Saylor's $84B Double-Down gm Bankless Nation,
Bitcoin's Daddy Warbucks is ready to buy a lot more BTC. Today's Issue ⬇️ - 🗞️ Recap: Strategy Doubles
Michael Saylor goes for broke. - 📺 Rollup: Crypto's Big Test
Is it a re-prioritization or a pivot? - 🕰️ Catch Up: What We Published
Blue-Money Gospel. Hunts for May.
Sponsor: Mantle — Mantle is building the largest sustainable hub for onchain finance. . . . WEEKLY RECAP Michael Saylor Doubles Down 1️⃣ Strategy’s Earnings ReportMichael Saylor’s Strategy released financials for the first quarter of 2025, reporting a BTC yield of 13.8% and BTC gains of $5.8B for shareholders on a year-to-date basis. Strategy also doubled its “21/21” capital plan, announcing that it would seek to raise $42B through equity and $42B through fixed income to buy more BTC. While not valued like a traditional company, Strategy’s headline earnings were certainly a major disappointment, with the company's -$16.53 of earnings per share undershooting analyst expectations by a whopping 82,550%. Although Strategy intends to alleviate stock sell pressure by raising more money through fixed income versus at-the-money share offerings in the future, these instruments can harm financial performance with interest payments, meanwhile, STRK and STRF appear difficult to sell. 2️⃣ BOOP’s Viral AirdropBoop.fun, a memecoin launchpad on Solana, gained immense traction this week on Crypto Twitter with an innovative airdrop meta, which requires KOLs to launch a memecoin to claim six-figure airdrops and provides for accelerated vesting based on token performance. While many eligible recipients were quick to launch their own tokens to scoop a limited-availability drop, others felt the unique claim requirements crossed a line. Some even contested that KOLs who launched tokens for a BOOP drop were no different from Hayden Davis, the supposed mastermind behind Argentina’s LIBRA memecoin rug. The Securities and Exchange Commission’s Division of Corporation Finance recently provided safe harbor for memecoins, but KOLs who blur the line between memecoin and utility token by making promises to inflate the value of their token risk finding themselves on the wrong side of U.S. securities laws further down the road. 3️⃣ Movement Labs Suspends Co-FounderIt’s been a tough week for Movement Network co-founder Rushi Manche. On Wednesday, CoinDesk published an explosive dossier, which accused the Movement Labs team of using market makers to dump tokens at inflated prices following its token generation event in late 2024, unpacking a network of shadow co-founders and conflicted legal counsel in the process. Manche, who reportedly took an indefinite leave from Movement in mid-April following an internal investigation into market maker “abnormalities,” has now been publicly suspended from the company in light of recent events. Click here to view the updated Bankless MOVE rating. 4️⃣ Circle Acquisition Drama ContinuesBloomberg is reporting that XRP ecosystem services provider Ripple Labs submitted a $4-5B offer to acquire Circle, the issuer of USDC stablecoins. Circle, which is seeking to IPO at a similar valuation, allegedly rejected Ripple’s bid on grounds that it was too low. The proposed Circle IPO valuation range has been hotly contested since announced, but considering that Ripple’s bid excluded a standard acquisition premium above the intended IPO price, it is logical to see why the stablecoin issuer would reject the offer. Ripple’s recently launched RLUSD stablecoin had a meager $300M market capitalization at the time of writing, but a Circle takeover would make it a leading player in crypto’s stablecoin sector, assuming an amicable deal can be reached and funded. 5️⃣ Aave Onboards Pendle PTsCrypto’s leading lending market took a major leap down the risk curve this week by onboarding Pendle principal tokens (PTs) issued for synthetic Ethena stablecoins as collateral. After Aave’s Ethereal USDe May PT vault hit its initial capacity of $150M within one day of launch, the ceiling was increased to $250M. At the time of this analysis two days later, the vault had yet again been maxed out. In one click using efficiency mode, Aave borrowers can receive extremely high loan-to-value ratios of up to 91% on illiquid Ethereal PTs (assuming the vault has capacity). Ethena’s synthetic dollars have maintained peg since launch, yet this most recent Aave integration onboards an exotic collateral type and warrants reassessment of the bluechip lending market’s risk profile.
Experience the next generation of onchain finance with Mantle—where blockchain meets everyday banking. Powered by a $4B treasury, Mantle Network and mETH Protocol, Mantle is launching three innovation pillars: Enhanced Index Fund for optimized crypto exposure, Mantle Banking for blockchain-powered banking, and MantleX for AI-driven innovation. Stay tuned and enter the future of on-chain finance with Mantle. . . . WEEKLY ROLLUP Crypto's Big Test This week, Ryan and David dive into the dramatic new re-prioritization (pivot?) of Ethereum, as it pushes forward Layer 1 scaling in a move that has sparked intense community debate. Meanwhile, macro turmoil hits crypto with a looming tariff-driven recession and signs of American capital flight shaking global markets. Bitcoin tightens its grip on Washington, cementing itself as digital gold in the eyes of the Trump administration, and Worldcoin launches a U.S. rollout amid rising fears of an AI-driven dystopia. Is crypto entering a new golden age, or are these the early tremors of deeper uncertainty? It’s a jam-packed Weekly Rollup you don’t want to miss 👇 . . . GET CAUGHT UP What We Published 📰 Articles:📺 Shows: . . . Thoughts on how to make Bankless even better? Tweet me!
🧑💻 Lucas Matney, Bankless Editor | 
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