Sean Farrell ^AC

Crypto Market Update – August 2026

Inflation Data Supports Continuation in Recent Leaders, FIGR Earnings Validate the Rerating Thesis, SEC Meeting on Deck

Inflation Data Supports Continuation in Recent Leaders PPI came in slightly below expectations today, following yesterday’s benign CPI print. Core inflation remains above where the Fed ultimately wants it, but the broader direction of travel continues to look constructive, with momentum across both consumer and producer prices moving lower. There…

Adding to Miners After Clearing CPI Hurdle, FIGR Earnings Could Drive a Rerating (Portfolio Rebalance)

Adding Some Risk Back to Miners CPI came in roughly on target today, which was enough for me to begin adding some risk back to the mining cohort. Three-month and six-month annualized core CPI momentum continues to trend lower, reflecting a prevailing (albeit volatile) disinflationary trend. We did not get…

Miner Risk/Reward Becoming More Compelling, CPI + Next ERCOT Meeting Are Key Catalysts, SEC Begins Moving Forward on Crypto Rules

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Solana Governance Proposals Pass First Hurdle And Could Become a Meaningful Catalyst, MSTR Dividend Coverage Up to 32 Months, CPI Next Big Test for Crypto Complex

Strategy Continues Doing the Right Things Strategy’s latest 8-K looked very similar to the prior week, which at this point is probably a good thing. The company repurchased ~ $100M of STRC, funded by BTC sales, while also issuing more than $650M of common stock. Most importantly, the proceeds from…

Dovish Jobs Print Supports Constructive Near-Term View, Clarity Is Not Happening Before Recess, Cloudflare Could Unlock a New Source of Stablecoin Growth

Dovish Jobs Print Improves the Near-Term Setup Today’s jobs report was clearly dovish. The U.S. economy lost 23K jobs in July, prior months were revised materially lower, and wage growth slowed to 3.2% YoY. The unemployment rate declined, but that came alongside another drop in labor force participation, suggesting some…

Adding Some Risk as the Market Begins Ignoring Bad News (Portfolio Rebalance)

Clarity Takes Another Step Back This morning, Senate Majority Leader Thune filed cloture on the continuing resolution, the NIL bill, and the AG nomination. The Clarity Act was notably absent from today’s cloture filings. Senator Thune’s office stated that discussions around the market structure bill are ongoing and that the…

MSCI Consultation Creates Another Headwind for MSTR Common Stock, Texas Audit Adds Hurdle for Certain Miners, HYPE Should Benefit from Tech Stock Recovery

MSCI Proposes Excluding DATs from Global Indexes MSCI announced yesterday that it is conducting a consultation on a proposal to classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes. If approved, the proposal would likely exclude DATs from the indices. MSCI announced a similar consultation…

MSTR Wants STRC Back at $100 (Even if It Means Selling BTC), Setup for Miners Turns More Constructive, Active Solana SIMDs Belong on the Catalyst Radar

Strategy Continues Prioritizing STRC Today’s weekly 8-K reveals that MSTR sold 1,638 BTC for approximately $104M and raised another $291M through sales of MSTR common stock. Of the combined proceeds, $81M was used to repurchase STRC, while the remainder was added to the USD Reserve, bringing the reserve to approximately…

SA Liquidation Looks Like Genuine “Capitulation,” Look to HYPE as Expression of Any Tech Stock Recovery, White House Receives Revised Ethics Language Setting Up Potential Headline Risk

Situational Awareness Becomes Forced Seller of Miners The most interesting development in markets today was undoubtedly within the AI infrastructure complex, where reports confirmed that Situational Awareness, the AI-focused investment fund founded by former OpenAI researcher Leopold Aschenbrenner, liquidated its entire public equity portfolio and reportedly sold a meaningful portion…