Tasnim
At the Commander in Chief’s direction, U.S. Central Command (CENTCOM) forces will resume blockading maritime traffic entering and exiting Iranian ports on July 14 at 4 p.m. ET.
CENTCOM forces will enforce the blockade against vessels transiting to or from Iranian ports and coastal areas. The U.S. military continues to support traffic flow through regional waters for all vessels not violating the blockade.
The resumption of the U.S. blockade against Iran follows the initial implementation from April 13 to June 18. CENTCOM forces redirected more than 140 compliant vessels, disabled nine non-compliant ships, and allowed over 50 commercial vessels supporting humanitarian aid to pass through the blockade during the two-month period.
All mariners are advised to monitor Notice to Mariners broadcasts and contact U.S. naval forces on bridge-to-bridge channel 16 when operating in the Gulf of Oman and Strait of Hormuz approaches.
Iran Foreign Minister response:
POTUS is absolutely right. Whoever provides secure and safe passage of commercial vessels through the Strait of Hormuz should be compensated for this service.
Iran has always been the GUARDIAN of the Strait and will remain so FOREVER.
Trump: Blockade Reinstated, US To Be ‘Reimbursed’ on 20% of Cargo
A stunning new Trump statement via Truth Social, proposing that the United States will collect an astounding rate of 20% of cargo shipped for vessels wishing to transit the Strait of Hormuz. He has declared the US military is “reinstating the Iranian blockade” due to the IRGC continuing to try and enforce Iran’s own protocol. This could of course amount to a US ‘fee’ of tens of millions of dollars for each vessel, significantly more than what Iran was seeking to impose. Iran’s retaliation continues? New reports of major incident in Saudi Arabia:
Oil extends gains, rise 7% to session highs:
Oil jumps this morning on the bellow succession of headlines…
IRAN’S REVOLUTIONARY GUARDS SPOKESPERSON: WE CONTINUE TO ASSERT OUR AUTHORITY AND CONTROL OVER THE STRAIT OF HORMUZ
TRUMP: REINSTATING THE IRANIAN BLOCKADE
TRUMP: US WILL BE REIMBURSED 20% ON CARGO FROM HORMUZ
Trump: US to Take Over Strait & Get Paid For It
President Trump in surprising commentary issued to “Fox & Friends” has said the United States will probably take over the Strait of Hormuz and should be reimbursed for controlling it. His words have raised eyebrows given Washington’s stance has been that no one can collect tolls for transit through the vital international waterway. He said once the US gains control of it, following a weekend bombing campaign on Iranian coastal sites, “we’ll probably run it” and “we should be reimbursed for that.”
“We’re going to keep the strait, and we’ll probably run it. We’ll become the guardian of the strait. Maybe we’ll call it the guardian angel of the strait. And we should be reimbursed for that,” he says in the Fox phone interview.
Again, US officials have throughout Operation Epic Fury voiced that it is an illegal outrage for Iran to suggest it would charge fees, but now…
Trump: “We’re gonna keep the strait, and we’ll probably run it. We’ll become the guardian of the strait. We should be reimbursed for that. When we do that, we’re gonna be reimbursed. We’re gonna get paid.” pic.twitter.com/O4ckjB2FkK
Below is a fuller transcript of the Monday morning exchange:
Fox: It looks like they’re back to trying to take control of the Strait, what’s your response?
Trump: Well, we’re taking over the straight. They have nothing, they’ve got nothing. So…. something that nobody knows, yesterday they had an eleven hour meeting, everything’s eleven hours with these guys you know you can’t settle a one sentence in, one hour, in one minute… It should be one minute—But we had a deal, but nobody knows, we had a deal, it was a done deal, but then they broke it, they always break it. And so we’re just going to hit them very hard. And we’re gonna keep the uh Strait, and we’ll probably run it, we’ll become the guardian of the Strait, maybe we’ll call it “The guardian angel of the Strait”. And we should reimbursed for that, when we do that we’re gonna be reimbursed because the other nations are very wealthy, they’re on our side. We guarded the Strait for 50 years, more, and, we never got paid for it. They made all the money and the US was just, you know, not, it’s just amazing. We guarded it for nothing.
The Iranians have been quick to respond, with its top military command asserting that Iran will not allow the US to intervene in the management of the strait. State-run IRNA also states:
Iran says we will not be forced to pay the ‘enemy’ for ship passage.
So this sets up the warring sides for further clashes in the Persian Gulf region, as absolutist demands continued to be adhered to, and red lines continue to be tested and blown past. Below is more from the Iranian Foreign Ministry articulating enforcement of its passage protocol:
Iran’s FM Spox. Esmail Baghaei:
The United States bears direct responsibility for the recent developments in the Strait of Hormuz.
The Americans reneged from day one; they are trying to bypass the secure route coordinated with Iran. pic.twitter.com/zlkvM6EkUS
The US and Iran exchanged another round of strikes overnight, extending a weeklong surge in fighting and casting dark clouds of uncertainty over whether the Strait of Hormuz remains open to commercial shipping.
US Central Command revealed US forces unleashed air-delivered munitions on dozens of Iranian air-defense systems, coastal radar systems, missile launch sites, and drone capabilities, bringing the weekend total to about 140 targets. This move aimed to degrade the IRGC’s ability to threaten commercial shipping in the Hormuz chokepoint, which it has done over the past week.
Iran responded with attacks on US-linked facilities in Kuwait, Bahrain, Jordan, and Oman, while also claiming it intercepted two vessels using what it called an “illegal route” through Hormuz.
IRGC Fires Warning Shots
Early Monday, Iranian state TV reported that IRGC forces fired “warning shots” at multiple ships attempting to transit the Hormuz chokepoint.
“This morning, two ships that were attempting to cross the Strait of Hormuz illegally were targeted and stopped by warning shots fired by the navy of the Revolutionary Guards,” said a correspondent on state TV.
Tehran has declared the strait closed until further notice, but the US military, President Trump, and maritime monitors say the southern route remains passable.
Bloomberg data shows the LNG tanker Al Hamra safely transited the Hormuz chokepoint over the weekend and is now full steam ahead in the Gulf of Oman. Axios noted earlier that 20 commercial ships managed to transit the Hormuz chokepoint in coordination with the US military.
Bloomberg data only tracks ships with transponders on.
Crude Climbs as War Back on Menu
Brent crude futures traded up 3.5% to the midpoint of $78 a barrel, while WTI futures are up around 3.4% to $73.85 amid increasingly heated tit-for-tat attacks.
Here is Deutsche Bank equity research analyst Chris Robertson’s summary of developments last week and through the weekend:
Last week, Iran declared that the Strait of Hormuz is closed until further notice. Iran attacked a commercial container ship attempting to transit the region, causing a fire aboard the vessel.
The Joint Maritime Information Center (JIMC) said on Sunday that the southern Omani route remains available, but that the threat level is rated as “severe”.
Regardless of any claims around the Strait being closed or open, what matters is that commercial ship owners are likely not willing to risk transit in an active war zone, putting ships and crews at risk of attack.
We reiterate our initial concerns that despite major destruction of traditional Iranian naval vessels and assets, the ongoing threat that shipowners face is asymmetric warfare technologies such as drones and missiles. These types of threats are much harder to predict or plan for, thereby maximizing uncertainty related to mitigating voyage risks.
We expect transit activity will slow, especially as it relates to vessels planning to enter the Gulf through the Strait which, unlike exiting activity, is the real sign that conditions are normalizing. We believe that an ongoing closure of the Strait of Hormuz will lead to downward pressure on shortterm tanker rates as ships remain in other regions, thereby increasing effective supply of those ships.
Diplomacy Unravels
As of Monday morning, it is clear that US-Iran diplomacy is unraveling, while US forces are systematically degrading the IRGC’s ability to close the maritime chokepoint. Commercial ships continue to transit the waterway, undermining Tehran’s claim that the critical waterway is effectively shut.
Tehran must also recognize the longer-term strategic risk: every disruption accelerates global investment in pipelines, export terminals, and other infrastructure designed to bypass Hormuz. Once those alternatives are operational (Read Here), Tehran’s greatest source of geopolitical leverage will evaporate. Then what?
* * *
Overnight/Weekend Developments
US President Trump threatened that the US military would “completely decimate and destroy all areas” of Iran if its leaders attempted or carried out an assassination on him.
US forces said they struck 140 Iranian military targets on Saturday and were also reported to have carried out another round of strikes on Sunday, while Iran targeted at least five US allies across the Middle East in drone and missile assaults early on Sunday, as well as announced that the Strait of Hormuz would be closed until further notice. However, the Joint Maritime Information Centre said the path along the Omani coastline is still available for transit, while it was separately reported that a Chinese tanker transited through Hormuz via an Iran-designated route.
US official said around 20 commercial vessels transited through the Strait of Hormuz in coordination with the US military over the last 24 hours, in addition to several vessels without US coordination, according to Axios.
US military announced on Sunday evening that it began a new wave of strikes against Iran to continue degrading its ability to attack civilian mariners and commercial ships transiting the Strait of Hormuz, while Iranian TV reported explosions in Qeshm, Jask, Bandar Abbas and Sirik.
US Central Command denied a claim by Iran that three US service members were killed in Kuwait, while it stated that there have been no reports of US casualties in the region, with all personnel accounted for and safe. CENTCOM later commented that it completed a new wave of offensive strikes on Iran, hitting dozens of targets at multiple locations to degrade Iran’s ability to continue attacking international shipping flowing through the Strait of Hormuz.
Kuwait’s military said three border posts were attacked and that a drilling platform owned by the Kuwait Oil Company was struck in a drone attack, while it was separately reported that US intelligence sources noted observations that Iran was preparing to carry out a massive attack on the UAE and Kuwait.
Iran said it caused heavy damage to Jordan’s Prince Hassan Airbase, as well as claimed it targeted the Al-Udeid Airbase in Qatar and a US Navy logistics base in Dukm, Oman. Furthermore, Iran also targeted Kuwait and the US base in Bahrain.
Iranian Supreme Leader Mojtaba Khamenei issued a written statement, vowing to avenge the death of his father and said that it was the demand of the nation.
Iran’s Foreign Ministry condemned US attacks on Iranian infrastructure, which it said were a violation of the ceasefire deal and the UN Charter, while it warned Gulf states over the use of territory for US attacks.
Iran’s Deputy Foreign Minister Gharibabadi said no action against Iran should go unanswered and called for a pre-set response to any attempt against Iran, its military, Supreme Leader and officials.
Iranian lawmaker and member of the Iranian Parliament’s National Security and Foreign Policy Committee, Kashkavi, said Iran prefers to manage the Strait of Hormuz through cooperation with regional states, particularly Oman, and stated that the clear official position is that future management of the Strait will be arranged by Iran.
Iran denied social media reports that claimed the Bushehr nuclear power plant had been attacked, while its nuclear agency said all units continue to operate normally and that the plant is in a safe and stable condition.
Iraq’s PM is to visit Washington on Monday, while oil and gas deals are expected to be announced, although the Islamic Resistance in Iraq warned the government against US economic deals and demanded a US troop withdrawal.
Yemen’s Foreign Ministry reiterated that Yemen would continue its support of Iran in the face of ongoing US and Israeli aggression.
Israeli artillery conducted further shelling in southern Lebanon, according to Lebanon’s National News Agency.
Explosions were heard around Iran’s Bandar Abbas and Qeshm Island on Monday afternoon, Mehr News reported, while there is also the possibility of clashes in the Persian Gulf and the Strait of Hormuz.
Reported fire at Kharg Island appears to be a result of routine flaring, according to Nour News.
Iran’s Foreign Ministry spokesperson said the US violated all clauses of the MoU in less than a month and stated that Iran will not execute commitments in the MoU as long as the US is not fulfilling its commitments. He added that the MoU is in “crisis” phase. Muscat talks with Oman were solely focused on the Strait of Hormuz. On the recent strikes, none of the US bases in any country in the region have been removed from the target list and that the defensive strikes of Iran are solely against the bases, facilities and positions used by the US to attack Iran, including their logistical and support facilities. In terms of further talks, mediators are still continuing their efforts to mediate between Iran and the US in recent days and Iran is in contact with mediators.
Iran’s IRGC said only way to open the Strait of Hormuz is to end US military interventions and respect the sovereignty of the countries bordering it.
There is no clear timetable for Israel’s withdrawal from the experimental areas in southern Lebanon amid a policy of consolidation and non-compliance with the framework agreement, Al Araby reported citing sources.
The sudden death of Sen. Lindsey Graham (R-SC) reverberated through the capital over the weekend, and some of the veteran interventionist’s final remarks have lent the loss an unsettling poignancy.
In a telephone call with an unnamed individual, Mr. Graham, 71, said he intended to seek medical attention for feeling unwell, but only after his scheduled appearance Sunday on NBC’s “Meet the Press.” On the same call, the senator joked about deferring his own mortality.
“I can’t die now. I still need to do the Russia sanctions, get Iran sorted out and do Israeli-Saudi normalization,” the senator said, according to Axios.
Graham’s office announced his death early Sunday, hours after he returned from Ukraine, where he toured a secret military drone factory and held talks with Volodymyr Zelensky.
The senator also spoke Saturday evening with President Donald Trump about the Ukraine trip and the bipartisan Russia sanctions package he had been working to advance through Congress alongside Sen. Richard Blumenthal (D-CT), the New York Post reports.
Preliminary findings released by the District of Columbia medical examiner’s office indicated Graham died from “Aortic Dissection due to Arteriosclerotic Cardiovascular Disease.” The condition, a tear in the body’s main artery, predominantly affects older men.
Trump said Monday he has recommended that the senator’s sister serve as his temporary replacement in the Senate. In a social-media post, the president urged Gov. Henry McMaster (R) to appoint Darline Graham Nordone to fill the remainder of Graham’s term, which expires in January.
McMaster is expected to announce his selection later Monday. A special election is scheduled for next month to choose a new Republican nominee in the general election for the seat.
The Trump Justice Department has secured roughly two dozen non-citizens voting arrests, prosecutions or convictions in the last few months, with another nearly 90 more cases under investigation.
Just the News reports that the wave of prosecutions represents a growing number of individuals charged in the last year with illegally voting in U.S. federal elections as foreigners.
Department of Justice (DOJ) officials say all 50 states were sent notices this month that election officials can and will be prosecuted too if they allow non-citizens to vote.
🚨 TRUMP DOJ DROPPING BOMBS ON ELECTION CHEATERS
Congressman Jim Jordon just unloaded: While the Save America Act stalls thanks to Senate RINOs hiding behind the filibuster, the Trump Justice Department is WARNING election officials in ALL 50 states, criminal prosecution if you… pic.twitter.com/H6fMxI8KJm
— Gunther Eagleman™ (@GuntherEagleman) July 11, 2026
Assistant Attorney General for Civil Rights Harmeet Dhillon told the Just the News, “This is not some idle threat.”
The letters state that state election officers face potential criminal penalties for “aiding and abetting” non-citizen voting. This includes knowingly retaining non-citizens on voting registration lists or assisting them with obtaining and casting ballots.
State officials were given a strict 5-day deadline by the DOJ to submit explanations of how they are complying with federal voter eligibility laws.
Dhillon drew a clear line on non-citizen voting, saying:
It isn’t just bad policy to let non-citizens vote in federal elections, it’s a crime. And this Department of Justice will intend to prosecute that crime if these election officials, having been informed that they are non-citizens on the voter rolls, knowingly allow those people to vote, enable their enrollment on the voter rolls, are passive in the face of this knowledge, etc.
Dhillon believes the numbers of foreigners illicitly voting in elections is probably higher but has been frustrated that U.S. Attorney offices across the country haven’t made illegal voting a larger priority until just recently.
Federal law requires voters to be American citizens to vote on the federal level, but some states and cities allow non-citizens to vote in local elections.
The DOJ push comes as President Donald Trump tries to persuade a hesitant U.S. Senate to pass the Save America Act that would impose citizenship and voter ID on all federal election voters.
Strategy Adds $467 Million In Cash, No Bitcoin As StanChart Warns Saylor Needs Clarity In Pivot Message To Convince Investors
Strategy, the largest corporate holder of Bitcoin, raised fresh capital by selling MSTR shares through its at-the-market (ATM) offering last week while leaving its BTC treasury unchanged.
As CoinTelegraph’s Helen Partz reports,Strategy sold 4.8 million shares of its Class A common stock for $466.7 million between July 6 and July 12, according to a Monday 8-K filing with the US Securities and Exchange Commission.
The company did not buy or sell any Bitcoin during the period and reported holdings of 843,775 BTC at an average purchase price of $75,476 per BTC.
The update comes as investors continue to watch how Strategy balances equity issuance, Bitcoin accumulation and its growing preferred stock offerings as it expands its BTC-focused corporate strategy.
Ahead of Monday’s Nasdaq open, MSTR shares were trading down roughly 3%, to $91.80 apiece, according to Yahoo Finance. Bitcoin was trading at about $62,580, down more than 2% in the past 24 hours.
Cash buffer grows to $3 billion
Strategy increased its US dollar reserve to $3 billion as of July 12, up from $2.55 billion a week earlier. The reserve is used to fund dividend payments on its preferred stock and interest payments on its outstanding debt.
The reserve includes expected proceeds from MSTR shares sold through the company’s ATM offering that had not yet settled as of the reporting date.
Source: SEC
Strategy has $23.8 billion of remaining capacity under its MSTR ATM offering, including capacity from a new $21 billion offering the company announced on March 23. The company said it may begin selling shares under the additional capacity once the existing offering is substantially depleted.
Last week, Strategy announced it sold 3,588 BTC for about $216 million to replenish its US dollar reserve and fund preferred stock dividend payments.
The transactions included the sale of 1,363 BTC at an average price of $59,256 between June 29 and June 30, followed by another 2,225 BTC at an average price of $60,773 between July 1 and July 5.
In the same June 29 8-K filing, Strategy also reported no BTC purchases, while disclosing the sale of 12.7 million MSTR shares through its ATM offering, generating $1.15 billion in net proceeds.
STRC moves to twice-monthly dividend schedule
Strategy is boosting its USD reserve as it readies its first semi-monthly dividend payment to its STRC preferred stock holders on Wednesday.
Under a new schedule announced on June 8, STRC will use record dates on the 15th and the last day of each month, with payments made on the following record date.
The first semi-monthly record date was June 30, 2026, with the first payment date scheduled for July 15.
Saylor
Additionally, CoinTelegraph’s Robert Lakin notes that Strategy co-founder and chairman Michael Saylor again took to social media on Sunday to offer his latest signal to investors, even as one analyst said Saylor’s messaging needed more clarity to help Bitcoin regain its momentum.
“Orange dots tell only part of the story,” was Saylor’s message in a post that accompanied a chart from Saylortracker.com, similar to previous social media messages that have preceded news of Strategy’s Bitcoin (BTC) purchases, typically announced the day after his posts.
Need clarity in BTC pivot message to convince investors: StanChart
Standard Charter’s global head of digital assets research, Geoff Kendrick, said Strategy’s recent actions – and Saylor’s manner of communicating them – “are muddying the waters for BTC near-term.”
“We think effective communication of MSTR’s new strategy (using BTC to back STRC) is key to reassuring markets that wholesale selling is unlikely; this should in turn support BTC prices,” Kendrick wrote in a note to clients on Friday.
“Indeed, if this signalling proves effective, it should remove the need for MSTR to actually sell any BTC by supporting STRC’s price,” he said.
StanChart sees inconsistencies in “never sell” approach
Kendrick said that Strategy’s long-held “never sell” approach limited what the company could with its industry-biggest digital asset treasury.
“The problem with the ‘never sell’ approach is that it limits what MSTR’s BTC holdings can do — or, perhaps more importantly, what they are perceived to be doing,” the StanChart analyst said.
“MSTR has started to shift its communication strategy on this in recent months. It has sold BTC twice and recently announced a BTC monetization program.”
Source: Standard Chartered Bank
Still, he sees Strategy’s “market signaling” as potentially improving soon and bringing more clarity to the outlook for Bitcoin, on which StanChart maintains its $100,000 year-end forecast.
Shares struggle from year low ahead of earnings report
Investors who bought into the Strategy narrative have not had an easy time in the past 12 months. The STRC preferred shares were formulated to hold a price of $100 apiece. Shareholders saw that par value fall to the wayside last month, to the lowest value since the preferred stock was introduced a year ago.
The common shares, trading under the MSTR ticker, have lost more than 70% of their value since July 2025, closing at $94.64 per share on Friday, down from a 52-week high of $457.22.
The company is slated to report second-quarter earnings on July 30, with analysts consensus of $4.28 per share, according to Yahoo Finance data. Earnings have fallen short of analyst forecasts in six of the last eight quarters, according to Fintel.io data, including a 33.76% negative surprise in the first quarter of 2026.
Mamdani’s Affordability Agenda Flops As NYC Rents Surge To Record Highs
New York City’s socialist mayor, Zohran Mamdani, and his radical-left lieutenants in City Hall promised voters free bus rides, government-run grocery stores, cheap housing, and much more. Yet the dream of a left-wing utopia has not materialized. In fact, rents in the NYC metro area just hit a record high.
New data from The Corcoran Group, a major residential real estate brokerage founded in NYC, shows that rents in the metro area have climbed to a new record high.
Manhattan’s median rent rose 8% from a year earlier to $5,295, while Brooklyn reached $4,350, also up 8%, according to the report. Manhattan’s vacancy rate narrowed to 1.49%. In Queens, Rego Park posted particularly sharp increases, with one-bedroom rents up 12% and studio rents up more than 20%.
“Manhattan renters are chasing a shrinking pool of available apartments, and the result has become predictable — record rents. Available listings dropped 16% year-over-year in June, while the borough’s median rent climbed to a new high of $5,295 . Leasing activity clocked in 7% below last year’s pace due to the lack of inventory, causing competition to remain fierce. Additionally, June marked one year since implementation of the FARE Act, a milestone that may still be influencing pricing trends, particularly within the non-doorman market. Across the board, quality apartments are commanding a premium, and renters have little room to negotiate,” Corcoran COO Gary Malin wrote in the report.
Malin continued, “Brooklyn’s rental market is also rewriting the record books. Median rent jumped 8% year-over-year to an all-time high of $4,350 and apartments spent 30% fewer days on the market. This steep annual decline underscores how tight the market has become, with flat inventory and strong demand strong causing available units to rent far faster than a year ago. While lease signings were lower on an annual basis, activity picked up from May as renters moved quickly to secure apartments ahead of the busiest stretch of the summer season. Throughout the borough, competition.”
City Comptroller Mark Levine commented on the new report, saying, “NYC’s housing affordability crisis is at DEFCON 1. We need to push harder on every front to address our housing shortage.”
“Update zoning, invest more City $ in affordable units, lower the time & cost City bureaucracy imposes on construction, get 1000s of vacant regulated units back on the market. We need bold action. This is a crisis,” Levine added.
Rents in NYC have just hit an all-time high.
Median market rate in June…
Manhattan: $5,295/mo (+8.2% year-over-year)
Brooklyn: $4,350 (+8.1%)
NYC’s housing affordability crisis is at DefCon 1. We need to push harder on every front to address our housing shortage.
Yet, as Libs of TikTok on X pointed out, “We don’t have a housing shortage. We have an illegal alien invasion,” adding, “Forty percent of NYC rentals are occupied by people born outside the US.”
Last week, the Federal Reserve Bank of Dallas published a new report showing that the “unprecedented boom in unauthorized immigration” sparked a nationwide housing demand shock in the presence of a relatively fixed short-run housing supply, accounting for 30% of home price growth and 20% of rent growth in the average local market during the boom period.
Mamdani and the Democratic Socialists of America bloc at City Hall will never acknowledge the illegal alien invasion has played a major role in tightening NYC’s housing market. Instead, the response from far-left clowns is blaming “racist capitalism” and arguing that the existing system must be dismantled for one that actually has never worked anywhere in the world – look at Cuba.
That leaves a fundamental policy contradiction: Mamdani and his socialist allies claim they can solve the affordability crisis by building more housing, yet that will take years. The easiest solution would be to cooperate with ICE or support deportations, which could reduce pressure on housing, schools, and other public services almost immediately. Good luck reconciling those positions.
A federal judge in California has blocked the Trump administration’s push to attach anti-DEI strings to federal grant money. The court ruled this week that the executive branch overstepped its constitutional authority by imposing the conditions on a group of West Coast cities and counties.
Obama-nominated U.S. District Judge William Orrick granted a preliminary injunction Thursday barring the Departments of Homeland Security, Justice and the Interior from enforcing the contested conditions against 11 local governments, concluding in a 68-page order that the restrictions likely run afoul of both the separation-of-powers doctrine and the Administrative Procedure Act.
“What defendants seek to do likely violates the Constitution (separation of powers and Spending Clause) and the Administrative Procedures Act,” Orrick wrote.
The suit was filed by the cities of Fresno, Santa Clara, Redwood City, Santa Cruz, Stockton, Beaverton, Corvallis and Hillsboro, along with Los Angeles, San Diego and Santa Barbara counties, all of which argued the administration attached ideological requirements to grants Congress had already approved for public safety, disaster preparedness, policing, fire protection, water conservation and crime victim services.
Orrick sided with the localities, finding the new certification requirements “have nothing to do with or contradict the Congressional purpose” behind the underlying grant programs, and affirming that spending authority ultimately rests with Congress rather than the White House.
“Plaintiffs maintain that ‘[n]othing in the Constitution or federal statutes authorizes Defendants to impose the Challenged Conditions, or anything of the kind, on funds administered through congressional grant programs,’” Orrick wrote. “I agree.”
The conditions at issue required grant recipients to certify they were not running programs that promote diversity, equity and inclusion in violation of federal anti-discrimination law, along with separate provisions encouraging cooperation with federal immigration enforcement and compliance with related executive orders.
The administration has said such conditions are a legitimate use of executive authority to ensure federal dollars aren’t used to fund discriminatory practices, and the Justice Department is expected to appeal Thursday’s ruling.
Orrick found that letting the conditions stand while the case proceeds would jeopardize funding for programs including anti-terrorism initiatives, disaster mitigation, flood protection, wildfire preparedness, law enforcement training, forensic science, and human trafficking and crime-victim services — writing that the disruption would “irreparably injure plaintiffs and their ability to provide critical services, as well as would threaten public safety.”
The preliminary injunction will remain in effect while the underlying lawsuit moves forward, leaving the administration’s broader anti-DEI funding strategy in legal limbo pending the expected appeal.
With Graham Dead, Races Are On For Both Temporary And Permanent Senate Successors
While plenty of jaws are still agape following Saturday night’s shockingly sudden death of Republican South Carolina Sen. Lindsey Graham, scheming over his vacant seat is already well underway. With Graham having been a chief champion of the West’s proxy war against Russia in Ukraine, and a zealous collaborator with Israel in promoting American warfare against Iran, it’s not just South Carolinians who are concerned about their representation in Washington.
There are two separate tracks in this succession drama. First, under South Carolina law, Republican South Carolina Gov. Henry McMaster must appoint someone to represent the state for the balance of Graham’s fifth term, which runs through January 3.
As you watch the scramble for U.S. Senate in South Carolina…
Lindsey Graham was sworn on January 3, 2003, succeeding Strom Thurmond.
Separately, South Carolina Republicans must choose a new nominee for November’s general election. Candidates can officially file starting July 21, with the window shutting on July 28. Then, a special primary election will be held on Tuesday, Aug. 11. If no candidate scores not just a plurality but a majority of the votes, the top two vote-getters would advance to a runoff election on Aug. 25. Before Graham’s death, the Cook Political Report rated the Palmetto State “safe” for continued GOP control. It’s doubtful that status will change no matter whom Republicans pick to go up against Democrat pediatrician Annie Andrews in November. In his 2020 re-election, Graham coasted to a 10-point win over his Democratic opponent.
McMaster doesn’t have a firm deadline for naming a temporary replacement, but choosing someone quickly gives him a potent opportunity to give someone a leg up in the primary race for the term that starts in January. As an alternative, he could go in the opposite direction and appoint a “caretaker” who has no ambition to hold the seat after the end of the year. McMaster, who is term-limited and will stop being governor in January, could conceivably appoint himself the interim senator, which would have Lt Gov Pamela Evette ascend to the governor’s desk.
With Graham’s body still cooling, the man he trounced in the June primary — businessman Mark Lynch — wasted no time in announcing he will be a candidate in the special primary. On Sunday evening, Lynch committed $5 million to “finish the race we started.” Amusingly, earlier in the day, Lynch had said, “today is not a day for politics.”
President Trump, whose endorsement is still powerful within the GOP despite his own crumbling popularity, declined on Sunday to tell NBC News whom he prefers for the seat. “I have somebody that I think would be great, but I don’t want to say it now because it’s just, you know, it’s too soon with Lindsey,” Trump said. “I don’t want to even talk about anybody, but I do have somebody that I think is really good.”
Israeli Prime Minister Benjamin Netanyahu and Ukrainian Prime Minister Volodymyr Zelensky are certainly among those most sorry to learn that Graham suddenly died. Graham was easily one of the most hawkish figures in Washington, and was constantly working with both foreign leaders to help keep US money and weapons flowing in their direction. In that light, they may have hoped that former South Carolina governor and former UN ambassador Nikki Haley would pursue the seat. However, a spokesman toldPolitico’s Alec Hernandez that Haley “has no plans to run for office at this time.”
Other potential opponents for Lynch include:
Rep. Nancy Mace. She’s poised to hand over her House seat in January, having foregone reelection for a failed bid for governor this year. She is actively considering a run for Graham’s seat, according to Politico and The New York Times. Their reporting is reinforced by Mace’s posting of a clip from Godfather III, in which Michael Corleone says the classic line, “Just when I thought I was out, they pull me back in.”
Rep. Russell Fry. The 41-year-old Trump ally currently represents South Carolina’s solidly-Republican 7th Congressional District. In un-Lindsey Graham fashion, Fry was one of a few dozen Republicans who voted in 2023 to direct President Biden to pull troops out of Syria within 180 days.
Rep. Ralph Norman. At 73 years old, the hard-right Norman is two years older than the dead Graham and would test America’s growing fatigue with Congress being a gerontocracy. Norman reportedly called Trump on Sunday to discuss a potential endorsement. Trump was said to have replied, “Give me a week.” Norman’s expected to make some kind of announcement about his intentions on Tuesday, and South Carolina outlet FITS News says he’s running.
Rep. Joe Wilson. Famed for yelling “you lie!” at President Obama during an address to Congress in 2009, Wilson’s name has been circulating. However, on Sunday night he signaled that he wouldn’t be running. “I was grateful to speak with President Trump today reminiscing about our mutual friend, Senator Lindsey Graham,” Wilson tweeted. “I assured him my goal is to remain in the House to keep his two-vote majority for the American people!!!”
Lt Gov Pamela Evette. She tried for the governor nomination this year, but lost to Alan Wilson, son of firebrand Rep. Joe Wilson. In an odd move, Trump endorsed both of them for the GOP nomination.
There could be a crowded field, which would elevate the chances that a runoff would be needed. Within about 30 hours of each other, America saw two Grahams exit their Senate races in a bad way — Lindsey Graham via heart failure, and Maine Democratic hopeful Graham Platner via being on the wrong end of a sex-assault accusation. Between the South Carolina special primary election and Maine Democrats picking a new candidate at a rushed convention this month, the entertainment is stacking up for political junkies in the dog days of summer 2026.
