Happy Tuesday!

Michael Saylor is now paying 11.5% yield just to fund continuous Bitcoin purchases. Sounds like financial alchemy? There’s a method behind the madness.

BlackRock continues to make strides in crypto with yet another partnership. The news comes just as BlackRock’s ETF gobbled up more than $700M in inflows last week.

Plus, join Cboe and Benzinga for an exclusive online webinar at 11 a.m. ET, Thursday, May 7, to learn how to use time option expirations to take advantage of volatility. 

TOP STORY

How Michael Saylor Pays 11.5% Yield To Fund His Bitcoin Buying Bonanza

Strategy raised $3.3 billion in April through STRC preferred stock — now the world's largest preferred equity at $8.5 billion, nearly twice Wells Fargo's largest series.

The capital funded 818,334 BTC in total holdings, or 3.88% of Bitcoin's entire supply, surpassing BlackRock's IBIT as the single largest Bitcoin holder.

Bernstein calls STRC a "high-yield, low-volatility vehicle" recycling income capital straight into Bitcoin.

The catch: $1.2 billion+ in annual obligations against $477 million in software revenue, STRC holders have no claim on the Bitcoin, and MSTR common is down 50% over 12 months.

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Through the webinar you will learn what 0DTE and LEAPS® are, how time to expiration influences trading decisions and outcomes, and how spreads may be used to define risk around exercise and settlement. Whether you are new to options trading or a veteran, this webinar will help you take your option trading to the next level. 

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QUICK N DIRTY

Bitcoin, Ethereum, XRP hold the line but have not managed to break above stubborn resistance: here’s what else is driving markets today.

Jack Dorsey’s Block has made its Bitcoin holdings for Q1 public: here’s how much the company has on its books.

Cardano’s Charles Hoskinson has issued a stark warning: the quantum threat is real and it’s coming sooner than most people expect.

FINTECH FOCUS

BlackRock Strikes Fresh Crypto Partnership As Bitcoin ETFs Continue To Boom

BlackRock is plugging its tokenized money market fund BUIDL directly into crypto exchange OKX — letting traders post it as collateral while it continues earning yield from U.S. Treasuries, with Standard Chartered holding the underlying assets in custody.

The structure solves a fundamental inefficiency: posted collateral in crypto markets typically sits idle and earns nothing.

The move accelerates the convergence between traditional finance and digital asset infrastructure at exactly the moment institutional Bitcoin demand is surging — spot Bitcoin ETFs pulled in $824 million for the week ended April 24, with BlackRock's iShares Bitcoin Trust accounting for $732 million of that total on its own.

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