Jeff Park

$BHYP - Now trading on NYSE. Hyperliquid’s rise over the past few years is the stuff of legend. - $4.4 trillion in cumulative volume for perps (DeFiLlama as of 5/14/26) - Ability to process 200K orders/second - HYPE is the 10th largest crypto asset less than two years after being launched, with a market cap of $11 billion (CoinMarketCap as of 5/14/26) - Supports more than 130 perpetual futures markets, including for equities, commodities, and FX (Artemis as of 5/14/26) - Protocol built to return 99% of perp revenues via HYPE buybacks/token burns BHYP gives investors exposure to one of the most disruptive and fastest-growing projects in crypto. We see big things ahead for Hyperliquid. Onward–

no matter what your personal view may be on strategy, bitcoin, or corporate treausury, one thing is clear: $STRC attempting to offer semi-monthly dividend is a pretty revolutionary moment for corporate finance currently there are no issuer-originated corporate instruments that offer semi-monthly dividends. however, we know retail has been loving more frequent payments as demonstrated by the success of weekly pay suite ETFs and daily accrual money market structures. Even blackrock just shifted their money market funds GMMF and PMMF from monthly to weekly payments. thats because the premium for liquidity has never been higher. even more poetically, this is actually a win for a long-standing thesis in the broader crypto industry crypto has long imagined various "streaming payment" models where the instantaneous of payments would create a totally new concept of epochs that isn't going to limit digital money by human constraints. people are quick to think that the big revolution is 24/7 trading, but actually i believe the bigger revolution is 24/7 credit. many crypto yield products, and the basis of why tokenization can be so important (and stablecoins), sits on this obvious insight yet to be unleashed corporate bonds generally pay semi-annually. the logistics of 10b-17 aside, that means the difference in actual cash on cash return for an instrument that pays 10% semi-annually vs semi-monthly is about 25bps in effective yield. that is a big enough spread that can compound materially over 5+ years where investors were due compensation for the risk and the reason is simple. its because interest payments represents the literal physics of money- specifically the moment money's potential energy becomes kinetic energy. there is simply no reason for digital money to have ex div effects that distort liquidity discretely if the administration of such a system can plan for it. that is why what $STRC is doing matters: it sets a new standard for corporates to do better, for the benefits of their investors to achieve higher liquidity with less cyclicality one day we may yet again move from weekly to daily payments, and from daily to hourly, to instantaneous. the internet doesn't care whether the sun is rising or setting, nor will the ai agents care either. excited to root for strategy to lead the way to bridge this dream of crypto onto the traditional capital markets- if volatility is vitality, then liquidity is liberty

Everyone is asking: "Is Jane Street why Bitcoin isn't at $150k?" As expected, the answer is trickier than the question. But it's also more structurally unsettling than the conspiracy theory itself—and once you understand the actual mechanics, you won't be able to unsee them👇

Situational Awareness Q1 13F filing drops this Friday Leo, we await your sage counsel...