Strategy has acquired 3,273 BTC for ~$255.0 million at ~$77,906 per bitcoin and has achieved BTC Yield of 9.6% YTD 2026. As of 4/26/2026, we hodl 818,334 $BTC acquired for ~$61.81 billion at ~$75,537 per bitcoin. $MSTR $STRC

$25 A DAY: BITCOIN OR ASST FOR FIVE YEARS? I modeled 1,825 daily purchases totaling $45,625. The assumptions: Bitcoin rises from $63,561 to $500,000 ASST holds 20,167 BTC throughout ASST buys and sells zero Bitcoin $782.95 million of preferred stock costs 13% annually Common shares are issued to fund those dividends ASST begins at $12.42 and 1.5121× CEBE mNAV Here is the payoff. BITCOIN The DCA accumulates 0.215795 BTC at an average cost of $211,427. Final value: $107,898 Profit: $62,273 Return: +136% Money multiple: 2.36× ASST AT 1.0× mNAV - mNAV collapses to 1.0 ASST finishes at $98.98. The DCA accumulates 915.02 shares worth: $90,569 Profit: $44,944 Return: +99% Money multiple: 1.99× Bitcoin wins by $17,329. ASST AT 1.5121× mNAV - stays the same ASST finishes at $151.68. The DCA accumulates 805.58 shares worth: $122,193 Profit: $76,568 Return: +168% Money multiple: 2.68× ASST beats Bitcoin by $14,295, or 13.3%. ASST AT 2.0× mNAV - mNAV goes up ASST finishes at $202.38. The DCA accumulates 734.87 shares worth: $148,722 Profit: $103,097 Return: +226% Money multiple: 3.26× ASST beats Bitcoin by $40,825, or 37.8%. The breakeven is approximately 1.281× terminal mNAV. Below that multiple, Bitcoin wins. Above it, ASST wins. ASST never acquires another coin in this model, yet its CEBE sats per share still rise from 12,922 to roughly 19,800–20,238. That makes mNAV matter twice. It determines the terminal valuation, and it determines how many shares ASST must issue along the way to raise the same number of dollars. At 1.0×, dilution wins. Above roughly 1.281×, the residual balance-sheet leverage wins. Bitcoin is the cleaner asset. ASST is the wager that Bitcoin reaches $500,000 before the capital structure eats the amplification.

5,001 American colleges get 950 hours of paperwork each from an Education Department rule published on Thursday. It measured the burden on one accrediting body and on none of the colleges. The rule is called Accreditation, Innovation, and Modernization. At the Department's own wage that is $95,551 per college, and $478 million across all 5,001 of them. The whole rule is priced at $490 million a year!! Accreditors are the private bodies that decide which colleges can take federal student aid. More than $120 billion a year moves through that gate. The rule rewrites how they operate, so the Department worked out the cost. 470 hours per agency, priced at the median wage for a postsecondary administrator and doubled for overhead, which comes to $47,273. Against a $600,000 budget that is about 8%, and 8% cleared the Department's threshold. The colleges get three separate assignments. 10 hours to read the rule. 470 for teach-out plans, which are the arrangements for students when a college shuts. Another 470 for new transfer credit disclosures. Its reason for not examining any of that is one sentence. Institutions of higher education are not directly regulated by the proposed rule and could only be indirectly impacted. It adds that data on the impact of accreditation regulations on institutions are not available, in a document that already contains tables of institution hours broken out by public, private and for profit. The rule's own text disagrees about who is being regulated. The institution must publicly disclose within ten business days. The institution must inform the student. The institution must provide a written rationale for every course whose credit it refuses. And no, this is not a drafting slip!! Directly regulated is a term of art under the Regulatory Flexibility Act and courts have read it narrowly since 1985, so the Department has a real argument. It would be an easier argument if the same document did not command institutions by name, list them as paperwork respondents, and cost their hours in three separate tables. The threshold is worth your attention too. The Department defines a substantial number of small entities as more than 5% of them, then notes there are fewer than twenty institutional accreditors, so any single one is over 5%. With nineteen entities, one is 5.26%. That prong cannot return no. Note that the count is the Department's own, and its public directory of institutional accreditors lists more than twenty. The mechanism is a definition that decides the answer before the question is asked. One threshold is written so it always triggers. One exclusion is written so the analysis never runs on the group carrying the cost. Watch the comment docket for a single small college filing its own hour count, and watch whether the final rule contains an institution-level analysis that this one says is impossible!!

$MRLN: 🔥 Real-time short interest at all-time high. Borrow rate high as well 😁 6/3: 4.6M 37% 6/2: 4.2M 37% 6/1: 3.9M 37% 5/29: 3.8M 36% 5/28: 3.6M 38% 5/27: 3.4M 36% 5/26: 3.4M 36% 5/25: 3.3M 37% 5/22: 3.3M 35% 5/21: 3.1M 37%

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Treasury Secretary Scott Bessent said the U.S. will pursue a “zero leakage” strategy on Iran sanctions, targeting digital assets, technology, gold, aviation, and shipping. He warned that any entity helping Iran launder money could be cut off from the U.S. dollar system, including entities tied to other countries. Bessent also said “no one is above the reach” of U.S. sanctions, including China-linked entities, as President Trump pushes world leaders to further isolate Iran economically. 2. Nancy Pelosi reportedly bought Bloom Energy $BE and Intel $INTC between July 24 and July 28. The purchases included 15,000 shares of $BE plus 100 call options with a $100 strike expiring 6/17/27, as well as 10,000 shares of $INTC plus 50 call options with a $50 strike expiring 6/17/27. 3. Apple $AAPL is reportedly testing DRAM from China’s CXMT and NAND storage from YMTC as Washington weighs whether to allow the suppliers to be used in Apple products sold in China. A Weibo account, Mobile Chip Expert, said the administration may communicate a decision after a reported Trump–Xi meeting in September. Under the potential setup, CXMT would supply DRAM memory while YMTC would supply NAND flash storage modules. The report weighed on memory names, with SanDisk $SNDK down 6% and Micron $MU down 5%. 4. SpaceXAI $SPCX plans to put Nvidia-powered AI compute in orbit, with its first-generation Starmind AI satellite based on an optimized Nvidia $NVDA Vera Rubin NVL72 system. The idea is to extend the same architecture used in terrestrial AI factories into space. On Earth, SpaceXAI will deploy Nvidia Vera CPUs for agentic workloads and scale Grok infrastructure on Vera Rubin as it moves toward gigawatts of compute capacity. The chip includes 88 Nvidia-designed Olympus cores, up to 1.2 TB/s of memory bandwidth, and Nvidia says it can deliver up to 1.8x faster task completion than x86 CPUs across certain agentic AI and data-processing workloads. Nvidia and SpaceXAI are also working to adapt Vera Rubin for the power, thermal, bandwidth, and reliability demands of orbital computing. 5. The SEC has reportedly sent subpoenas to Wall Street banks working with Situational Awareness after the AI-focused hedge fund’s near-collapse last month, according to Reuters. Regulators are seeking information on the timing of trades that triggered margin calls and communications with major lenders including Goldman Sachs $GS, JPMorgan $JPM, Citigroup $C, and Bank of America $BAC around the fund’s use of leverage. Situational Awareness was forced to sell most of its public equities portfolio to Citadel after a sharp selloff in chip and AI names hit its leveraged bets, with the fund telling investors its portfolio fell 67% in July. The firm said it will “cooperate to the fullest extent” with any regulatory request, while noting that information requests do not necessarily imply enforcement action. 6. Treasury officials say Scott Bessent could tap the roughly $950B Treasury General Account to help fund expanded buybacks of long-dated government bonds, according to CNBC. Using the cash pile could give Treasury significantly more firepower to influence long-term yields after markets questioned whether the recently doubled buyback program was large enough to matter. Treasury has already raised minimum long-end buybacks from $2B to $4B per operation, with the first expanded operation scheduled for September 9. 7. SoftBank plans to issue roughly $6.3B of 7-year retail bonds, which would be the largest retail bond offering ever by a Japanese company, according to WSJ. The bonds are expected to carry a 4.3%–4.9% coupon, with proceeds used for AI investments and refinancing existing debt. SoftBank’s cumulative investments and commitments to OpenAI are expected to exceed $60B as the company keeps raising capital for its broader AI infrastructure strategy. The group has also sold its entire Nvidia $NVDA stake and increased financing backed by its Arm holdings to help fund the push. 8. Amazon $AMZN is developing “fully automated” delivery stations through Project Tetromino, an early-stage AI and robotics effort aimed at automating the final warehouse stop before packages reach drivers. Internal documents reviewed by Business Insider described a 2028 pilot and estimated the new design could process packages at roughly 2.5x the rate of existing stations. The documents also projected more than $530M of investment by 2029, though Amazon said those figures and the proposed rollout timeline are inaccurate and do not reflect current plans. The system could use Boxbot technology to automate package storage, sequencing, and vehicle loading, some of the hardest pieces of last-mile logistics to automate. 9. Strategy $MSTR increased its USD Reserve to $5.10B, established an additional $1.59B of USD Cash, and repurchased $136M of $STRC. As of 8/23/26, Strategy holds roughly 4% of total $BTC Bitcoin supply and has approximately 0% net leverage. Michael Saylor said the USD Cash strengthens Strategy’s Digital Credit Capital Framework and is separately designated for general Bitcoin Treasury Company purposes, including acquiring BTC, paying preferred dividends and interest, repurchasing MSTR or preferred stock, repaying converts, and increasing the USD Reserve. 10. The top 10 most active options today by contracts traded were $NVDA with 3.9M contracts, $TSLA with 2.9M contracts, $AAPL with 1.1M contracts, $MU with 1.1M contracts, $AMZN with 834K contracts, $INTC with 816K contracts, $SPCX with 627K contracts, $META with 609K contracts, $GOOGL with 465K contracts, and $MSTR with 457K contracts. 11. Hedge funds posted their largest weekly sale of U.S. equities since the week of “Liberation Day” in April 2025, reversing after 3 straight weeks of buying. Single stocks made up roughly 53% of total sales, one of the highest readings over the past year. Hedge funds sold 9 of 11 sectors, led by Information Technology, Industrials, Utilities, Health Care, and Materials, while only Energy and a smaller amount of Consumer Discretionary saw buying. Macro products, including index futures and ETFs, accounted for the remaining 47% of sales, with U.S.-listed ETF shorts increasing modestly and breaking a 6-week streak of short covering. 12. Stanley Druckenmiller wrote a WSJ op-ed criticizing Treasury’s decision to double long-dated bond buybacks from $2B to at least $4B per operation, arguing it looks less like liquidity management and more like an attempt to push down long-term yields after the 30-year hit a 19-year high. His view is that auctions were functioning, volatility was contained, and the bond market was simply pricing fiscal risk into yields as inflation remains above target, deficits sit near 6% of GDP, and U.S. debt exceeds $40T. Druckenmiller warned that suppressing long-term yields weakens one of the few remaining forms of fiscal discipline on Washington. He also argued that buying long-duration Treasuries while funding it with short-term bills effectively removes duration risk from the market, making it look like a small version of QE run by Treasury instead of the Fed. His bottom line: let the bond market set the price of government borrowing and fix the real issue directly through lower deficits, gradual entitlement reform, and more responsible debt management. WALL STREET IS THE GREATEST SHOW ON EARTH.

Bitcoin Capitalism — my keynote from @BTCPrague 2026. Digital Capital is the foundation for Digital Credit, Digital Money, Digital Yield, Digital Equity, and a universe of Bitcoin-backed products and services. Timestamps: 01:37 - The Four Bitcoin Ideologies and the case for Bitcoin Capitalism 03:29 - Bitcoin as Digital Capital: thousand-year capital with a half-life of infinity 06:12 - Bitcoin network snapshot and ~68% dominance 07:41 - What is money? The Austrian view, the conventional investor view, and “Bitcoin is money, everything else is credit” 09:21 - Digital Money and Digital Credit: bitcoin-backed products for fiat-facing investors 11:28 - Digital Credit: an ~$11–12B asset class that was zero 12 months ago 14:54 - Bitcoin’s opportunity: $1T of bitcoin vs. $1,000T of global capital 15:43 - The 10-dimensional model for reaching stranded capital 16:44 - 1) Asset types: commodities, equities, credit, derivatives, real estate, money, and tokens 18:07 - 2) Capital functions: store of value, appreciation, income, collateral, and payments 19:29 - 3) Custody: self-custody, banks, custodians, broker-dealers, prime brokers, and exchanges 20:34 - 4) Jurisdictions: 664,000 legal and regulatory environments for capital 22:03 - 5) Distribution networks: banks, exchanges, payment networks, and $156T controlled by wealth advisors 23:13 - 6) Account forms: retirement accounts, brokerage accounts, insurance policies, treasuries, and trusts 24:51 - 7) Risk: market, currency, duration, regulatory, credit, technical, security, theft, and counterparty risk 26:03 - 8) Liquidity: transforming $350T of illiquid capital with liquid digital assets 28:02 - 9) Investors: banks control ~$200T and need compliant bitcoin-backed products 30:09 - 10) Product characteristics: fixed rate, floating rate, leverage, callability, fees, and structure 30:45 - The 10x10 matrix for channeling global capital into Bitcoin 31:19 - How $10–20T of capital could expand Bitcoin into a $100T network, moving from $70K to $700K to $7M per bitcoin 32:10 - Bitcoin Capitalism as a Darwinian market: winners, challengers, failures, and 1,400 companies tracked by Strategy 34:53 - Existing bitcoin-backed products: @Trezor, @Unchained, @Fidelity, @Fold_app, @Tando_me, @Relai_app, @CashApp, @HodlHodl, @AnchorWatch, @Meanwhile, $IBIT, $STRC, and $MSTR 40:03 - Digital Capital, Digital Credit, Digital Money, and Digital Yield competing with traditional capital markets 41:03 - Digital Money and Digital Yield: better stablecoins and higher-yield bitcoin-backed products 47:27 - 3 ways to participate: savers, investors, and innovators 49:19 - The aluminum airplane analogy: people buy the product, not the commodity underneath 52:29 - Build a ₿ridge to connect $BTC to the global capital markets 53:42 - 10,000 products, 10,000 needs, and 100,000 corporate efforts to change the world

Forza Horizon 6 reached a peak of 273,148 players on Steam right after launch, and this is more than three times the record of Forza Horizon 5, which had 81096 players at its highest. The game has no Denuvo DRM and is well optimized for PC, so it runs smoothly with good frame rates on many computers. It also works on Steam Deck and supports DLSS. This launch proves that good optimization and no DRM DENUVO help games sell well.

Hours ago, Tether froze approximately 39,273,713 USDT across 10 TRON addresses linked to Xinbi Guarantee新币担保. Following its freeze of 汇旺担保Huione-linked funds, this appears to mark another crackdown on illicit Telegram-based escrow platforms.