Forward Industries and crypto investment company RockawayX have co-led a strategic investment in OnRe, a startup building reinsurance infrastructure on the Solana blockchain, in a move aimed at bringing traditional risk-transfer markets onto decentralized rails.

The companies said Tuesday they co-led OnRe’s $5 million Series A round, with Forward planning to allocate up to $25 million into the platform’s yield-bearing token on Solana.

The funding will be used to expand OnRe’s platform and attract more institutional participants to onchain reinsurance, a niche but emerging segment within decentralized finance.

OnRe is attempting to shift parts of the reinsurance market — where insurers offload risk to third parties — onto blockchain infrastructure, using tokenization and smart contracts to manage underwriting and capital flows.

The initiative reflects a broader push to experiment with real-world financial services, including insurance and reinsurance, on blockchain networks, although adoption remains at an early stage.

Forward Industries (FWDI) is the largest corporate holder of Solana (SOL), with more than 7.01 million SOL on its balance sheet, according to industry data. Its Nasdaq-traded shares gained about 5.8% in Tuesday’s regular session, according to Yahoo Finance. In after hours activity, at last look, most of that increase evaporated. SOL was last trading hands at $86.61, up about 2.7%.

Forward Industries’ SOL accumulation over time. Source: CoinGecko

Related: Dubai Insurance launches crypto wallet for premium payments, claims

Blockchain pilots target inefficiencies in global reinsurance market

While estimates vary, the global reinsurance market is valued at more than $600 billion, with growth driven by rising demand for risk transfer. Total reinsurance premiums are closer to $2 trillion in value. 

Blockchain-based platforms are being tested as a way to streamline traditionally manual processes by introducing shared ledgers for real-time tracking, underwriting and claims settlement.

OnRe is not alone in this effort. Re, a decentralized reinsurance protocol, is another project aiming to connect institutional capital with collateralized insurance risk while offering tokenized yield products.

Other protocols are also emerging to provide insurance and reinsurance coverage for decentralized finance applications and smart contracts, though the sector remains early-stage and largely experimental.

There are also efforts to apply blockchain and digital assets across different parts of the insurance value chain. For example, insurance broker Aon has tested the use of stablecoins for paying insurance premiums. 

Tim Fletcher, CEO of Aon’s financial services devision, said tokenized assets are likely to become increasingly integrated into traditional financial systems. 

Related: Crypto Biz: Capital has no consensus

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TLDR:

• • Strategy held 818,334 BTC as of May 3, 2026, reflecting a 22% year-to-date growth in bitcoin holdings.
    
  • STRC preferred stock raised $5.58B year to date, scaling to $8.5B total in just nine months of existence.
    
  • Strategy achieved a 9.4% BTC Yield and a $4.97B BTC Dollar Gain through the first four months of 2026.
  • The company has met 23 consecutive preferred dividend payments, totaling over $693 million since early 2025.

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Strategy Inc posted a net loss of $12.54 billion for the first quarter of 2026. The loss was driven by a $14.46 billion unrealized loss on its bitcoin holdings.

Bitcoin prices fell during the quarter, pulling down the carrying value of the company’s digital assets. Despite the loss, Strategy continued expanding its bitcoin position and raising capital through its preferred equity products.

Bitcoin Holdings Expand Even as Prices Fall

Strategy held approximately 818,334 BTC as of May 3, 2026, marking a 22% growth year to date. The average purchase price per bitcoin stood at roughly $75,537.

The company’s total digital asset cost basis reached $61.81 billion. The market value of those holdings came in at $64.14 billion, based on a bitcoin price of about $78,374 as of May 1.

The company achieved a BTC Yield of 9.4% year to date through its capital markets activity. It also recorded a BTC Gain of 63,410 bitcoins and a BTC Dollar Gain of approximately $4.97 billion.

These figures reflect Strategy’s ongoing effort to grow bitcoin holdings on a per-share basis. The metrics are used internally to assess whether capital raises are accretive to shareholders.

President and CEO Phong Le addressed the broader market environment during the earnings announcement. “Adoption of Bitcoin continues to grow in 2026. Digital Credit, highlighted by STRC, has been a big success,” Le said.

He pointed to rising institutional activity from major banks as further validation of the company’s direction. Morgan Stanley, Goldman Sachs, and Citi were among those named as expanding into bitcoin-related services.

Strategy raised $11.68 billion year to date to fund its bitcoin acquisition strategy. The company used proceeds from its at-the-market offering program, pulling in $7.37 billion during Q1 alone.

An additional $4.32 billion came in between April 1 and May 3. Cash and cash equivalents stood at $2.21 billion as of March 31, 2026, down slightly from $2.30 billion at year-end 2025.

Total revenues rose 11.9% year over year to $124.3 million for the quarter. Gross profit reached $83.4 million, with a gross margin of 67.1%, compared to 69.4% in Q1 2025.

The software business remained a stable contributor to overall operations. Strategy continues to describe itself as an industry leader in AI-powered enterprise analytics software.

STRC Preferred Stock Sees Strong Demand

Strategy’s STRC preferred stock raised $5.58 billion year to date, representing 189% growth. The product scaled to $8.5 billion in just nine months, making it the largest preferred stock by market capitalization globally.

Daily trading volume reached $375 million, while volatility dropped to 3%. STRC maintained that stability even through the recent bitcoin bear market.

CFO Andrew Kang highlighted the company’s dividend track record during the quarter. “We continue to extend our track record of servicing our dividends, having now met our payment obligations on time and in full across 23 consecutive distributions,” Kang said.

Total cumulative preferred dividends declared and paid have reached over $693 million since early 2025. Kang also cited a BTC Dollar Gain of approximately $5 billion through the first four months of the year.

Executive Chairman Michael Saylor spoke to the growing ecosystem around the STRC instrument. “STRC has scaled to $8.5 billion in just 9 months and is now the largest preferred stock by market cap in the world,” Saylor said.

He attributed the product’s performance to its design, which extracts bitcoin’s returns while engineering price stability.

Saylor added that the company has proposed doubling STRC’s dividend payment frequency to a semi-monthly schedule.

Over $150 million of STRC is now held in corporate treasuries, including Prevalon, Strive, and Anchorage. More than $270 million sits across DeFi protocols such as Apyx and Saturn.

Strategy carries a Sharpe ratio of 2.53 on STRC. The company positions itself as the dominant issuer of digital credit instruments in the world.

Operating Loss Widens Year Over Year

Strategy’s operating loss for Q1 2026 reached $14.47 billion, compared to $5.92 billion for Q1 2025. The unrealized bitcoin loss of $14.46 billion accounted for nearly all of that figure.

Under current accounting standards, bitcoin must be marked to fair value each reporting period. Any price decline flows directly into the income statement as an unrealized loss.

Net loss attributable to common stockholders was $12.77 billion, compared to $4.23 billion in Q1 2025. On a diluted per-share basis, the loss came in at $38.25, versus $16.49 in the prior-year period.

The company’s preferred dividends contributed to the gap between net loss and the figure attributable to common stockholders. Strategy has declared and paid $692.5 million in cumulative preferred dividends to date.

Strategy confirmed it does not expect to generate accumulated earnings and profits for U.S. federal income tax purposes.

Distributions on preferred equity instruments are therefore expected to be treated as non-taxable return of capital for the foreseeable future.

This treatment is expected to remain in place for at least ten years. Shareholders are advised to consult their own tax advisors regarding individual circumstances.

Despite the reported losses, Strategy maintained its standing as the world’s largest corporate bitcoin holder. The company stated that its combination of bitcoin treasury management and enterprise analytics software supports long-term value creation.

Strategy’s dashboard at strategy.com serves as a public disclosure channel for its holdings, KPIs, and securities data. A live webinar covering the Q1 results was held on May 5 at 5:00 p.m. ET.

The path to mainstream crypto adoption runs through more visible, controllable product design, executives from PayPal, Robinhood, Public.com and 248 Ventures told CoinDesk’s Consensus Miami conference Tuesday.

“It’s important to tell users with AI products what the underlying system is not doing in addition to what it is doing,” Public.com CFO Sruthi Lanka said. Public has built its agentic-investing product so that users review and approve a “deterministic recipe” before any trade is placed. “Make sure it’s not a black box,” she said. The result, according to Lanka, is an organization where everyone is now writing code: “I have accountants writing code. We have marketing people playing with code. Everyone is an engineer, and I think that’s only going to become more commonplace.”

Smitha Purohit, PayPal’s senior director of product for crypto, said trust is “a factor of two things;” whether users can start small and experiment, and whether the company has their back when something goes wrong.

“When you build too fast, compliance comes as a secondary thought, and I don’t think that’s the way to build scalable products. It should be compliance first, regulatory first, and that’s how PayPal looks at everything,” she said.

Nicola White, Robinhood’s vice president of crypto institutions and general manager of Bitstamp, said 50% of the company’s new first-quarter users self-identified as first-time investors, pointing to that as the reason to push back on retail product velocity.

“We’re all building so quickly. I think we need to make sure that we’re slowing down and thinking about: is what we’re building the right thing for the customer? […] I think we’re introducing risks that maybe people don’t understand,” she said, citing the Oct. 10 crypto liquidation event and questioning, “Is 100x something that a retail client should be offered?”

Lindsey Bell, Chief Investment Strategist at 248 Ventures, framed adoption as ultimately an emotional decision. “People’s purchasing or usership is really driven by emotion; it’s driven by fear. You have to be able to tap into that. And I think you do that best by talking to your customers and your prospects and really figuring out what’s making their heart beat,” she said, citing earlier remarks from a former Mastercard CMO that traditional market research is now only “23% accurate.”

In a closing lightning round, Lanka predicted users will “increasingly make the wealth manager redundant”; White predicted CLARITY Act passage and tokenized RWAs hitting stride in the U.S.; Bell floated that “by the beginning of next year,” 80% of Americans could be operating with at least one AI agent; and Purohit predicted “pay as you go” models for content, pointing to stablecoins as a way to enable micropayments.

Wall Street executives warned at Consensus 2026 that legacy markets built for slower trading are breaking under 24/7 crypto pressure.

Wall Street executives gathering at Consensus 2026 in Miami on May 5 warned that traditional financial infrastructure was not built to absorb round-the-clock, machine-driven trading.

As crypto markets operate continuously and algorithmic activity accelerates, legacy systems built for scheduled market hours and human-paced settlement are showing strain. Consensus 2026 drew over 20,000 attendees and broke records for regulatory presence, with Bitcoin breaking $80,000 on the conference’s opening day.

The friction is most acute in settlement infrastructure. Traditional clearing systems process trades in scheduled batches tied to market open and close times, a design that works for equities with fixed hours but fails under continuous pressure.

Executives at the conference pointed to tokenized settlement as the most credible path forward, allowing trades to settle continuously on blockchain rails rather than queuing in legacy batch cycles.

Tokenization as the infrastructure answer

The argument maps directly to regulatory developments already in motion. Nasdaq won SEC approval to trial tokenized stock trading in March 2026, allowing eligible participants to trade securities in traditional or blockchain form on the same platform.

The Federal Reserve also issued guidance confirming that tokenized securities receive the same capital treatment as conventional equivalents, removing a key institutional adoption barrier.

Bullish’s $4.2 billion acquisition of transfer agent Equiniti, announced today, offers the most direct institutional response to the infrastructure gap. Bullish described the deal as creating “the global transfer agent for tokenized securities,” a company serving 3,000 existing corporate clients and 20 million shareholders.

The Consensus warnings and the Bullish deal together frame the conference as the moment the gap between legacy market infrastructure and 24/7 crypto reality became a shared institutional problem rather than a fringe concern.

Trust remains a primary barrier to broader crypto adoption, according to representatives from the National Cryptocurrency Association, Circle, U.S. Bank and ChangeNOW at Consensus 2026 in Miami.

Ali Tager of the National Cryptocurrency Association said research shows “the number one barrier to non-crypto holders is they just do not get it,” citing complexity, jargon and misinformation as persistent challenges.

Panelists from Circle, U.S. Bank and ChangeNOW said trust is built gradually through user experience rather than technical claims. Britt Cambas of Circle said “you are not going to get technical trust in 30 seconds,” emphasizing clarity and reducing complexity as prerequisites for adoption.

Rachel Castro of U.S. Bank said trust is central to financial services and “very easily broken,” adding that rebuilding it takes significantly longer once lost.

Speakers highlighted customer support and human interaction as critical differentiators in crypto platforms. Pauline Shangett of ChangeNOW said “the primary factor of trust for me when it comes to a web3 project is a feeling that you are working with real people,” pointing to gaps in user support across the industry.

Cambas said reducing ambiguity in products and partnerships is key, noting that simplifying complex systems can drive adoption more effectively than new features.

Panelists also pointed to education as a necessary step for onboarding new users. Tager said the industry must “make it super simple, make it accessible, make it trustworthy” to reach mainstream audiences.

The discussion, moderated by Ashley Wright, focused on designing systems that prioritize transparency, usability and communication, with speakers agreeing that trust must be embedded across product design, customer engagement and regulatory frameworks rather than treated as a standalone feature.