Michael Saylor speaks on stage during Bitcoin Conference 2023 (Jason Koerner/Getty Images)

MOAR

Saylor’s Strategy prepares to buy another $2 billion worth of bitcoin

The biggest corporate holder of bitcoin is selling $2 billion of convertible notes to fund more BTC purchases.

2/19/25 11:11AM

Michael Saylor’s Strategy, the largest corporate bitcoin hodler, announced a $2 billion senior convertible note offering to fund more purchases of bitcoin — a lot of it — and working capital.

The February 18 move is part of the newly rebranded firm’s “21/21” plan, which aims to “raise $21 billion of equity and $21 billion of fixed income instruments, including debt, convertible notes and preferred stock, over the next three years,” according to a January announcement.

To put the size of the issuance into perspective, in 2024, the company spent a total of $22.1 billion to buy 258,320 bitcoin — almost half of its holdings.

“This is expected from Saylor,” said Sid Powell, CEO and cofounder of Maple, an institutional capital marketplace built on the blockchain. “They’re out of the blackout period, having released earnings. BTC is at or below where they were purchasing at the end of 2024. Their playbook is to grow the amount of BTC per share, and by doing this convertible issuance for another $2 billion, they’re able to accomplish that."

Strategy Announces Proposed Private Offering of $2.0B of Convertible Senior Notes. $MSTR https://t.co/EBOMdLlgdq
— Michael Saylor⚡️ (@saylor) February 18, 2025

On February 5, the company released its fourth-quarter earnings, reporting its largest-ever increase in quarterly bitcoin holdings. Mentioning the 21/21 plan in its earnings call, the company said it was ahead of schedule and had already raised “80% of our $21 billion equity target and 17% of our fixed income target.”

Strategy resumed its bitcoin accumulation following a short breather last week. It added 7,633 bitcoin to its stash, bringing its total to 478,740. As the company wrote in an X post, this represents “~76% of all bitcoin held by public companies.”

In comparison, Mara Holdings, the second-largest corporate bitcoin holder, has 45,659 bitcoin as of February 14.

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider.

Sage D. Young5/1/26

The decentralized finance ecosystem had a brutal April, logging the highest monthly number of exploits ever at 28 hacks, with exploiters siphoning off a total of $635.2 million, data from DefiLlama shows.

The two largest exploits in April occurred on ethereum-based protocol KelpDAO and solana-native trading venue Drift. The incidents rattled on-chain users, as the total value locked in DeFi across all networks dropped from a monthly high of $99.5 billion to $84.3 billion on Friday.

“It’s a real problem, and if AI proponents (thinking specifically of Anthropic’s claims about Mythos) are to be believed, it’s only going to get worse,” according to Fredrick Collins, CEO of crypto analytics platform Velo.xyz. Collins argued that these exploits act as a significant limiter of institutional appeal, pointing to TheBlock’s report last week that JPMorgan held a similar view.

“It’s simple — for many people, having any chance that you lose your entire investment or balance in something supposed to be ‘safe’ is too much to bear,” Collins told Sherwood News.

However, not everyone thinks the recent hacks will curb interest from institutions. Nicolai Søndergaard, a research analyst at blockchain data firm Nansen, said to Sherwood, “I do not think these hacks will be a limit to institutional capital given the impact of AI and the speed at which threats appear stretch far beyond this industry.”

Søndergaard continued, “Crypto to me seems to have been hit harder as many projects perhaps wanted to get a product out there quickly and didn’t invest enough in security, even with companies around to audit.”

DeFi aims to enable internet users to have access to financial services, such as borrowing, lending, and trading, without any centralized intermediaries.

Yaël Bizouati-Kennedy

5/1/26

After bitcoin’s best month in a year, analysts weigh in on factors for it to break $80,000 in May

May has an over 7% average historical return, but whether bitcoin can replicate this result and finally break the $80,000 level hinges on several factors.

Sage D. Young4/30/26

Riot Platforms rises following Q1 revenue beat

The bitcoin miner turned data center operator released first-quarter earnings that surpassed expectations for revenue. Shares built on strong gains from Thursday’s session in after-hours trading following the results.

Riot Platforms reported:

Q1 revenue of $167.2 million, growing 3.6% from the same quarter a year ago and surpassing analysts’ expectations of $131 million.
A diluted loss per share of $1.44, much worse than analysts’ consensus estimate of a $0.72 loss, which includes unrealized loss on its bitcoin holdings.

The bulk of company’s revenue stems from its bitcoin mining activity, which made up $111.9 million in the quarter, while its data center housing revenue stood at $33.2 million, per its press release.

The first quarter of 2026 marks an inflection point for Riot. CFO Jason Chung said on Thursday in the firm’s Q1 earnings conference call, “With the delivery of our first 5 megawatts to AMD this quarter, Riot is now an active data center operator, and for the first time, our top line now includes contracted lease revenue from an investment-grade tenant.”

The earnings report comes the same week the company announced amending its $200 million credit agreement with Coinbase by replacing a floating interest rate with a fixed rate, according to an SEC filing dated on Monday.

Sage D. Young

4/30/26

Trump-backed World Liberty token sinks to new all-time low amid governance proposal to unlock 62 billion tokens

The top 22 addresses voting in favor control 4.8 billion tokens, making up the majority of “yes” votes.