Strategy CEO Phong Le believes there is more to the company than the Bitcoin (BTC) on its balance sheet. Le stressed that the company’s enterprise business model remains a key part of operations after it posted its strongest financial quarter in a decade.

Enterprise Software Remains a Core Part

Le believes that its enterprise software business remains a crucial part of the company’s long-term plans. The software business serves over 3,000 customers and 500,000 active users, along with Fortune 500 companies, leading banks, healthcare companies, retailers, and government agencies.

According to Le, the software side of Strategy’s business, comprising engineers, enterprise customers, cloud teams, compliance systems, and global operations, gives the company an edge over other digital asset firms. However, Le’s arguments can only hold if the software side of Strategy’s business continues growing while competing with its Bitcoin strategy for investor attention.

Record Financial Quarter

Le highlighted Strategy’s stellar Q1 2026 performance to back his argument. The Bitcoin treasury company reported $124.3 million in total Q1 2026 revenue, up 12% from $111.1 million a year earlier. Strategy also reported $83.4 million in gross profit with a 67.1% gross margin. Le stated that Q1 2026 was the company’s strongest quarter in over a decade, supported by a 12% revenue growth and a 59% growth in cloud revenue. Controllable margin increased by 27%, helping Strategy fund its Bitcoin operations.

Bitcoin Strategy Under Scrutiny

Strategy’s Bitcoin strategy has come under intense scrutiny in recent months as debt and losses mount. The company reported a $12.54 billion net loss, significantly higher than the $4.22 billion loss in the same period last year. Strategy raised over $25 billion in 2025 to fund its Bitcoin operations. Strategy co-founder Michael Saylor recently said during an earnings call that the company could strategically sell some of its Bitcoin holdings to fund dividend obligations. Saylor’s comments have worried investors about the impact of such a move on the asset’s price.

Le sought to calm market jitters, clarifying that the company will sell BTC only in specific cases, adding that it will sell a small portion of its holdings to pay dividends on its Series A Perpetual Stretch Preferred Stock (STRC) and to offset taxes. The STRC pays 11.5% dividend to holders. Strategy currently holds 818,334 BTC, valued at around $66 billion.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.

Institutional demand for crypto is real, and suggests there may be a sustained bitcoin BTC$81,101.08 price move above its pivotal 200-day simple moving average (SMA).

Investors poured $858 million into crypto funds issued by asset managers like BlackRock and 21Shares last week, extending a five-week inflow streak and marking the strongest weekly total since late April, according to CoinShares.

More importantly, bitcoin funds alone pulled in over $700 million, taking year-to-date flows to $4.9 billion. Talk about the demand for the leading cryptocurrency. The catalyst? Improving sentiment around the Clarity Act, according to CoinShares’ head of research, James Butterfill.

Bitcoin recently traded at $81,000, having narrowly missed the 200-day SMA positioned above $82,000 late Sunday. That’s the second such near miss since last week. Prices remain above $80,000, indicating that bulls are simply taking a breather, not retreating.

Analysts say the next big leg higher could unfold once prices top $82,000, effectively rising above the 200-day SMA, which is largely seen as a barometer of long-term trends.

“The clean next step is a daily close above $82,000 with steady spot demand. Without that, it can chop between $79,000 and $82,000 while macro sets the tone,” analysts at Marex said.

On the downside, immediate support is seen around $80,400, and the broader demand zone remains between $78,200 and $78,600., according to Vikram Subburaj, CEO of India-based Giottus.com, said in an email.

In the broader market, Sui blockchain’s SUI has surged 12% to $1.26 in 24 hours. The rally comes as developers behind the blockchain look to foray into privacy. Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the development team behind Sui, posted on X that confidential transactions on Sui will be introduced this year, enabling fee-free privacy-preserving payments at scale.

Last week, Nasdaq-listed Sui Group Holdings (SUIG) said that it had staked most of the $108.7 million worth of SUI tokens in its treasury, removing roughly 2.7% of supply from the active market. That likely greased the bullish momentum.

The other major gainer is XDC Network’s XDC token, which climbed over 10%. Several other tokens, such as KAS, HASH and ATOM , have gained 5% or more in 24 hours.

In traditional markets, U.S. Treasury yields rose as dimming hopes of U.S.-Iran peace deal kept oil prices elevated. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

The chart shows ether’s (ETH) daily price swings in candlestick format since late 2025. Overlaid are Bollinger Bands, which are volatility bands placed two standard deviations around the 20-day moving average of the price.

The gap between upper and lower bands is currently the narrowest since late 2023. In other words, at their tightest in 2.5 years, signaling an extended period of compressed volatility.

Such tightening typically reflects a market in equilibrium, with both buyers and sellers unwilling to lead the price action. Such low-volatility phases tend not to persist for long, often resolving into sharper directional moves once bulls or bears reassert dominance.

In short: Watch out for a large directional move ahead.

Crypto traders paid annualized fees of 8,700% to service a leveraged, synthetic bet on the valuation of Anthropic. 

Even as the privately-held AI giant neared a $1 trillion valuation, some paid 1% per hour, imputing an expected Anthropic rally to $88 trillion within a year, just to cover the cost of their leveraged long.

For context, the most valuable publicly-traded company in the world today, Nvidia, has a market capitalization of $5.2 trillion.

Worse, the market they selected doesn’t actually deliver real Anthropic shares.

A combination of arcane terminology and abbreviations, off-page terms of service, a small open interest cap, and a simplified interface for trading compressed those disturbing realities into an easy-to-click “Buy” button alongside a flickering price chart.

Normally, short-sellers pay their brokers for the privilege of loaning out shares to sell first, with the hopes of buying back cheaper later.

In the topsy-turvy world of crypto, buying long exposure to Anthropic was even more expensive than shorting over the weekend.

Paying 8,700% annualized fees to bet on Anthropic

Because Anthropic isn’t publicly traded, crypto exchange Hyperliquid lists a USDH-denominated contract using the Ventuals deployer on $7.5 million worth of Anthropic open interest partially based on Notice’s estimate of Anthropic’s valuation.

If you didn’t understand the above sentence, you haven’t read the full terms of service for ANTHROPIC on Hyperliquid and are probably no different than many traders who bought it anyway.

USDH calls itself a stablecoin, even though it’s traded between $0.72 and $1.11 over the past year.

In addition, Notice doesn’t actually know the real-time value of Anthropic.

Moreover, the whole artifice relies on two proprietary altcoins plus innumerable service provider risks.

Despite these stratospheric risks, traders paid up to 1% per hour to use 3x leverage on Anthropic’s private valuation. 

For most of the past two days, the contract traded well above the Notice oracle’s reference price, forcing longs to pay hourly funding rates to shorts. Those payouts briefly made shorting one of the most-hyped AI companies a de facto, high-yield income strategy.

Don’t worry, funding is capped at 4% per hour

Incredibly, Hyperliquid settles funding rates hourly and caps them not at 1% but at 4% per hour.

On Hyperliquid’s ANTHROPIC, the hourly rate exceeded 1.5% over the weekend, equivalent to annualized fees in the five-digit percentages.

Across a 48-hour period this weekend, longs paid shorts over 15% of their position size in funding alone. That isn’t a typo. A $10,000 long with no Anthropic valuation movement at all would have bled $1,500 to the short side within two days.

Disclosures explaining these losses exist on off-webpage disclosures. In essence, the gap between the contract’s mark price and Notice’s oracle reference drives the funding rates on Ventuals contracts on Hyperliquid.

On the ANTHROPIC Ventuals contract, Notice’s oracle sat near $934 while Hyperliquid Ventuals traders paid over $1,060.

Each unit on Ventuals represents $1 billion of valuation, so those numbers translate to a $934 billion oracle-implied valuation relative to a $1.06 trillion Hyperliquid exponential moving average or “mark” valuation.

That 13.6% premium of mark over oracle, which varied by the hour, is what generated the lavish payouts to anyone willing to short Anthropic.

Key Takeaways

• Hims & Hers Health delivers Q1 2026 financial results following Monday’s market close on May 11
• Wall Street forecasts revenue between $616M and $619M, representing merely 5.2% annual growth — a dramatic slowdown from the 111% expansion witnessed in Q1 2025
• The telehealth platform secured an agreement with Novo Nordisk in March, obtaining authorization to distribute branded Wegovy and Ozempic — however, sales commenced March 26, limiting first-quarter financial contribution
• Earnings per share projections land at 3–4 cents, reflecting an approximately 90% decline compared to last year’s results
• Shares have surged nearly 50% during the previous month despite substantial short interest exceeding 35% and a predominantly neutral analyst consensus from 17 Wall Street firms

Heading into Monday’s quarterly disclosure, Hims & Hers Health (HIMS) trades at $28.46, posting gains of roughly 32% across the last 30 days and climbing approximately 77% from its February 27 fifty-two-week bottom. Yet the telehealth stock remains underwater for 2026, declining more than 23% year-to-date.

Hims & Hers Health, Inc., HIMS

Analysts characterize this upcoming report as a “transitional quarter.” Revenue projections cluster around the $616M–$619M range, translating to merely 5.2% year-over-year advancement. This marks a significant deceleration from the exceptional 111% revenue expansion HIMS achieved during the comparable period last year.

The dominant narrative surrounding this earnings release centers on the company’s strategic transition from compounded GLP-1 weight-management medications to branded Novo Nordisk alternatives. Following Novo Nordisk’s withdrawal of its patent litigation on March 9, both organizations finalized an arrangement granting HIMS distribution rights for Wegovy and Ozempic via its digital healthcare platform.

Timing presents a complication, however. These branded pharmaceutical products became available through the platform starting March 26. Since the first quarter concluded March 31, meaningful revenue contribution will probably materialize in Q2 reporting instead.

Subscription Metrics Under Close Examination

Wall Street will scrutinize subscriber acquisition and retention metrics carefully. HIMS surpassed 2.5 million active subscribers approaching the conclusion of 2025 — representing 16% growth from the 2.2 million subscriber count recorded at 2024’s end, and substantially exceeding the 1.5 million subscribers from late 2023.

Customer retention carries equal importance. Approximately 82% of platform users continue their subscriptions past the three-month threshold, while roughly 90% of recurring revenues originate from the established customer cohort. Should HIMS demonstrate stable or expanding subscriber figures, it reinforces confidence in full-year financial projections.

Profitability expectations remain modest — consensus estimates place earnings per share at just 3 to 4 cents, marking roughly a 90% annual contraction. While this deterioration may already factor into current valuations, any downward surprise could intensify selling pressure in a security already experiencing significant short-seller activity.

Wall Street Maintains Reserved Outlook

Among the 17 analysts providing HIMS coverage, four assign Buy ratings, 12 recommend Hold positions, and one issues a Sell rating. The consensus twelve-month price objective stands at $31.86 — approximately 12% above Friday’s closing price of $28.46.

Short interest positioning remains substantially elevated above 35% of available float, equating to approximately 70 million shares held short. With a volatility beta of 2.43, this equity demonstrates pronounced price movements in either direction.

Institutional accumulation accelerated during Q1, with institutional selling activity 88% below buying volume — marking a significant reversal from the considerable institutional outflows observed throughout Q4 2025.

The Food and Drug Administration has additionally proposed eliminating semaglutide, tirzepatide, and liraglutide from its 503B bulks inventory, which would retrospectively validate HIMS’s strategic decision to abandon the compounded GLP-1 segment.

HIMS has fallen short of Wall Street’s revenue projections on multiple occasions throughout the previous twenty-four months. Financial results are scheduled for release following Monday’s trading session on May 11.

Disclosure: The author of this story owns shares in Strategy (MSTR).

When executive chairman Michael Saylor confirmed on Strategy’s (MSTR) Q1 2026 earnings call on May 6 that the company was prepared to sell bitcoin, it appeared to mark a shift for the world’s largest publicly traded corporate holder of the cryptocurrency. But the move would not be unprecedented. In December 2022, Strategy sold bitcoin for tax-loss harvesting purposes — the same rationale the company now appears to be signaling to the market once again.

On Dec. 22, 2022, Strategy sold 704 bitcoin for approximately $11.8 million at $16,776 per coin, but immediately repurchased 810 bitcoin two days later.
The sale was designed to carry back capital losses against previous gains and generate a tax benefit. A tax loss harvesting event.

“MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit”.

Bitcoin fell 23% in Q1 2026, from $87,500 to $67,700. Under FASB fair value accounting rules adopted Jan 1, 2025, Strategy marks its entire bitcoin holdings to market every quarter, in Q1 posted a $12.54 billion loss which pushed unrealized losses directly through the income statement and generating a $2.2 billion deferred tax asset across its higher cost basis holdings.

According to the MSTR earnings call, assuming an $80,000 bitcoin price, Strategy has purchased over 434,000 BTC above $80,000 generating a $7.6 billion unrealized loss and a $2.2 billion deferred tax asset at a 29% tax rate.

If bitcoin recovers and Strategy sells appreciated bitcoins, that $2.2 billion tax can offsets future gains.

The primary goal for the company is to increase “bitcoin per share” which is the ratio of Strategy’s total bitcoin holdings divided by its total diluted shares outstanding.

The use of proceeds from the bitcoin sale is to retire the $8.2 billion in convertible debt, purchase MSTR common stock when the multiple to net asset value falls below 1.22x or fund $1.5 billion in annual dividend obligations from its perpetual preferred stock Stretch (STRC).

MSTR is up 1% in pre-market trading, while bitcoin trades above $81,000.

• The Osmosis crypto price has surged on extreme trading volume and liquidity inflows.
• Cosmos governance rejection kept Osmosis independent and stable.
• Price now hinges on holding $0.065 and breaking $1 resistance.

The price of the Osmosis (OSMO) crypto has jumped sharply by nearly 200% in 24 hours, moving from a low near $0.03383 to around $1.

This sudden rally has placed the token among the strongest performers in the crypto market today, with trading activity and ecosystem developments both playing a major role in the move.

Notably, the price surge came alongside an extreme spike in trading activity, a shift in altcoin market flows, and a key governance outcome within the Cosmos ecosystem that removed uncertainty around Osmosis’s future structure.

Forces behind the Osmosis crypto price surge

One of the biggest drivers behind the sudden Osmosis crypto price surge is the dramatic rise in trading activity on the Osmosis decentralised exchange.

On-chain data shows a surge in 24-hour trading volume of more than 7,000%, reaching roughly $173.892 million, according to Coingecko data, at press time.

This level of activity is unusually high compared to the token’s typical liquidity profile and signals a sudden inflow of speculative capital.

This spike suggests that traders were actively rotating funds into Osmosis liquidity pools, likely driven by momentum strategies and short-term positioning.

When volume expands this rapidly relative to available liquidity, even moderate buying pressure can produce outsized price movements, which helps explain the sharp upward acceleration.

Another important factor is the broader market environment.

The Altcoin Season Index has risen to around 51, reflecting a mild shift in capital from major assets like Bitcoin into higher-risk altcoins.

In such an environment, mid-cap tokens tied to active ecosystems tend to experience amplified moves, and Osmosis has clearly benefited from this rotation.

The rally was also reinforced by a governance vote within the Cosmos ecosystem.

On April 17, 2026, a proposal to integrate Osmosis more directly into the Cosmos Hub narrowly failed.

While some market participants initially viewed integration as a potential long-term structural upgrade, the failure of the proposal removed uncertainty around Osmosis’s independence.

Following the vote, the Osmosis team confirmed that the network would continue operating independently, maintaining its current structure and focusing on profitability and user security.

The Cosmos Hub proposal to integrate Osmosis narrowly did not pass governance.

While this is not the outcome we thought was best for Cosmos, we want to thank the community, validators, and everyone who engaged deeply with the discussion.

Osmosis continues to operate as an…

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— Osmosis 🧪 (@osmosis) April 17, 2026

This clarity appears to have reduced governance-related uncertainty and contributed to improved short-term sentiment.

At the same time, market conditions were already supportive.

The token was trading in a highly reactive range, and once momentum began building, price action accelerated quickly.

The combination of rising volume, altcoin inflows, and narrative confirmation created the conditions for a sharp upward breakout.

OSMO price outlook

From a technical perspective, the move in OSMO has the characteristics of a momentum-driven expansion phase.

The price nearly doubled in a single day, which is typically associated with speculative trading rather than gradual accumulation.

Eyes are not on the support near $0.065, which is an important level for the altcoin to maintain the bullish momentum.

If the token holds above $0.065, it could indicate consolidation after the initial spike.

A break above $1 and sustained trading above this level would suggest continuation of momentum, especially if trading volume remains elevated.

However, volume will play a decisive role in the next phase.

The same surge that pushed the Osmosis crypto upward could also reverse quickly if activity begins to fade.

A drop in trading volume below roughly $100 million would signal weakening participation and could increase the likelihood of a pullback.

If selling pressure increases, a breakdown below $0.055 would be an important bearish trigger.

Such a move would likely indicate that short-term traders are exiting positions after the sharp rally, potentially leading to a deeper retracement toward lower liquidity zones.