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On May 12, the U.S. April CPI data hit a three-year high, raising concerns in the market about the Federal Reserve potentially raising interest rates again. Both the U.S. stock and bond markets faced pressure, but Bitcoin showed relative strength. Data indicated that the core CPI in the U.S. rose by 0.4% month-on-month in April, exceeding market expectations of 0.3%, and year-on-year it increased to 2.8%. The overall CPI, which includes energy prices, rose by 3.8% year-on-year, up from the previous value of 3.3%, marking the highest inflation level since May 2023. In response to the data, the market quickly adjusted its expectations regarding the Federal Reserve's policy path. CME FedWatch data shows that traders are currently betting on a probability of over 35% for at least one interest rate hike by 2026, whereas just a few weeks ago, the mainstream market expectation was for a rate cut within the year. Risk assets subsequently fell, with the Nasdaq index dropping over 1.3% and U.S. Treasury yields rising in tandem. However, the cryptocurrency market demonstrated some resilience. Bitcoin remained above $80,000 following the data release, currently reported at approximately $80,500, holding steady over the past 24 hours; Ethereum and XRP, on the other hand, fell by about 2.5%.

[US April Inflation Surges, Bitcoin Holds Steady Above $80,000]On May 12, the U.S. April CPI data hit a three-year high, raising concerns in the market about the Federal Reserve potentially raising interest rates again. Both the U.S. stock and bond markets faced pressure, but Bitcoin showed relative strength. Data indicated that the core CPI in the U.S. rose by 0.4% month-on-month in April, exceeding market expectations of 0.3%, and year-on-year it increased to 2.8%. The overall CPI, which includes energy prices, rose by 3.8% year-on-year, up from the previous value of 3.3%, marking the highest inflation level since May 2023. In response to the data, the market quickly adjusted its expectations regarding the Federal Reserve's policy path. CME FedWatch data shows that traders are currently betting on a probability of over 35% for at least one interest rate hike by 2026, whereas just a few weeks ago, the mainstream market expectation was for a rate cut within the year. Risk assets subsequently fell, with the Nasdaq index dropping over 1.3% and U.S. Treasury yields rising in tandem. However, the cryptocurrency market demonstrated some resilience. Bitcoin remained above $80,000 following the data release, currently reported at approximately $80,500, holding steady over the past 24 hours; Ethereum and XRP, on the other hand, fell by about 2.5%.

US April Inflation Surges, Bitcoin Holds Steady Above $80,000

On May 12, Exodus Movement, a self-custody crypto wallet company, announced its financial report for the first quarter of 2026, revealing a quarterly revenue of $22.7 million, a 37% year-over-year decline, primarily due to weak trading activity in the crypto market. The report indicated that Exodus's core aggregation exchange business revenue fell by 40.8% year-over-year, with a quarterly exchange processing volume of $1.18 billion, down 26% from the fourth quarter of 2025. The company's net loss widened to $32.1 million, compared to a loss of $12.9 million in the same period last year. Currently, swap and exchange services remain Exodus's primary source of income. Its B2B exchange partners contributed $257 million in transaction volume this quarter, accounting for 22% of total exchange activity. The company stated that the usage of its aggregation liquidity routing system, XO Swap, has been continuously increasing since its launch. Market analysts believe that Exodus's current business model is still highly tied to the activity level of crypto trading, making its revenue vulnerable to direct impacts during periods of low market volatility and trading. Meanwhile, Exodus is attempting to transition towards payment financial infrastructure. The company completed its acquisition of payment infrastructure firms Monavate and Baanx on May 1, planning to expand its capabilities in crypto payments, debit cards, and embedded financial services. Following the financial report, Exodus's stock price fell 4.9% in after-hours trading. Although the stock price has risen 20.5% over the past month, it has still accumulated a decline of nearly 48% year-to-date.

[Exodus Q1 Revenue Plummets 37%, Crypto Wallet Business Still Highly Dependent on Trading Market]On May 12, Exodus Movement, a self-custody crypto wallet company, announced its financial report for the first quarter of 2026, revealing a quarterly revenue of $22.7 million, a 37% year-over-year decline, primarily due to weak trading activity in the crypto market. The report indicated that Exodus's core aggregation exchange business revenue fell by 40.8% year-over-year, with a quarterly exchange processing volume of $1.18 billion, down 26% from the fourth quarter of 2025. The company's net loss widened to $32.1 million, compared to a loss of $12.9 million in the same period last year. Currently, swap and exchange services remain Exodus's primary source of income. Its B2B exchange partners contributed $257 million in transaction volume this quarter, accounting for 22% of total exchange activity. The company stated that the usage of its aggregation liquidity routing system, XO Swap, has been continuously increasing since its launch. Market analysts believe that Exodus's current business model is still highly tied to the activity level of crypto trading, making its revenue vulnerable to direct impacts during periods of low market volatility and trading. Meanwhile, Exodus is attempting to transition towards payment financial infrastructure. The company completed its acquisition of payment infrastructure firms Monavate and Baanx on May 1, planning to expand its capabilities in crypto payments, debit cards, and embedded financial services. Following the financial report, Exodus's stock price fell 4.9% in after-hours trading. Although the stock price has risen 20.5% over the past month, it has still accumulated a decline of nearly 48% year-to-date.

Exodus Q1 Revenue Plummets 37%, Crypto Wallet Business Still Highly Dependent on Trading Market

Stablecoin yield infrastructure project Osero has announced the completion of $13.5 million in financing, led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this round of financing was completed through a SAFT (Simple Agreement for Future Tokens) structure, although the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system.

[Stablecoin Yield Protocol Osero Completes $13.5 Million Financing]Stablecoin yield infrastructure project Osero has announced the completion of $13.5 million in financing, led by Sky Ecosystem, with participation from the stablecoin Layer1 project Plasma. Other investors include RedStone, Kairos Research, as well as Joe Flanagan and Lorenzo Romagnoli. Reports indicate that this round of financing was completed through a SAFT (Simple Agreement for Future Tokens) structure, although the valuation has not been disclosed. Osero, incubated by Stablewatch, aims to promote the adoption of the Sky ecosystem's stablecoin USDS (formerly DAI) and the yield-bearing stablecoin sUSDS, while helping users directly access the Sky Savings Rate (SSR) yield system.

Stablecoin Yield Protocol Osero Completes $13.5 Million Financing

On May 12, Qualcomm's stock price declined further by 10%, following a three-day consecutive surge.

[Qualcomm's Stock Price Declines Further by 10%]On May 12, Qualcomm's stock price declined further by 10%, following a three-day consecutive surge.

Qualcomm's Stock Price Declines Further by 10%

On May 12, Sonic's native stablecoin USSD has introduced new on-chain lending use cases. According to the announcement, Flying Tulip has officially launched USSD on the Sonic Lend margin lending market, allowing users to deposit, borrow, and engage in on-chain leveraged trading using USSD. Sonic stated that this integration will further enhance the liquidity and usage of USSD in the financial market on the Sonic chain.

[USSD Launches on Flying Tulip Margin Lending Market with New Lending Scenarios]On May 12, Sonic's native stablecoin USSD has introduced new on-chain lending use cases. According to the announcement, Flying Tulip has officially launched USSD on the Sonic Lend margin lending market, allowing users to deposit, borrow, and engage in on-chain leveraged trading using USSD. Sonic stated that this integration will further enhance the liquidity and usage of USSD in the financial market on the Sonic chain.

USSD Launches on Flying Tulip Margin Lending Market with New Lending Scenarios

On May 12, cryptocurrency research firm Delphi Digital released its latest report titled 'How Far Can Saylor Stretch It', which focuses on the sustainability of Strategy's current Bitcoin accumulation model and notes that its financing structure is gradually approaching a critical pressure boundary. The report indicates that Strategy was initially able to continuously accumulate BTC primarily because MSTR's stock price remained significantly above the company's Bitcoin net asset value (mNAV), allowing the company to increase its Bitcoin holdings through stock issuance. However, MSTR's EV-based mNAV has now dropped to approximately 1.24 times, indicating that the profit margin for continuing to finance through common stock issuance is significantly shrinking and nearing the breakeven point. Meanwhile, Strategy has heavily relied on convertible bond financing in the past. Although low-interest convertible bonds helped the company expand rapidly, it still has about $8.2 billion in principal debt remaining, which will enter a critical repayment period starting in September 2027. The report argues that the current true support for its continued Bitcoin purchases comes from the STRC (Strategy Preferred) financing structure. STRC is aimed at income-focused investors, offering an annualized 11.5% dividend yield paid monthly, while the company uses the raised funds to continue buying BTC without adding new convertible bond maturity pressures. However, Delphi points out that the cost of this model is a 'continuously growing fixed income liability'. Each STRC financing round, while immediately increasing BTC reserves, also adds future dividend payment obligations. The report warns that if BTC prices continue to rise and MSTR maintains a high premium, this structure can still operate; however, if BTC remains stagnant for an extended period, the dividend liabilities will accumulate, and the efficiency of common stock financing will continue to decline. Additionally, Strategy currently has $2.25 billion in cash reserves, which can cover approximately $1 billion in convertible bond redemption pressure due in 2027, but a larger debt wall in 2028 still needs to be addressed. Delphi also notes that the current authorized financing limit for STRC is $28.3 billion. Once this limit is reached and cannot be expanded, Strategy's 'continuous buying capability' to offset dividend dilution may significantly weaken or even cease.

[Delphi Digital Releases In-Depth Report on Strategy: Saylor's 'Unlimited Bitcoin Buying' Model Approaching Critical Limits]On May 12, cryptocurrency research firm Delphi Digital released its latest report titled 'How Far Can Saylor Stretch It', which focuses on the sustainability of Strategy's current Bitcoin accumulation model and notes that its financing structure is gradually approaching a critical pressure boundary. The report indicates that Strategy was initially able to continuously accumulate BTC primarily because MSTR's stock price remained significantly above the company's Bitcoin net asset value (mNAV), allowing the company to increase its Bitcoin holdings through stock issuance. However, MSTR's EV-based mNAV has now dropped to approximately 1.24 times, indicating that the profit margin for continuing to finance through common stock issuance is significantly shrinking and nearing the breakeven point. Meanwhile, Strategy has heavily relied on convertible bond financing in the past. Although low-interest convertible bonds helped the company expand rapidly, it still has about $8.2 billion in principal debt remaining, which will enter a critical repayment period starting in September 2027. The report argues that the current true support for its continued Bitcoin purchases comes from the STRC (Strategy Preferred) financing structure. STRC is aimed at income-focused investors, offering an annualized 11.5% dividend yield paid monthly, while the company uses the raised funds to continue buying BTC without adding new convertible bond maturity pressures. However, Delphi points out that the cost of this model is a 'continuously growing fixed income liability'. Each STRC financing round, while immediately increasing BTC reserves, also adds future dividend payment obligations. The report warns that if BTC prices continue to rise and MSTR maintains a high premium, this structure can still operate; however, if BTC remains stagnant for an extended period, the dividend liabilities will accumulate, and the efficiency of common stock financing will continue to decline. Additionally, Strategy currently has $2.25 billion in cash reserves, which can cover approximately $1 billion in convertible bond redemption pressure due in 2027, but a larger debt wall in 2028 still needs to be addressed. Delphi also notes that the current authorized financing limit for STRC is $28.3 billion. Once this limit is reached and cannot be expanded, Strategy's 'continuous buying capability' to offset dividend dilution may significantly weaken or even cease.

Delphi Digital Releases In-Depth Report on Strategy: Saylor's 'Unlimited Bitcoin Buying' Model Approaching Critical Limits

On May 12, the U.S. Department of Justice reached a $30 million settlement agreement with PayPal (PYPL.O).

[U.S. Department of Justice Reaches $30 Million Settlement with PayPal]On May 12, the U.S. Department of Justice reached a $30 million settlement agreement with PayPal (PYPL.O).

U.S. Department of Justice Reaches $30 Million Settlement with PayPal

Market news: AI startup Wispr is in funding negotiations with a valuation of $2 billion.

[AI Voice Recognition Startup WISPR in Talks for $2 Billion Funding]Market news: AI startup Wispr is in funding negotiations with a valuation of $2 billion.

AI Voice Recognition Startup WISPR in Talks for $2 Billion Funding

On May 12, TON Strategy Company (Nasdaq: TONX) released its financial report for the first quarter of 2026. The company currently holds approximately 221.9 million Toncoin, which accounts for about 4.29% of the total TON supply according to Tonstat data, with around 221.2 million of those coins staked. The company stated that its staking infrastructure currently represents about 26.18% of the total staking size across the TON network. As of March 31, 2026, the fair value of the company's TON holdings was approximately $272 million. The financial report indicated that the company earned about 2.2 million TON through staking in Q1, generating approximately $3 million in staking revenue; total revenue was $5.3 million, with a gross profit of about $4 million. However, due to the volatility in TON's price, the company recorded an unrealized loss of approximately $87.9 million in cryptocurrency assets for the quarter, resulting in a pre-tax net loss of $91 million. By the end of Q1, the company held around $35 million in cash and restricted cash, with no debt on its balance sheet. TON Strategy also noted that after a significant performance upgrade to the TON network in April 2026, the network's staking yield increased from 0.34% in March to 1.39% in April, which annualizes to approximately 16.7%. Additionally, the company stated that as Telegram continues to promote the development of the TON ecosystem and the overall market strengthens, the fair value of its 221.9 million TON holdings has risen to approximately $433.3 million as of May 6, 2026. New CEO Kevin Wilson stated that the company's goal is to become 'the core platform providing transparent TON exposure for institutional investors in the U.S. listed market' and emphasized the long-term potential of TON in scenarios involving Telegram, payments, development tools, and AI agents.

[TON Strategy Reports Q1 Financials: Pre-Tax Net Loss of $91 Million, Holds Over 221 Million TON]On May 12, TON Strategy Company (Nasdaq: TONX) released its financial report for the first quarter of 2026. The company currently holds approximately 221.9 million Toncoin, which accounts for about 4.29% of the total TON supply according to Tonstat data, with around 221.2 million of those coins staked. The company stated that its staking infrastructure currently represents about 26.18% of the total staking size across the TON network. As of March 31, 2026, the fair value of the company's TON holdings was approximately $272 million. The financial report indicated that the company earned about 2.2 million TON through staking in Q1, generating approximately $3 million in staking revenue; total revenue was $5.3 million, with a gross profit of about $4 million. However, due to the volatility in TON's price, the company recorded an unrealized loss of approximately $87.9 million in cryptocurrency assets for the quarter, resulting in a pre-tax net loss of $91 million. By the end of Q1, the company held around $35 million in cash and restricted cash, with no debt on its balance sheet. TON Strategy also noted that after a significant performance upgrade to the TON network in April 2026, the network's staking yield increased from 0.34% in March to 1.39% in April, which annualizes to approximately 16.7%. Additionally, the company stated that as Telegram continues to promote the development of the TON ecosystem and the overall market strengthens, the fair value of its 221.9 million TON holdings has risen to approximately $433.3 million as of May 6, 2026. New CEO Kevin Wilson stated that the company's goal is to become 'the core platform providing transparent TON exposure for institutional investors in the U.S. listed market' and emphasized the long-term potential of TON in scenarios involving Telegram, payments, development tools, and AI agents.

TON Strategy Reports Q1 Financials: Pre-Tax Net Loss of $91 Million, Holds Over 221 Million TON

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In our fourth episode of Huobi X-Change, we are happy to invite Klaytn's Game Partnership Lead Yoshi Shin and Marblex's MBX Director Sean Hwang, as our guest. Klaytn & Marblex: The nest blockchain game trend setters.

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