Crypto World
Institutional Strategy Targets $44.1B to Accelerate Bitcoin Buying
Strategy, the Bitcoin-focused vehicle led by Michael Saylor, is intensifying its capital-raising efforts to fund ongoing BTC purchases. In a recent 8-K filing with the U.S. Securities and Exchange Commission, the company disclosed plans to raise as much as $44.1 billion through a mix of equity and perpetual preferred stock offerings, backed by new at-the-market programs. The financing plan comprises up to $21 billion from selling Strategy (MSTR) common stock, up to $21 billion from the perpetual preferred stock Stretch (STRC), and up to $2.1 billion from its perpetual preferred stock STRK. The filings indicate the issuances will occur “from time to time,” with no fixed timetable.
The filings also show that Strategy is marketing these securities as a way for investors to gain exposure to Bitcoin, which remains far from its all-time high and has weighed on the company’s balance sheet. In addition to the equity moves, the firm’s ATM program is intended to facilitate incremental share sales into the open market rather than relying solely on large, one-off financings. The 8-K underscores that the new financing channels are designed to expand the company’s Bitcoin holdings while limiting dilution of Strategy’s common stock through a diversified set of instruments.
Key takeaways
- Strategy aims to raise up to $44.1 billion for Bitcoin purchases: up to $21 billion via MSTR common stock, up to $21 billion via STRC perpetual preferred stock, and up to $2.1 billion via STRK perpetual preferred stock, with issuances occurring on a flexible basis.
- Stretch (STRC) and STRK are described as perpetual preferred stocks that provide monthly dividends while enabling Strategy to grow its BTC treasury without issuing additional MSTR common shares.
- The company’s updated plan follows an at-the-market (ATM) framework, allowing ongoing, incremental capital raises rather than relying solely on large external offerings.
- Strategy has added 90,000 BTC to its treasury in the first quarter of 2026, bringing total holdings to 762,099 BTC valued at about $54 billion, with an unrealized loss on BTC holdings of 6.3%.
- Bitcoin’s price backdrop remains a core driver of Strategy’s strategy, with BTC down roughly 70% from its all-time high; the financing moves reflect an appetite to scale exposure through securities markets even as the price trades below peaks.
Financing Bitcoin: The anatomy of Strategy’s capital-raising plan
According to the 8-K filing, Strategy intends to raise up to $21 billion by selling additional shares of its common stock (MSTR). Simultaneously, the company plans to raise up to another $21 billion through the sale of two perpetual preferred stock structures, Stretch (STRC) and Strike (STRK), via new at-the-market programs. The filing notes that STRC and STRK are designed to provide investors with exposure to Bitcoin while offering the potential for monthly dividends, a feature that can appeal to income-focused investors seeking indirect BTC participation.
Notably, the company did not commit to a fixed issuance timetable. Instead, it stated that shares may be sold “from time to time,” signaling ongoing flexibility in how it taps the capital markets to finance its Bitcoin accumulation program. The arrangement stands in contrast to earlier financing approaches that relied more heavily on convertible debt or larger, discrete fund-raisings rather than continuous, market-based issuances.
In parallel with the equity-raising plan, Strategy continues to position its securities as accessible pathways for investors to gain Bitcoin exposure, a strategy that aligns with Michael Saylor’s long-standing thesis of using corporate finance mechanisms to expand cryptocurrency holdings rather than diluting existing equity through a single, massive equity raise.
A growing treasury: Bitcoin purchases and holdings in 2026
Strategy has been actively deploying capital to expand its Bitcoin base in 2026. In its latest filing notes, the company disclosed that it bought 1,031 BTC for approximately $76.6 million in a near-term purchase. This follows a broader set of acquisitions this month that included 17,994 BTC on March 9 and 22,337 BTC on March 16, bringing cumulative purchases in the quarter to roughly 90,000 BTC. The company described these movements as a “larger-than-usual” pace of accumulation in March, contributing to a year-to-date total that has significantly boosted the treasury’s BTC position.
Overall, Strategy now holds 762,099 BTC, with a reported market value around $54 billion. This tally places Bitcoin holdings at the center of Strategy’s balance sheet strategy, as the firm continues to fund expansion via an array of equity-like instruments rather than relying solely on common stock issuances.
However, the turnaround comes with risk markers. The firm reported an unrealized loss of 6.3% on its BTC holdings, underscoring the sensitivity of this strategy to price movements in Bitcoin. The BTC backdrop has been challenging, with the asset down substantially from its all-time highs, which further amplifies the potential impact of ongoing purchase activity on Strategy’s reported gains or losses in any given reporting period.
Market and investor implications
Strategy’s approach illustrates a broader trend among large acquirers seeking to scale Bitcoin exposure through diversified financing channels. By layering up through MSTR common stock and perpetual preferred securities, the company creates multiple conduits for raising capital while attempting to avoid repeatedly diluting current shareholders. For investors, the appeal lies in the potential for BTC exposure embedded in STRC and STRK, paired with the income stream from monthly dividends inherent to perpetual preferred structures.
From a market perspective, the continued utilization of ATM programs and perpetual preferred issuances could influence how investors view corporate risk and Bitcoin correlates. If the financing proves effective in growing the Bitcoin treasury without triggering large one-off equity dilutions, Strategy may set a precedent for other corporates seeking to monetize crypto holdings through structured finance instruments. Yet the strategy also hinges on BTC price dynamics: sustained declines can widen unrealized losses and pressure returns, even as the company’s Bitcoin balance expands.
Regulatory and accounting considerations will also matter over time. As Strategy scales its use of perpetual preferred stock and ATM sales, investors will want clarity on cost of capital, dividend coverage, and any potential impacts on equity or credit metrics. The company’s 8-K filings provide the baseline disclosures, but the evolution of these instruments in a volatile crypto backdrop will likely attract ongoing scrutiny from investors and analysts alike.
For readers tracking this narrative, the next developments to watch include any new ATM drawdowns, the timing and scale of STRC and STRK issuances, and the trajectory of Strategy’s Bitcoin purchases as market prices and macro conditions shift. The intersection of traditional markets and crypto balance sheets remains a dynamic space, and Strategy’s multi-pronged funding approach offers a clear case study in how corporate treasury strategies are adapting to the Bitcoin era.
As Strategy presses forward with its capital-raising plan and treasury expansion, market watchers will be keen to see how the balance between funding costs, Bitcoin price movements, and the cash-flow characteristics of its perpetual preferred securities plays out in the months ahead.
The second-largest digital asset tumbled to its lowest level since the beginning of April, mirroring a broader market pullback triggered by escalating tensions between the US and Iran.
Many analysts warn that a deeper correction may be developing, though an important technical indicator signals a potential recovery.
Further Slump Incoming?
Several hours ago, ETH dropped below $2,100 before slightly rebounding to the current $2,150 (CoinGecko’s data), indicating a substantial 8% decrease over the past week. The renowned analyst Ali Martinez argued that the asset seems to be breaking out of another flag, underscoring the significance of the $1,100 area as a key accumulation region.
It is important to note that nearly a week ago, he described the $2,200-$2,400 range as a “no-trade zone,” claiming that only a sustained close outside this area will define “the next major move.”
Other worrying factors that Martinez has touched upon lately include the rising number of ETH tokens stored on exchanges (which increases selling pressure) and a TD Sequential indicator that flashed a sell signal.
Crypto Rover also gave his two cents. He told his 1.5 million followers on X that the ETH appears to be repeating the setup seen in 2022, suggesting the current cycle may still lie ahead. For his part, Sjuul | AltCryptoGems opined that the cryptocurrency has lost stamina, just as expected.
“Now it has receded to the lower band of the channel and is threatening to break below it. Either buyers will step in soon, or things are going to get nasty here,” he added.
The Silver Lining
Despite the bearish sentiment and broader market weakness, ETH’s Relative Strength Index (RSI) suggests an impending resurgence. The technical analysis tool measures the speed and magnitude of recent price changes, as traders often use it to identify possible reversal points.
It runs from 0 to 100, where anything below 30 indicates that the asset has entered oversold territory and could be due for a revival. In contrast, readings above 70 mean that ETH is overbought and poised for a potential correction.
Just a few hours ago, the RSI dropped to around 23, the lowest level since early February. Currently, it stands at roughly 30, which still supports the bullish outlook.
- ETH RSI, Source: CryptoWaves
The post Key Ethereum (ETH) Indicator Drops to a 3-Month Low: Price Rebound Incoming? appeared first on CryptoPotato.
Bittensor (TAO), down 9.6% over the weekend, joined Bitcoin Cash (BCH) as an underperformer.
Galaxy Digital became the second company this year to secure a New York BitLicense, following Strike’s approval in March.
VanEck and Grayscale have submitted fresh amendments to their spot BNB ETF applications, signaling active engagement with the SEC as competition intensifies for the next altcoin ETF.
XRP price dropped 2% on May 18, sliding to $1.3865 as traders sold aggressively into the $1.42 resistance zone.
Summary
- XRP fell from $1.4138 to $1.3865 as 144.3 million in volume pushed the token down from the $1.42 area during the May 17 23:00 UTC session.
- The token remains inside a multi-month symmetrical triangle, with analysts warning the setup is compressing toward a decisive breakout point.
- Key support sits at $1.38, with a failure below that level opening a path toward $1.30, while a close above $1.42 would signal sellers are losing grip.
XRP fell as traders took profits aggressively after another failed push above $1.42, knocking the token back below $1.40 in the 24-hour session ending May 18.
The sharpest move came during the May 17 23:00 UTC session, when 144.3 million in volume pushed price from the $1.42 area to lows near $1.378. Buyers stepped in around $1.38 to limit the loss, and XRP recovered partially into the close.
The rejection is technically significant. As crypto.news reported, roughly 1.24 billion XRP tokens are held by investors who entered between $1.45 and $1.47, creating a structural supply wall that absorbs buying on every approach to that level.
XRP price locked in triangle compression
Analysts have pointed to a months-long symmetrical triangle compressing XRP’s price action, with the apex tightening toward a resolution in late May. The pattern is approaching a decisive breakout point, with sellers still controlling the $1.42 upper edge even as buyers defend $1.38 on each test.
Standard Chartered analyst Geoffrey Kendrick has projected that Senate Banking Committee advancement of the CLARITY Act could unlock $4 to $8 billion in additional XRP ETF inflows, making that vote the primary binary catalyst for any breakout above $1.45. As crypto.news documented, XRP ETFs recorded $81.63 million in net inflows in April, the best month of 2026, yet price failed to sustain momentum despite consistent institutional demand.
What happens if $1.38 breaks
A clean breakdown below $1.38 removes the floor under the current consolidation and opens the path toward $1.30. Traders who entered at higher levels have been the primary selling force on each recovery attempt. The crypto.news XRP price page shows the token trading at roughly a 62% discount to its July 2025 all-time high of $3.65.
A close above $1.42 would be the first signal that sellers are losing their grip on the upper range. Until then, the symmetrical triangle continues to compress toward a resolution that technical analysts warn could be sharp in either direction.
Crypto World
Hyperliquid's USDC deal could supercharge HYPE, pressure Circle, Coinbase margins, analysts say
The revenue share deal could shift an estimated $160 million in revenue from Coinbase and Circle into Hyperliquid’s ecosystem, Compass Point analysts said.
TLDR
- Revolut has launched a Dogecoin-themed physical debit card in the United Kingdom and the European Union.
- The company said customers can use the card anywhere Visa and Mastercard are accepted.
- Revolut confirmed that users will not face additional exchange fees on purchases.
- The firm stated that transactions will follow the exchange rate at the time of payment.
- Revolut said crypto card payments may create tax obligations depending on local regulations.
Revolut has introduced a Dogecoin-themed physical debit card to expand crypto payments into daily spending. The company will launch the card in the United Kingdom and across the European Union, excluding Hungary, Switzerland, and Portugal. It said customers can use the card anywhere Visa and Mastercard operate.
Revolut Expands Crypto Payments With Dogecoin Card
Revolut confirmed that it will issue the Dogecoin card to users in selected European markets. The company stated that customers can pay at any merchant that accepts Visa (V) or Mastercard (MA). It said the rollout will begin in the United Kingdom and EU member states, except Hungary, Switzerland, and Portugal.
The company shared details about the card on X. It said users will not pay extra exchange fees when they make purchases. However, it clarified that transactions depend on the exchange rate at the moment of payment and may create tax obligations under local laws.
Revolut said the card forms part of its wider crypto offering. The company has worked to connect digital assets with standard payment networks. It aims to let users spend tokens through familiar retail systems.
The Dogecoin card supports payments funded by crypto balances held within the app. Users can convert their holdings at the point of sale. The company priced Dogecoin at $0.1047 during the announcement.
Revolut has expanded its crypto services during 2025. It integrated Polygon into its platform to support remittances and staking of POL tokens. It also enabled in-app crypto card payments for supported assets.
The company stated that the Dogecoin card aligns with growing demand for crypto-linked debit products. Exchanges such as Coinbase (COIN) and Crypto.com have widened their card programs. Firms now seek to connect token balances with daily retail activity.
Banking Push and Broader Expansion
Revolut continues to grow its banking operations alongside crypto services. In March, it secured approval to launch a fully licensed bank in the United Kingdom. The company confirmed that regulators granted the authorization after a formal review.
The firm also applied for a de novo banking license in the United States. It submitted the application to expand its presence in the American market. The move would allow it to operate as a regulated bank if approved.
Revolut stated that it will manage crypto card payments through its existing app framework. The company processes transactions using established payment rails. It said exchange rates apply at the time of each purchase.
The Dogecoin card represents the latest addition to Revolut’s payment portfolio. The company continues to introduce new financial products across regions. It confirmed that the card rollout will begin with eligible customers in the United Kingdom and EU markets.
Kraken revenue rose 3% year-on-year to $507m in Q1 2026 as futures trading jumped 51%, Payward said Monday.
Summary
- Payward posted $507m in Q1 2026 adjusted revenue, up 3% year-on-year, despite Bitcoin falling 22% during the quarter and industry-wide spot volumes dropping 38%.
- Futures daily average revenue trades rose 51%, driven by NinjaTrader, Breakout, and expanded derivatives offerings from the recently completed Bitnomial acquisition.
- Adjusted EBITDA fell to $18m as Payward continued spending on acquisitions, product development, and regulatory infrastructure ahead of a planned IPO.
Payward, Kraken’s Wyoming-based parent company, said in a Monday press release that it generated $507 million in Q1 2026 adjusted revenue, up 3% from the same quarter a year earlier. Bitcoin fell 22% during the quarter and industry-wide spot trading volume dropped 38%, yet Payward’s diversified platform cushioned the decline.
A year earlier, Payward had reported $492 million in Q1 2025 adjusted revenue, making the 3% year-on-year gain notable given the steeper market downturn this cycle.
Co-CEO Arjun Sethi said in the release: “Where others pulled back, we leaned in.” Growth in futures and newer business lines offset weakness in core crypto markets, with Kraken’s spot market share rising to 5.2% in March from roughly 3.5% in mid-2025.
Kraken revenue beats rivals through diversification
Rival platforms reported sharper declines in trading revenue over the same period. Payward attributed its resilience to its stronger institutional business and growing derivatives offering, built partly through its $550 million acquisition of CFTC-licensed platform Bitnomial, which crypto.news covered when the deal completed on May 4.
Total platform transaction volume reached $357 billion in Q1, while funded accounts rose 47% year-on-year to 6.1 million and assets on platform reached $40 billion.
Adjusted EBITDA fell to $18 million as Payward continued investing in acquisitions including tokenization platform Backed, token management firm Magna, Bitnomial, and payments company Reap.
Crypto.news reported that non-trading revenue sources including custody, payments, and financing accounted for 53% of Payward’s 2025 total, a structural shift that reduces dependence on volatile trading volumes.
What Payward’s IPO delay means
Payward filed its draft S-1 with the SEC confidentially in November 2025 but paused the process in March, citing market conditions. Sources indicate a public listing may slip to 2027. The exchange also cut approximately 150 employees in May, attributing the reductions to AI-driven operational efficiencies, representing roughly 5% of its total workforce.
Payward’s M&A push positions it as the most comprehensively regulated crypto derivatives platform in the US. Crypto.news documented how the Bitnomial deal and Deutsche Börse’s $200 million stake established Payward as a regulated hub for digital asset futures and options inside the US, with its IPO filing remaining active.
Hyperliquid DEX’s native token, HYPE, is showing potential for a 55% rally after a wallet reportedly tied to Silicon Valley-based venture capitalist, a16z, accumulated $90.87 million worth of tokens in just over a month.
Key takeaways:
- HYPE’s three-day chart shows a potential cup-and-handle breakout, with the neckline sitting near $45–$47.
- ETF launch, Coinbase-Circle USDC roles, and potential US regulatory clarity may expand Hyperliquid’s institutional demand base.
HYPE cup-and-handle setup eyes record highs
HYPE appears to be forming a cup-and-handle pattern, a classic bullish continuation setup.
A cup-and-handle forms when price makes a rounded recovery, pauses near resistance, and then breaks higher. Traders calculate the upside target by measuring the cup’s depth and adding that distance to the breakout level.
In HYPE’s case, the “cup” developed after its price fell from around $46 to nearly $21, then gradually recovered in a rounded structure back toward the $45–$47 resistance zone. That area now acts as the pattern’s neckline.
HYPE/USDT three-day price chart. Source: TradingView
As of Monday, HYPE was forming the structure’s “handle” part, confirmed by its slightly downward consolidation. The token may climb toward the $71–$72 range in 2026 if the breakout above the $45–$47 neckline area plays out as intended.
That would mean about 55% rise from current prices, a new record high for the token.
a16z-linked wallet accumulates $90.87M HYPE
HYPE’s bullish technical setup has gained support from a fresh on-chain accumulation signal.
On Monday, wallet 0xb5E4, which Lookonchain describes as linked to Andreessen Horowitz, or a16z, bought another 372,000 HYPE worth about $16.91 million in three hours.
Transaction records of the wallet ‘0xb5E4.’ Source: Arkham Intelligence
HYPE stood out in an otherwise weaker crypto market, gaining roughly 7% over 24 hours as Bitcoin (BTC) slipped 1.22% and Ether (ETH) lost 2.22%. On a year-to-date timeframe, HYPE was up 80% compared to BTC’s and ETH’s losses of nearly 12.5% and 28.3%.
HYPE/USDT year-to-date price performance vs. BTC/USD and ETH/USD. Source: TradingView
The latest “massive HYPE buy” lifted the a16z-linked wallet’s total accumulation since April 14 to 2.11 million HYPE, valued at roughly $90.87 million.
Source: X
Large venture-linked accumulation may strengthen market confidence, especially when it occurs while the price is already testing a major resistance zone.
The reported a16z-linked purchases add to a strong catalyst run for Hyperliquid.
Last week’s US spot HYPE ETF launches opened a regulated access point for traditional investors, while Coinbase and Circle’s USDC deployment roles strengthened Hyperliquid’s stablecoin infrastructure capabilities.
Trader Pentoshi said Hyperliquid’s revenue could “grow 5x–10x” if a compliant US framework, such as the CLARITY Act, allows hedge funds, prop desks, and asset managers to trade on the platform.
Source: X
Higher institutional activity may boost HYPE demand through stronger volume, revenues, and confidence in Hyperliquid’s growth.
[PRESS RELEASE – Willemstand, Curaçao, May 18th, 2026]
International iGaming and crypto-entertainment brand 1win has officially announced the launch of its new global crypto tournament system, featuring competition formats with prize pools ranging from 10,000 USDT to 200,000 USDT. With the new approach to crypto gaming, 1win invited players worldwide to compete for crypto rewards in a single virtual environment.
The initiative marks a transition from region-specific tournaments with unique terms and conditions to an international model in which players from multiple locations share gaming experiences and compete for crypto rewards.
The Crypto Tournament system by 1win includes three formats with different durations and prize structures:
- Crypto Week is a weekly competition format with prize pools of up to 10,000 USDT. Crypto Weeks start every Friday.
- Crypto Month introduces monthly tournaments with prize pools of up to 50,000 USDT and includes gaming categories such as slots, plinko, and crash mechanics.
- Crypto Season is the largest format within 1win. It offers prize pools of up to 200,000 USDT across long-term games.
The leaderboard system is based on total betting activity during each tournament period. Participation is exclusively open to users who deposit in cryptocurrency. At this time, the tournaments are available globally, except for users in the United States, the European Union, the UAE, Kazakhstan, and Nigeria.
1win continues to strengthen its presence in the crypto entertainment segment by developing products for international audiences. Earlier in 2026, the company also announced plans to launch 1win Token, the native digital asset of the 1win ecosystem.
The launch of global crypto tournaments marks another step in the company’s strategy to combine crypto, entertainment, and international-scale gaming experiences.
About 1win
Founded in 2016, 1win is a crypto-focused platform in the global gaming industry. Operating across Asia, Latin America, and Africa, 1win offers a wide range of entertainment products adapted to regional audiences. The brand has active collaborations with international public figures, including actor Johnny Sins, martial artist Jon Jones, and Olympic champion and UFC fighter Gable Steveson. In 2026, 1win welcomed American rapper Tyga as a new member of the 1win VIP community.
The post 1win Crypto Tournaments Go Global With Up to 200K USDT in Rewards appeared first on CryptoPotato.
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