GM!
Today’s top news:
Crypto majors mostly flat despite Iran War progress; BTC at $62.7k Saylor buys $100M in BTC last week, MSTR jumps 6% and STRC +3.6% Tom Lee buys $214M in ETH, biggest purchase of 2026; ETH ETFs flip green Citrini calls Hyperliquid a buy, points to fees and buybacks Humanity Protocol has employee laptop compromised, H token falls 76% Saylor Is Back to BuyingLast month, the company slashed those cash reserves by 61% to repurchase debt at a discount, leaving it with fewer resources to meet dividend obligations on its flagship preferred stock. JPMorgan commented on Monday: “In our opinion, a rebuilding of the company’s dollar reserves might be needed to restore confidence and reduce investor concerns that the company would sell more Bitcoin to cover dividend payments.”
The market liked the news, with MSTR rebounding 6% to $127.20 despite the additional shares sold. STRC jumped 3.69% to $96.80. BTC held at $63,500.
Their prior publication “2028 Global Intelligence Crisis” went viral and triggered a brief Wall Street selloff in February, and now they’re focused in the crypto sphere.
Hyperliquid has generated about $1.06 billion in annualized fees, with more than 90% of fees funneled into a buyback fund that has purchased over $2 billion of HYPE since January 2025. That buyback structure is the core of Citrini’s thesis. Citrini said HYPE stands apart from much of the crypto market because it is backed by real platform activity, and that Hyperliquid repurchases have accounted for nearly half of all token buyback activity across crypto this year by some measures. The firm cited Hyperliquid’s wide runway and significant market share left to capture.
HYPE’s value is increasingly tied to Hyperliquid’s trading volumes and revenue, and those volumes do face a looming threat. The CFTC began opening the door in the U.S. to crypto perpetual futures products that major exchanges like Coinbase and Kraken are racing to offer. And the CFTC just gave Kalshi approval for its Bitcoin perps, creating a new regulated US alternative to Hyperliquid’s offshore model.
The bull case: Hyperliquid’s composability, 24/7 real-world asset coverage, and SpaceX pre-IPO contracts give it structural advantages no regulated US venue can currently match. The bear case: if derivatives volume migrates onshore, the fee engine that powers the buyback slows. The next few months should be very telling as to which of these cases is more likely…
FTT jumped roughly 50% intraday on the news.
SBF specifically requested a “pardon after completion of sentence,” a designation that would not result in early release but could restore certain civil rights once his full term is served. Bankman-Fried confirmed his interest in clemency during a recent FOX Business interview. “I assume that you would want a pardon from the White House?” correspondent Susan Li asked. “Absolutely,” he responded. “It would be obviously, ultimately up to the president, not up to me.”
The pardon faces longstanding opposition from Trump himself. Trump has signaled that Bankman-Fried should not expect clemency despite pardoning other high-profile crypto figures. Trump pardoned Binance co-founder CZ in October 2025 and the BitMEX co-founders, but Trump publicly rejected pardoning SBF twice in 2026, citing the scale of the $11 billion FTX fraud. So SBF probably shouldn’t get his hopes up…
