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.

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.

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.

On May 15, 2026, Kevin Warsh is expected to be confirmed as the next Federal Reserve chair, an event some traders are watching for potential spillover into Bitcoin. Across three prior Fed chair transitions tied to Nov 2013, Dec 2017, and Nov 2021, Bitcoin fell 85.40%, 84.13%, and 77.58% respectively, an average drawdown of 82.37%. Reuters also reported Warsh held crypto-related investments, including Blast, an Ethereum layer-two platform, though values were not disclosed and he has pledged to divest upon confirmation.

CryptoQuant's Bitcoin Bull-Bear Market Cycle Indicator has turned green for the first time since March 2023, shifting into what it labels an "Early Bull" phase. The move follows the indicator's drop into an "Extreme Bear" reading after the early-February sell-off and its subsequent recovery through March, April, and May. Bitcoin was trading around $80,700 at the time of writing, down 0.5% over the past 24 hours.

Bitcoin has continued grinding higher with only shallow pullbacks, showing limited evidence of heavy distribution as it consolidates after clearing several key levels. Analyst Sykodelic says BTC has held above the bull market support band for 10 straight days and recently closed above the 200D EMA, while another analyst, Minga, flags $82,100 as resistance and $80,600 as local support.