Exodus Movement, Inc. (NYSE American: EXOD) sold 1,076 bitcoin from January through March 2026, cutting its BTC treasury by about 63% and ending the quarter with 628 BTC. The $73.2 million in proceeds helped build cash for the May 1, 2026 acquisition of W3C Corp. subsidiaries Monavate and Baanx, as Q1 revenue fell to $22.7 million and the company posted a $32.1 million net loss.

Strategy generated over $206 million from its STRC perpetual preferred stock program and said it also bought $43 million in Bitcoin on May 11 after a one-week pause. STRC traded near its $100 par value as daily volume neared $445 million, while the instrument’s dividend mechanism is designed to adjust based on where shares trade.

Bitcoin miner MARA reported Q1 revenue of $176 million, down 18%, alongside a $1.3 billion net loss, and its shares fell 3.4% on May 11 to close at $12.93 before a pre-market bounce. The company sold 20,880 BTC in Q1 at an average of $70,137 (about $1.5 billion), using $1.1 billion of proceeds to pay down debt and support an AI infrastructure shift.

The 309-page draft text of the US CLARITY Act was released Monday night ahead of a Senate markup scheduled for Thursday, drawing renewed focus on XRP’s regulatory positioning. Market commentator Bull Winkle argues the draft’s “network token” category and specific provisions could support XRP’s structure and prior court-related interpretations, while noting the bill remains a negotiable draft.

Bitcoin-linked equities have outpaced the broader market over the past month as BTC drew nearly $184 billion in inflows and traded around the $80,000 range. A basket of 10 major BTC-exposed firms averaged about 42% gains versus the S&P 500's 8.7%, with Applied Digital up 69.8%. Spot demand and continued corporate accumulation—including 56,338 BTC added since April 1—are cited as key supports if momentum holds.

On May 12, 21shares launched the 21shares Hyperliquid ETF (Nasdaq: THYP), aiming to give U.S. investors spot exposure to HYPE with staking rewards. THYP posted $1.8 million in first-day trading volume and about $1.2 million in net inflows, and carries a 0.3% management fee. The issuer also introduced the 21shares 2x Long HYPE ETF (Nasdaq: TXXH) with a 1.89% management fee.

Bitcoin has climbed about 37% since April 2026, with BTC reaching $82,000 on May 6 after breaking above $81,000 on May 5. CryptoQuant research points to a three-month high in realized profits—up to 14,600 BTC on May 4 and more than 20,000 BTC over 30 days—raising the risk that profit-taking could add volatility and threaten the rally.

Bitcoin has remained above the $80,000 level while on-chain profitability stayed elevated, with adjusted SOPR holding above 1 for nine straight days in May. Analysts pointed to a CSH Score reading near 41 and a 30-day uptick in exchange reserves as signals that prior bear-market rallies saw sharp corrections, even as current strength appears driven more by reduced selling than sustained demand.