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Happy Friday!
This week, Michael Saylor his rule number one: never sell your bitcoin.
Well, Strategy (NASDAQ: MSTR) hasn’t sold any bitcoin yet, but Michael Saylor said the premier bitcoin treasury company “probably” would — specifically to prove a point.
For today’s letter, we unpack what that means. Plus a few headlines full of AI deals and pods with CLSK’s Taylor Monnig and ABTC’s Matt Prusak.

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From the Quantum Compute threat to novel Witness encryption schemes, OPNEXT ‘26 brought the juice.
Catch +20 talks on deep Bitcoin development, plus a few high level investor conversations.

Aave just lost $10 billion in TVL. It’s time to try something different
A mess of decentralized finance (DeFi) apps we’re absolutely wiped out by a North Korean attack, draining nearly $300 million from the so-called DeFi ecosystem.
In the fallout, over $10 billion (yes, $10,000,000,000) has been withdrawn from Aave, one of the largest DeFi lending protocols. Why? Because its harder to trust DeFi more than ever.
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Michael Saylor is selling bitcoin?
For four years, Michael Saylor's message was simple: never sell your Bitcoin. He repeated it on Bloomberg, on Squawk Box, on stage in Nashville. He published Rule 20: "You do not sell your $BTC." He told one audience to sell their kidneys before parting with a single sat. As recently as February, he told CNBC he expected Strategy "to be buying every quarter forever."
On Tuesday's Q1 2026 earnings call, that doctrine cracked.
"We will probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it,” Saylor said during the call.

If you read the headlines you would think Saylor is capitulating. Listen to the full call and it’s clear Saylor is saying something different.
Here’s what Saylor actually means.
What Saylor actually said about selling bitcoin
Saylor had a pretty clear message to short sellers during Tuesday’s Q1 Earnings Call: "If you are a short seller and your thesis is the company's got to sell equity in order to fund the dividends, I would like nothing better than to rip your wings off."
Saylor is taking a deliberate shot at a specific bear thesis that Strategy will be forced into dilutive equity issuance to service its preferred stack. Saylor wants that thesis dead.
The thing is, the bears aren’t crazy. Strategy does, in fact, have a massive annual payou obligation.

In the News
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TeraWulf posts $34 million in Q1 revenue as AI/HPC lease income offsets bitcoin mining decline
TeraWulf (NASDAQ: WULF) reported first-quarter 2026 revenue of $34 million, roughly flat compared with $34.4 million a year earlier. The quarter included $21 million of AI/HPC lease revenue, a line item that did not exist in the prior-year period, while net loss widened to $427.6 million from $61.4 million - link
IREN partners with NVIDIA on up to 5 GW AI infrastructure buildout
NVIDIA (NASDAQ: NVDA) and IREN (NASDAQ: IREN) announced a partnership covering deployment of up to 5 gigawatts of AI infrastructure. The deal is tied to IREN’s AI cloud buildout and its existing data center footprint. Shares of IREN jumped in after-market hours. - link
Core Scientific shares tumble 9% as no new AI/HPC deals materialize: Q1 Earnings
Shares of Bitcoin miner turned AI factory Core Scientific (NASDAQ: CORZ) fell 9% following the company’s earnings call. Investors were likely expecting a new tenant signing at one of CORZ many sites, which the Core Scientific team did not discuss during the earnings call. Core Scientific announced the extension of is Oklahoma site with an additional 440 MW under development. - link
Hut 8 surges 27% on $9.8 billion lease signing with undisclosed tenant
Hut 8 (NASDAQ: HUT) said Wednesday that it signed a 15-year lease for 352 MW of IT capacity at its Beacon Point AI data center campus in Nueces County, Texas, with a base-term contract value of $9.8 billion. First-quarter revenue rose 226% year over year to $71 million. - link
MARA seeks bondholder consent for Long Ridge notes ahead of $1.5 billion acquisition
MARA (NASDAQ: MARA) launched a consent solicitation on Thursday for Long Ridge Energy LLC’s 8.750% Senior Secured Notes due 2032. The solicitation covers $600 million in outstanding notes and is tied to MARA’s pending acquisition of Long Ridge Energy & Power LLC, a deal valued at roughly $1.5 billion. - link
Strategy raises $82 million through MSTR stock sales, keeps bitcoin holdings flat at 818,334 BTC
Strategy (NASDAQ: MSTR) sold 492,210 shares of Class A common stock for $82 million in net proceeds during the week of April 27 to May 3, according to a Form 8-K filed on May 4. The company made no bitcoin purchases during the same period, leaving its holdings unchanged at 818,334 BTC. - link
MARA, Block, Foundry, and others join Stratum V2 working group
A handful of leaders in the bitcoin mining space have joined a working group to accelerate the Stratum V2, the latest iteration of the open source stratum protocol from Braiins that underpins bitcoin mining pool infrastructure. - link
Blockspace Live
Catch Blockspace LIVE 3x per week on Monday, Wednesday, and Friday at 12 pm ET/ 9 am PST. We cover all the news of the last 48 hours, plus guest segments from big names in the Bitcoin and AI space!
Taylor Monnig, CTO of CleanSpark joins us on a bonus podcast to talk about the company's transition from Bitcoin mining into high-performance computing and AI. He explains the engineering shift from "surviving" in the mining space to "thriving" in AI data centers, the strategic value of the 250MW Sandersville site, and the decision to focus on infrastructure over cloud services. Taylor shares insights on the massive networking requirements of AI and the future of edge computing.
On another bonus show this week, American Bitcoin President Matt Prusak joins us to talk about their aggressive growth strategy and why they are sticking to pure-play mining. Matt breaks down the 1,112% hashrate explosion at their Drumheller site and the move toward future-proof hydro cooling. We discuss the synergy with Hut 8, the global hunt for megawatts, and why American Bitcoin is ignoring the industry-wide pivot to AI. Learn how they’ve accumulated over 7,000 BTC and are positioning themselves as the top category leader for Bitcoin in the United States.

On this day in 1812, the U.S. congress passes the first foreign aid bill to send $50,000 for earthquake victims in Caracas, Venezuela.
-CMH
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Header image by Gage Skidmore via Creative Commons.




