# Michael Saylor Doubles Down

*Author: Jack Inabinet*
*Published: May 3, 2025*
*Source: https://www.bankless.com/de/read/michael-saylor-doubles-down*

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## 1️⃣ Strategy’s Earnings Report
Michael Saylor’s Strategy released financials for the first quarter of 2025, reporting a BTC yield of 13.8% and BTC gain of $5.8B for shareholders on a year-to-date basis. Strategy also doubled its “[21/21](https://www.strategy.com/press/microstrategy-to-target-a-capital-raise-of-up-to-2-billion-of-preferred-stock_01-03-2025)” capital plan, announcing that it would seek to raise $42B through equity and $42B through fixed income to buy more BTC.

While not valued like a traditional company, Strategy’s headline earnings were certainly a major disappointment, with the company's -$16.53 of earnings per share undershooting analyst expectations by a whopping 82,550%.

Although Strategy intends to alleviate stock sell pressure by raising more money through fixed income versus at-the-money share offerings in the future, these instruments can harm financial performance with interest payments, meanwhile, STRK and STRF appear difficult to sell.

> Join our livestream for a discussion of Q1 financial results — including a review of [$MSTR](https://twitter.com/search?q=%24MSTR&src=ctag&ref_src=twsrc%5Etfw), [$STRK](https://twitter.com/search?q=%24STRK&src=ctag&ref_src=twsrc%5Etfw), [$STRF](https://twitter.com/search?q=%24STRF&src=ctag&ref_src=twsrc%5Etfw), and Convertible performance; a tutorial on our BTC metrics, models, and methods; and key [@Strategy](https://twitter.com/Strategy?ref_src=twsrc%5Etfw) insights no investor should miss.[https://t.co/0sDLmOLca9](https://t.co/0sDLmOLca9)— Michael Saylor (@saylor) [May 1, 2025](https://twitter.com/saylor/status/1918045546977051015?ref_src=twsrc%5Etfw)

## 2️⃣ BOOP’s Viral Airdrop
[Boop.fun](https://x.com/boopdotfun), a memecoin launchpad on Solana, gained immense traction this week on Crypto Twitter with an innovative airdrop meta, which requires KOLs to launch a memecoin to claim six-figure airdrops and provides for accelerated vesting based on token performance.

While many eligible recipients were quick to launch their own tokens to scoop a limited-availability drop, others [felt](https://x.com/cozymaximalist/status/1918022823047467209) the unique claim requirements crossed a line. Some even [contested](https://x.com/vydamo_/status/1918037016316657719) that KOLs who launched tokens for a BOOP drop were no different from Hayden Davis, the supposed mastermind behind Argentina’s [LIBRA](https://www.bankless.com/read/argentinas-congress-opens-investigation-into-mileis-libra-scandal) memecoin rug.

The Securities and Exchange Commission’s Division of Corporation Finance recently [provided](https://www.sec.gov/newsroom/speeches-statements/staff-statement-meme-coins) safe harbor for memecoins, but KOLs who blur the line between memecoin and utility token by making promises to inflate the value of their token risk finding themselves on the wrong side of U.S. securities laws further down the road.

> $90k on the line.Here's the game theory:• Give phat airdrop claim to top mindshare accounts• Only claimable if you launch a "cult" token associated with your account (very friendtech)• Claim vests after 30d• Cap the claimable airdrop per tier (60 total claims for my… [pic.twitter.com/1jJUK34PRX](https://t.co/1jJUK34PRX)— BREAD | ∑: (@0xBreadguy) [May 1, 2025](https://twitter.com/0xBreadguy/status/1917969133511344479?ref_src=twsrc%5Etfw)

## 3️⃣ Movement Labs Suspends Co-Founder
It’s been a tough week for Movement Network co-founder Rushi Manche.

On Wednesday, CoinDesk published an explosive [dossier](https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen), which accused the Movement Labs team of using market makers to dump tokens at inflated prices following its token generation event in late 2024, unpacking a network of shadow co-founders and conflicted legal counsel in the process.

Manche, who [reportedly](https://blockworks.co/news/movement-market-maker-investigation) took an indefinite leave from Movement in mid-April following an internal investigation into market maker “abnormalities,” has now been publicly suspended from the company in light of recent events.

Click [here](https://www.bankless.com/tools/token-hub/movement) to view the updated Bankless MOVE rating.

> We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker.— Movement (@movementlabsxyz) [May 2, 2025](https://twitter.com/movementlabsxyz/status/1918134801028268187?ref_src=twsrc%5Etfw)

## 4️⃣ Circle Acquisition Drama Continues
Bloomberg is [reporting](https://www.bloomberg.com/news/articles/2025-04-30/ripple-is-said-to-have-offered-to-buy-stablecoin-rival-circle) that XRP ecosystem services provider Ripple Labs submitted a $4-5B offer to acquire Circle, the issuer of USDC stablecoins. Circle, which is seeking to IPO at a similar valuation, allegedly [rejected](https://x.com/matthew_sigel/status/1917647009994993944) Ripple’s bid on grounds that it was too low. 

The proposed Circle IPO valuation range has been hotly contested since announced, but considering that Ripple’s bid excluded a standard [acquisition premium](https://x.com/dom_kwok/status/1918398396030738671) above the intended IPO price, it is logical to see why the stablecoin issuer would reject the offer.

Ripple’s recently launched RLUSD stablecoin had a meager $300M market capitalization at the time of writing, but a Circle takeover would make it a leading player in crypto’s stablecoin sector, assuming an amicable deal can be reached and funded.

[5 Takeaways from Circle’s IPO Filing on BanklessThe stablecoin giant is going public soon, and we’ve gotten an unprecedented window into its business via its S-1 filing.![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/icon/apple-touch-icon-355.png)BanklessJack Inabinet Apr 2, 2025 • 5 min read![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/thumbnail/NL_cIPO_2_040225-1.webp)](https://www.bankless.com/read/5-takeaways-from-circles-ipo-filing)
## 5️⃣ Aave Onboards Pendle PTs
Crypto’s leading lending market took a major leap down the risk curve this week by onboarding Pendle principal tokens (PTs) issued for synthetic Ethena stablecoins as collateral.

After Aave’s Ethereal USDe May PT vault hit its initial capacity of $150M within one day of launch, the ceiling was increased to $250M. At the time of this analysis two days later, the vault had yet again been maxed out.

In one click using efficiency mode, Aave borrowers can receive extremely high loan-to-value ratios of up to 91% on illiquid Ethereal PTs (assuming the vault has capacity). Ethena’s synthetic dollars have maintained peg since launch, yet this most recent Aave integration onboards an exotic collateral type and warrants reassessment of the bluechip lending market’s risk profile. 

> Starting today users will be able to supply eUSDe May Pendle PTs to [@aave](https://twitter.com/aave?ref_src=twsrc%5Etfw), with sUSDe July PT live shortlyBoth PTs represent some of the highest fixed rate opportunities in DeFi, also with the deepest liquidityThis is the first time billions in PT collateral have access to… [pic.twitter.com/FwLJdOo6FF](https://t.co/FwLJdOo6FF)— Ethena Labs (@ethena_labs) [April 30, 2025](https://twitter.com/ethena_labs/status/1917585707138441308?ref_src=twsrc%5Etfw)