Morning Report | Trump Media Group announces Q1 financial report; Three major DeFi applications return nearly $100 million in revenue to token holders within 30 days; Michael Saylor releases Bitcoin Tracker information again
Overview of Important Market Events on May 10整理：ChainCatcher
Important News:
- Trump Media Group Q1 Financial Report: Unrealized Loss of Approximately $400 Million on Investments in BTC and Other Crypto Assets
- Michael Saylor Releases Bitcoin Tracker Information Again, May Disclose Increased Holdings Next Week
- Bank of England Governor: Stablecoin Regulation May Trigger Confrontation Between U.S. and International Regulators
- Data: Three Major DeFi Applications Returned Nearly $100 Million in Revenue to Token Holders in 30 Days
- Strategy CEO Clarifies Conditions for Selling Bitcoin: Will Only Sell When Beneficial to Shareholders
- Bank of England Governor: Stablecoin Regulation May Trigger Confrontation Between U.S. and International Regulators
What Important Events Happened in the Last 24 Hours?
According to ChainCatcher, Goldman Sachs has postponed its predictions for the next two Fed rate cuts to December 2026 and March 2027. The report indicates that the pass-through of energy costs may keep core Personal Consumption Expenditures (PCE) inflation around 3% for the entirety of 2026, above the Fed's 2% target. Previously, the International Monetary Fund (IMF) also predicted that core PCE would not return to 2% until early 2027.
Goldman Sachs' U.S. economists believe that a cooling of monthly data and a weakening labor market must occur before rate cuts can happen. The Fed maintained the federal funds rate at 3.50% to 3.75% on April 29, with four dissenting votes, the most since 1992. According to CME FedWatch data, the market sees a 93.4% probability that rates will remain unchanged at the June 17 meeting. Lindsay Rosner of Goldman Sachs Asset Management previously stated that hawks might have the upper hand at the June FOMC meeting. For the crypto market, the delay in rate cuts tightens liquidity for risk assets, and a stronger dollar tends to suppress the valuation of crypto assets.
According to ChainCatcher, data from DefiLlama shows that three relatively active DeFi applications, Hyperliquid, EdgeX, and Pump.fun, collectively distributed $96.3 million in revenue to token holders over the past 30 days. Hyperliquid led with $50.95 million, returning all revenue directly to holders with zero incentive spending; Pump.fun returned $22.09 million to holders from a total revenue of $38.81 million; EdgeX allocated $2.326 million from $8.26 million in protocol revenue, indicating it may have tapped reserves or other income sources.
On an annualized basis, Hyperliquid's revenue over the past year reached $946 million, Pump.fun at $481 million, and EdgeX at $236 million. This trend reflects the crypto community's shift from focusing on trading volume to actual revenue. Yearn.Finance founder Andre Cronje pointed out that DeFi in 2026 is no longer just about investment venues but is becoming the backend infrastructure of the on-chain economy, with the stablecoin market reaching $320 billion, decentralized exchanges exceeding $160 billion in monthly spot trading volume, and perpetual contract DEXs reaching $540 billion in monthly trading volume.
Michael Saylor Releases Bitcoin Tracker Information Again, May Disclose Increased Holdings Next Week
According to ChainCatcher, Strategy founder Michael Saylor has released information related to the Bitcoin Tracker again.
Based on previous patterns, Strategy typically discloses increased Bitcoin holdings the day after relevant news is released.
According to ChainCatcher, Polymarket announced the latest updates on functional improvements, including the introduction of latency spam mitigation measures to ensure order placement and cancellation operations, fixing the "insufficient balance/authorization" error, and another core issue affecting limit buy orders is expected to be resolved in the coming days.
Additionally, Polymarket stated it has identified and banned multiple "ghost fill" account clusters, all of which were created before the deposit wallet system went live. Accounts exhibiting "ghost fill" behavior will be identified and banned, and the deposit wallet system will prevent non-compliant accounts from continuing to create new accounts in bulk. More updates will be released in the coming week to address previous issues.
According to ChainCatcher, News1 reported that the Korean National Tax Service is piloting a program to entrust seized virtual assets to private crypto custodians for safekeeping and management, planning to run a trial until the end of this year.
Major custodians in Korea, including KODA, KDAC, Hecto WalletOne, BDACS, and InfiniteBlock, are prepared to participate. Although the pilot project's budget is only about $5,800, the industry views obtaining a "Korean National Tax Service project" reference case as symbolic.
Trump Media Group Q1 Financial Report: Unrealized Loss of Approximately $400 Million on Investments in BTC and Other Crypto Assets
According to ChainCatcher, CoinDesk reported that Trump Media and Technology Group (TMTG) released its Q1 2026 financial report, showing a net loss of $405.9 million, with revenue of $871,200, widening from a loss of $31.7 million in the same period last year, primarily due to unrealized losses on its cryptocurrency holdings impacting performance.
During the reporting period, TMTG held 9,542 bitcoins valued at $767 million, with an average purchase cost of $118,529 per bitcoin. Additionally, the company held 756.1 million CRO, with a cost basis of $113.9 million and a fair value of $53 million.
Last year, Trump Media completed the acquisition of CRO for $105 million. TMTG also holds 4,000 bitcoin call options to hedge against cryptocurrency volatility risks. These options require 2,000 bitcoins as collateral.
According to ChainCatcher, Strategy CEO Phong Le confirmed that the company only sells Bitcoin under specific conditions. Previously, Executive Chairman Michael Saylor hinted at potentially selling Bitcoin to pay dividends, causing MSTR's stock price to drop by 4%. Le stated that the decision to sell is primarily related to Series A perpetual preferred stock Stretch (STRC, with a dividend yield of 11.5%). The company will execute sales when it is more beneficial to shareholders than issuing stock to pay dividends, with specific trigger conditions being the stock price falling below book value or mNAV dropping below approximately 1.22. The second condition involves tax management, including realizing deferred gains or capturing tax losses. Le emphasized that the company's leverage is around 10%-15%, with a magnification rate of about 35%, and its financial situation is manageable.
Strategy currently holds 818,334 BTC at an average price of approximately $75,537, making it the largest publicly traded holder of Bitcoin. Le pointed out that Bitcoin's daily trading volume exceeds $60 billion, while the company's annual dividends are only about $1.5 billion, indicating liquidity is not an issue, and stated, "I believe in math, not ideology."
According to ChainCatcher, Santiment stated on the X platform that Tether (based on Ethereum) experienced the largest net outflow from exchanges in nearly three months, with a net outflow of $1.29 billion (USDT) on Friday. Such a large-scale USDT outflow typically reflects institutional or whale-level participants transferring funds to self-custody wallets, DeFi protocols, or over-the-counter trading platforms in preparation for larger-scale planned operations. This is merely a reallocation of funds, not a complete exit from the ecosystem.
Santiment suggests closely monitoring what typically happens after these peaks of fund outflows. Previously, on February 9, when outflows reached $3.72 billion, Bitcoin experienced a slight pullback in the following two weeks (before an ideal buying opportunity on February 24). Whether the current funds will re-enter exchanges in the form of buying in the short term is a key variable to watch. If USDT starts flowing back into exchanges in the coming days, it indicates that a wave of investment in crypto assets is imminent.
According to ChainCatcher, Newtimes reported that the Rwandan Parliament's lower house passed a virtual asset regulation bill on May 5, aimed at regulating cryptocurrency transactions, protecting investors, and maintaining financial system stability.
The bill stipulates that individuals operating virtual asset businesses without authorization will face 3 to 5 years of imprisonment and fines ranging from 30 million to 50 million Rwandan Francs, while businesses could face fines of up to 100 million Rwandan Francs. The Capital Market Authority will serve as the main regulatory body, working in coordination with the National Bank of Rwanda. The bill is pending presidential signature and will take effect after being published in the official gazette, with detailed implementation rules to be formulated after the law takes effect.
U.S. CFTC and SEC Strengthening Collaboration on Regulatory Boundaries for Prediction Markets
According to ChainCatcher, FOX reporter Charles Gasparino revealed that the U.S. CFTC and SEC are currently aligned on the regulatory boundaries for prediction markets and recent unusual trading related to the Iran conflict.
Gasparino pointed out that while outsiders believe this area is solely governed by the CFTC, the SEC will deeply intervene when prediction contracts can legally be defined as "securities." He also revealed that, in addition to previously announced cases, regulators may initiate more enforcement actions against prediction markets in the future.
According to ChainCatcher, Fortune reported that OpenAI CEO Sam Altman shared insights at the Sequoia Capital AI Summit, noting significant generational differences in how users of different ages utilize ChatGPT. He stated that older groups tend to use ChatGPT as a substitute for Google search engines, while those in their twenties and thirties use it as a life advisor, and college students use it as a daily operating system for deep engagement.
Over one-third of young people aged 18 to 24 in the U.S. frequently use ChatGPT, leveraging its conversational memory function for emotional advice, workplace negotiations, medical consultations, and even major life decisions. Sequoia Capital invested in OpenAI in 2021, when it was valued at $140 billion, and after significant private financing, its current valuation has reached $852 billion.
Bank of England Governor: Stablecoin Regulation May Trigger Confrontation Between U.S. and International Regulators
According to ChainCatcher, Reuters reported that Bank of England Governor Andrew Bailey stated at a financial imbalance conference that if stablecoins are to become part of the global payment system, international uniform standards must be established, which will create a direct confrontation with the Trump administration.
Bailey also expressed concerns that some U.S. stablecoins cannot be directly exchanged for dollars during a crisis and must be routed through crypto exchanges, posing liquidity risks. He warned that once a run on stablecoins occurs, funds will flood into jurisdictions like the UK that have mandatory convertibility obligations. Bailey currently serves as the chair of the Financial Stability Board (FSB) and has maintained a cautious stance on cryptocurrencies.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of May 11, 09:00,
The top five popular tokens on ETH in the past 24 hours are: HEX, SHIB, LINK, PEPE, mUSD
The top five popular tokens on Solana in the past 24 hours are: FWOG, TROLL, swarms, SIGMA, HANTA
The top five popular tokens on Base in the past 24 hours are: SKITTEN, PEPE, B3, BASED, SKYA
What Are Some Noteworthy Articles to Read in the Last 24 Hours?
Tom Lee's Core Investment Logic for 2026: Companies Selling Scarce Assets are Crushing the Market
One of Wall Street's most accurate bulls, Fundstrat founder and Granny Shots fund manager Tom Lee recently stated that the core investment keyword for the market in 2026 is "scarcity." He bluntly said, "Companies selling scarce assets are crushing the market." This statement, while seemingly simple, contains a complete stock selection logic, macro judgment, and a profound bet on Fed policy and geopolitical issues.
Next-Generation Payments, Not in the Payment Layer
The first article, "Stripe is Not a Payment Company," attempts to answer "Why Stripe"—its DNA determines its capability to do this.
The second article, "KYC is Dead," discusses how the Agent economy is rewriting the underlying financial regulations, and I want to dismantle what Stripe is betting on for the future—what the Agent economy looks like and why traditional payment infrastructure will fail in its presence.
However, during the second article, I received a message from a colleague:
A Comprehensive Guide to the Next Decade, The AI Investment Bible of Genius Youth: "Situational Awareness"
The main point of the paper is that within this decade, humanity will create AGI (which can perform all tasks of ordinary people), followed by superintelligence. Currently, fewer than a few hundred people understand this, most of whom are concentrated in a few streets in San Francisco. Others—including Wall Street, the media, and Washington—have yet to react (some on Wall Street have also started to respond this year).
Risk warning
