Breaking: Market estimates indicate Michael Saylor's Strategy acquired more than 15,088 BTC today through STRC.

On-chain data shows a transfer of 695 BTC, valued at $51,580,416, from Coinbase Institutional to an unidentified wallet.

Santiment's social data shows five themes dominated crypto conversations on Tuesday. STRC-fueled Bitcoin accumulation: Bitcoin traded around $74,000–$76,000 as surging volumes in Strategy's preferred stock (STRC) reportedly helped finance sizable BTC purchases that absorbed several days of new supply. Traders pointed to a large sell wall near $75,000–$76,000 and support around $71,000–$72,000. Many said market structure would turn more decisively bullish if BTC breaks cleanly above $76,000. Discussion also focused on whether preferred-stock-funded buying creates systemic risk or a self-reinforcing "bullish flywheel", with some arguing the accumulation supports dividend payouts and could lift Strategy/MSTR NAV. PPI-driven risk rally: U.S. March PPI came in cooler than expected—4.0% year over year for headline PPI and 3.8% for core, with monthly readings also below forecasts. Risk assets moved higher, stocks rallied, the dollar index (DXY) softened, and Bitcoin regained the mid-$70,000s. Debate centered on whether the move is a true breakout or a squeeze at resistance while larger holders distribute inventory, with some warning inflation trends remain elevated. Memecoin mania: Social chatter highlighted rapid memecoin moves, with traders touting $RAVE and $PEPE as fast pumps tied to whale activity and developer-held supply. Alongside scalp calls were allegations ranging from hacks and rug pulls to celebrity connections, plus commentary on rotating profits back into larger caps such as BTC and ETH. The prevailing motivation cited was quick gains and FOMO among retail traders and influencers. Goldman Sachs and a Bitcoin income ETF: Reports said Goldman Sachs filed to launch a "Bitcoin Premium Income ETF" that would combine BTC exposure with an options overlay designed to generate monthly income. The filing follows Goldman's disclosure of more than $1B in Bitcoin holdings and comes after other banks launched Bitcoin ETFs. Commentators framed the move as aimed at yield-seeking investors and a broader push to expand institutional crypto products. Deutsche Börse–Kraken: Deutsche Börse purchased a $200M, 1.5% stake in Kraken parent Payward, implying a valuation of about $13.3B for Kraken. The deal was widely described as institutional validation for crypto market infrastructure. Separately, Kraken disclosed an extortion threat and leaked client data, while stating no client funds were breached. Santiment pointed users to its dashboard for full coverage of the stories.

Bearish crypto bets were wiped out as Bitcoin pushed toward the $76,000 level, triggering roughly $500 million in short liquidations.

Strategy's perpetual preferred stock STRC took center stage in the company's Bitcoin playbook this week, after daily trading volume topped $1.1 billion. In a post on X, Strategy said April 13 was the record date for STRC. Executive chairman Michael Saylor added that the security finished at par with just "one penny of volatility" even as $1.156 billion in liquidity churned through the market. The spike followed Strategy's disclosure that it bought 13,927 Bitcoin for roughly $1 billion between April 6 and April 12. The company now holds 780,897 BTC, acquired for $59.02 billion in total, at an average price of $75,577 per coin. Strategy said the purchase was fully financed via at-the-market (ATM) sales of 10.02 million STRC shares, generating about $1 billion in net proceeds. The combination of record STRC turnover and a weekly Bitcoin purchase funded exclusively through the preferred-stock program signals a notable reweighting in how Strategy funds accumulation. For common equity investors, the shift can alter the trade-off between upside and risk. Relying more on preferred stock may limit near-term dilution because fewer common shares need to be issued immediately. It also adds more fixed claims ahead of common equity: preferred holders receive dividends before common shareholders receive anything. The approach can amplify returns if Bitcoin rises, but it increases dependence on continued market access and tight dividend management. Over time, it can also lift financial leverage and execution risk for common shareholders. STRC was launched in July 2025 and was built to behave differently from Strategy's MSTR common stock. The preferred carries a variable annualized dividend rate, listed at 11.50% as of April. Its adjustable-rate design is intended to keep trading anchored near its $100 par value, which helps Strategy run an efficient ATM issuance program. Consistent issuance pricing enables faster capital formation and conversion into Bitcoin, reducing the frictions and discounts often associated with large secondary offerings. Market watchers describe STRC as aiming to deliver double-digit income with limited price volatility. Saylor has framed the product as offering "money market–like stability with market-leading risk-adjusted returns." Since inception, STRC has funded the purchase of nearly 70,000 Bitcoin, according to STRC.live. The April 13 volume alone, if converted, could cover more than 6,000 additional BTC. As STRC's utility has grown, its market capitalization has surged, nearly doubling from $3.4 billion in February to $6.36 billion currently. With $21.6 billion of STRC issuance still authorized, Strategy retains substantial capacity to raise more capital for future Bitcoin buys. Skeptics, though, question the durability of the model, citing Strategy's own filings. Because the software business does not generate enough operating cash flow to cover obligations, the company set up a $2.25 billion reserve in early February. Strategy has said the reserve is intended to cover close to 2.5 years of preferred dividends and interest on outstanding debt. If that cushion is depleted before new income or financing is secured, Strategy could face pressure to sell assets or issue additional shares, potentially impacting both preferred and common holders. Independent Bitcoin analyst Derin Olenik has argued that the pace of ATM-driven growth is unsustainable. Based on his calculations, STRC obligations are expanding at a compound monthly rate of roughly 30%, a trajectory that could more than double obligations every three months and increase them tenfold within a year. Under that scenario, Olenik estimates the $2.25 billion reserve could be exhausted in nine to ten months instead of 2.5 years. He also warned that avoiding Bitcoin sales could force substantial dilution of common shareholders. Even if MSTR revisits its prior all-time high, he estimates the company would need to issue more than 1 billion new shares to fund preferred dividends, diluting existing common equity by nearly 400%. He wrote: "If ATM issuance halts, Bitcoin accumulation stops. If issuance continues, the math dictates hyperdilution regardless of the stock price. From a common shareholder's perspective, STRC should not be viewed as Digital Credit, but rather Digital Kamikaze." Supporters dispute that framing, arguing Strategy has tapped a separate base of income-focused investors willing to accept a fixed claim and capped upside in exchange for yield. Strategy can then channel proceeds from these buyers into Bitcoin, preserving leveraged exposure for common shareholders. In this view, STRC trades more like short-duration credit than a cryptocurrency proxy—with steadier price behavior akin to short-term corporate bonds rather than crypto-style swings. Strategy has repeatedly referred to STRC as its flagship "Digital Credit" instrument. Bitcoin analyst Adam Livingston said: "[STRC] is a machine that converts capital markets access into long-duration Bitcoin exposure, while the fixed claim gets smaller and smaller relative to the asset if BTC keeps compounding." Proponents argue the model works as long as Bitcoin appreciates faster than the cash cost of servicing preferred dividends. Saylor has also pointed to what he describes as a low hurdle rate: "Our BTC Breakeven ARR [Accounting Rate of Return] is approximately 2.05 percent. If Bitcoin grows faster than that over time, we can cover our dividends indefinitely without issuing new MSTR shares." For MSTR shareholders, the key question is whether the structure remains accretive to the common stock over time. The near-term data point favors management's thesis: STRC traded in record size, held at par, and provided funding for a $1 billion Bitcoin purchase in a single week, suggesting a repeatable channel rather than a one-off financing event. Longer term, the trade-offs become more complex. Each successful STRC raise adds another tier of fixed claims senior to the common stock. Strategy's risk disclosures also note that future preferred issuance could dilute existing shareholders and that unfavorable changes in financing conditions could make it harder to sustain dividend reserves. STRC is working as designed by drawing liquidity and keeping the price close to par, but each new issuance ties the broader Strategy thesis more tightly to market access, dividend support, and Bitcoin's ability to justify the expanding capital stack.

Crypto markets chalked up a standout session as Bitcoin (BTC) surged past $75,000. Commentators described Bitcoin's move, alongside Ethereum's (ETH) sharp acceleration, as "the most confusing yet bullish period in the market." In a recent broadcast, industry voices Joshua Frank, Andrew Parish and Tillman Holloway reviewed conditions across Bitcoin and altcoins. The conversation took place with BTC trading around $74,573 and focused on what's pushing prices higher, including the pace of institutional adoption. Related News: Experienced Analyst Outlines Three Scenarios for the Bitcoin (BTC) Price: All Three Target $80,000 Host Scott Melker pointed to Ethereum's relative strength, noting ETH rose about 13% over 24 hours, outperforming Bitcoin. The panel said the move signals a clear "risk-on" shift, suggesting investor enthusiasm extends beyond BTC. Frank argued the rally is not driven by a single catalyst but a "combination of causes." He cited renewed optimism tied to Donald Trump's push to ease geopolitical tensions and his market-friendly rhetoric. Analysts also highlighted roughly $1 billion of inflows into spot Bitcoin ETFs last week, while actions by major firms such as Morgan Stanley have helped sustain demand. They added that heavy concentrations of leveraged positioning are amplifying the advance, as even modest price changes can trigger a liquidation chain that accelerates upside moves. Parish said the market is undergoing a notable transition. "Former Bitcoin holders are converting to cash, and Wall Street is absorbing this selloff immediately. The fact that the price isn't falling is proof of how strong institutional demand is," he said. Parish also noted that with exchanges such as Kraken moving to offer tokenized shares, the lines between traditional finance and crypto are increasingly fading. *This is not investment advice. Continue Reading: Why Did the Bitcoin Price Go Up? Three Experts Explain the Reasons

On-chain data shows 833 BTC (USD 61,884,363) was transferred from an unidentified wallet to Coinbase.

Goldman Sachs has filed for a "Bitcoin Premium Income ETF", one of its first direct steps into crypto-linked products. The proposed fund would aim to generate yield by selling options on ETPs tied to $BTC, echoing BlackRock's recent move toward income-oriented crypto offerings.

Estimates indicate Michael Saylor's Strategy purchased 10,670 BTC through STRC today. The amount is roughly 23.7 times the daily supply of newly mined bitcoin.