Strategy (presumed MicroStrategy) paid off $1.5 billion in convertible debt at an 8% discount, reducing total convertible debt from $8.2 billion to $6.7 billion and its USD reserves to $871 million. The company did not buy additional Bitcoin but generated a 0.7% BTC yield through the deleveraging transaction and retains 843,738 BTC. Concerns remain about the shrinking cash reserve, with less than nine months of dividend and debt coverage unless more capital is raised. Separately, a dark pool trader sold $1.3 billion in IBIT, causing Bitcoin to drop 2%. Hyperliquid expanded its outcome market system to support prediction markets on real-world events, entering direct competition with Polymarket and Kalshi. Unlike Polymarket’s UMA-backed external dispute system, Hyperliquid resolves markets internally via validators, allowing for innovative pair trades on the same platform. Nathan Allman, the founder and CEO of Ondo Finance, died unexpectedly. Under his leadership, Ondo grew to a leading tokenized asset platform, partnering with major financial institutions. President Ian De Bode will succeed him as CEO. Crypto AI tokens like NEAR, GRASS, and RENDER posted strong gains, far outperforming Bitcoin, fueled by real revenue models and the sector’s small market cap amid growing AI infrastructure investment.