Saylor raised $1bn on the $STRD IPO instead of the $250M planned

This is $1bn that will go straight into $BTC

Recap of May 2025 in crypto :

https://cryptonarratives.substack.com/p/may-2025-recap-narratives-best-performers

Zero relief for altcoins

Log chart of long $OP / short $BTC

Down a light -94% since early 2024

The L2 curse

Recap of the past 2 weeks in crypto :

- $BTC reached a new ATH at $112k, then momentum died down, and BTC bottomed locally at $100.4k after the Elon-Trump conflict

- "BTC for Corporations" narrative heating up : $DJT buying $2.5bn, $GME bought $500M, Metaplanet and ALTBG keep buying, Saylor launched new STRD preferred stock

- $HYPE reached $40bn FDV in late May, 2x in a month with barely any dip

- $TRUMP dinner on May 22 resulted in an expected news-selling.

- Cetus got hacked for $220M on Sui, but $180M have been frozen and all losses will be covered. $SUI and all its ecosystem coins took a hit on the news.

- "Microstrategy for ETH" launched, the company is $SBET. Initial raise is $425M.

- Altcoins keep struggling, OTHERS/BTC made new lows.
- $CRCL IPO'd and pumped massively
- Pumpfun is planning a $1bn raise through ICO at $4bn val
- $KTA up only
- $SPX is the top-performing memecoin

As expected, "previous szn hot coins", $HBAR, $XLM, $XRP and $ADA, have all been underperforming since March

Lil weekend trap kind of price action

SPX6900 back to its ATH paired with the altcoin market

Saylor is providing the best product in each asset class, all made possible by BTC's returns (and volatility) :

- Best-performing convertible bonds
- Best-performing investment grade bonds (STRF)
- Best-performing junk bond (STRD)
- Best-performing convertible preferred stock (STRK)
- Best-performing equity ?

This will force everyone, whether they like it or not, to invest in these products to keep up with their benchmark, and all of this money gets recycled into $BTC

$SAROS looks a lot like $OM when it was in up only mode

One day it will collapse -70%

Is Lagrange $LA worth $1bn FDV ?

I am not so sure...

The 2022 wipeout left the crypto market deeply traumatized by excessive leverage, which is why CT has been calling for the BTC treasury playbook "top" while it's just begun

The structure of the debt is very different from 2021, the risks are much lower

And $BTC is going higher

Once again, no ATM on the common stock this week, but more than $100M raised through $STRK and $STRF

They are able to raise more and more each week through these fixed income products

Saylor gets a billy tomorrow too btw

If you are short, you should factor it in

$XRP probably topped forever

$BTC made a new ATH 2 weeks ago, then all the people that got excited there and flipped long altcoins got punished

Then BTC has been unable to break below $100k (but it got rid of James Wynn)

4 days later we're almost back at ATH

This looks like strength if you ask me