Strategy Breaks the Never-Sell Bitcoin Doctrine: The DAT Cohort Reckoning
On May 5, 2026, Michael Saylor acknowledged that Strategy may sell Bitcoin to fund dividends — ending the absolute never-sell doctrine and forcing a repricing of every Bitcoin treasury company built around it.
FASB's Cash-Equivalent Pivot: The Quiet Vote That Could Put Stablecoins on Every Fortune 500 Balance Sheet
FASB's April 15, 2026 vote to allow payment stablecoins as cash equivalents under U.S. GAAP removes the last accounting barrier blocking Fortune 500 treasury adoption and could redirect trillions in corporate cash management toward USDC and other GENIUS Act-compliant issuers.
The Strategic Bitcoin Reserve at 90 Days: A Vault That Hasn't Bought a Single Coin
The U.S. holds 328,000 BTC but has not bought a satoshi on the open market. Inside the legal gridlock, the budget-neutral funding plan, and what Patrick Witt's promised breakthrough actually means.
Tether's Trillion-Dollar Bet: Inside the XXI–Strike–Elektron Merger That Reinvents the Bitcoin Bank
Tether Investments' April 29, 2026 proposal to merge Twenty One Capital, Strike, and Elektron Energy creates the first vertically integrated public Bitcoin company — and forces a global regulatory rethink.
Bitmine's 5 Million ETH Treasury: The MicroStrategy Playbook With a Staking Yield Engine
Tom Lee's Bitmine now holds over 5 million ETH and 4.21% of Ethereum's supply. Why staking yield makes the corporate treasury math fundamentally different from MicroStrategy's Bitcoin playbook — and where the forced-seller tail risks lie.
Strategy's $2.54B Bitcoin Bet: Saylor's Preferred-Equity Machine Just Passed BlackRock
Strategy's April 2026 purchase of 34,164 BTC for $2.54 billion pushed holdings past BlackRock's IBIT ETF. A breakdown of the STRC preferred-equity machine that financed it and why institutional Bitcoin demand just crossed a structural threshold.
The Ethereum Foundation Just Became a Staker. Can It Still Be a Neutral Steward?
The Ethereum Foundation finished staking 70,000 ETH on April 3, 2026. The yield solves a funding problem and creates a governance one: EF now profits from the very parameters its researchers debate.
The DAT Flywheel Is Spinning Backwards: How 142 Bitcoin Treasury Companies Became Crypto's Hidden Contagion Risk
Strategy holds 780,897 BTC while 141 imitators run the same playbook with shrinking access to the equity premium that makes it work. FASB ASC 350-60 mark-to-market and sub-1.0 mNAV multiples are setting up Q1 2026 as the contagion test for crypto's corporate treasury cohort.
Ethereum Foundation Completes 70,000 ETH Staking Target: A $143M Blueprint for Crypto Nonprofit Survival
The Ethereum Foundation stakes $143M in ETH across 70,000 tokens, pivoting from selling to earning $5.4M annual yield. We analyze the governance implications, compare crypto nonprofit models, and examine what this means for DAO treasury management.