Build Markets CIO Matt Dines says investors in perpetual preferred shares such as Strategy's STRC may be underestimating long-lived liquidity and interest-rate risks. He argues that because perpetuals have no maturity date and issuers are not required to return principal, investors relying on secondary-market exits could face trouble if spreads widen and yields rise.

Strategy said on Friday it plans to repurchase $1.5 billion of its 0% senior convertible notes maturing in 2029, which it said would retire about half of that tranche's outstanding debt. The company also disclosed an estimated $1.38 billion buyback agreement reached through privately negotiated transactions with some noteholders on Thursday, with settlement expected Tuesday and the final amount subject to market conditions.

Intercontinental Exchange and Chicago Mercantile Exchange are urging US regulators to limit Hyperliquid's move into energy-related onchain derivatives, citing risks to oil and gas markets. Hyperliquid's HIP-3 framework, launched in January 2025, lets users create new perpetual futures markets by staking 500,000 HYPE tokens, valued at about $22.2 million.

Michael Saylor indicated Strategy could restart Bitcoin purchases this week after a Tuesday Q1 earnings call where he said the firm may periodically sell portions of its BTC treasury. Strategy last bought 3,273 BTC for about $255 million on April 27, bringing holdings to 818,334 BTC, worth about $61.8 billion at publication. The company says its average cost is about $75,537 per Bitcoin and the position was up about 7.6% at the time of writing.

Seven major Bitcoin mining pools have joined the Stratum V2 working group to develop an open, industry-wide protocol for how pool operators communicate with individual miners. The group includes AntPool, Block Inc, F2Pool, Foundry, MARA Foundation, SpiderPool and DMND, with Stratum V2 saying a shared standard could help pools reduce the time needed to mine blocks successfully.

Consensys senior counsel Bill Hughes says passing the Digital Asset Market Clarity Act of 2025 (CLARITY) could help shift more crypto industry activity back to the United States by setting clearer rules. He cited over $2.4 trillion in US-dollar on-ramp volume from July 2024 to June 2025, while noting most trading still occurs on non-US exchanges, including Binance at over 38% of centralized volume in December 2025.

A crypto attorney said Drift Protocol's $280 million exploit could be viewed as civil negligence if basic operational security was not followed. Drift's post-mortem said the attackers spent months building trust after first contacting the team at a major crypto conference in October 2025 and planned the operation for six months before executing it.

Polymarket's contract on the United States invading Iran this year rose to 63% on Sunday after a social media post by US President Donald Trump. The market had previously peaked at 68% on March 29, and the contract had about $3.74 million in volume at publication. Risk assets showed limited follow-through afterward, with Bitcoin hovering near $67,500 and Brent crude remaining above $109 per barrel.

Jimmy Song, co-founder of the nonprofit ProductionReady, said the Bitcoin network needs a "conservative" node client that avoids major code changes unless there is overwhelming community support. He added that ProductionReady expects to restore the 83-byte OP_Return limit to keep node storage costs low, which he linked to decentralization and resilience. Bitcoin Core 30 removed the OP_Return limit in October 2025 by raising it to 100,000 bytes, a move that coincided with growth in Bitcoin Knots usage to 4,746 nodes, or over 21.7% of the network.