News Block: Bond Markets Crash, Pro-Bitcoin Fed Chair Takes Over, Strategy Wipes Out $1.5B in Debt, and Strive Pays Daily Dividends

— Strategy and Strive balance sheet moves: Strategy repurchased $1.5 billion in convertible notes and announced semi-monthly dividend payouts on its Stretch preferred stock (11.5% yield). Strive announced zero debt, holds 15,000+ Bitcoin on a clean balance sheet, and launched Seda preferred stock paying daily dividends (13% annual yield)—the first U.S. listed security to do so.

— Treasury yield surge and bond market stress: 10-year U.S. Treasury yields hit ~4.6% (highest in a year), 30-year crossed 5% (highest since 2007). Similar stress in UK gilts (28-year highs) and Japanese bonds. Investors fleeing government debt as inflation reports remain hot.

— Kevin Warsh confirmed as Federal Reserve Chair: Senate confirmed Warsh 54–45. He is the most openly pro-Bitcoin Fed chair in history, has called Bitcoin "electronic gold" and "market signal that keeps policymakers honest," and says it doesn't threaten the dollar or the Fed.

— Clarity Act advances in Senate Banking Committee: Committee voted 15–9 to advance the most significant crypto market structure legislation to date, with bipartisan support (two Democrats joining Republicans). Still requires 60 votes on Senate floor before Memorial Day recess.

— Senator Lummis's Bitcoin case: During committee markup, Senator Cynthia Lummis argued Bitcoin enables people under repressive regimes and abuse survivors to memorize wealth (12 words) and carry savings without banks, passports, or government permission—protection against confiscation.

— Bitcoin treasury companies as yield alternative: Both Strategy and Strive are issuing yield-bearing instruments (11.5–13%) backed by Bitcoin, positioned as alternatives to government bonds bleeding value in a high-inflation environment.

— Monitor the Clarity Act's progress toward a 60-vote Senate floor vote before Memorial Day recess; passage would establish the first clear regulatory framework for crypto market structure in the U.S., a significant tailwind for institutional Bitcoin adoption.

— Evaluate whether Warsh's pro-Bitcoin stance as Fed Chair and the broader shift in central bank sentiment toward Bitcoin create conditions for institutional inflows and price appreciation, especially if bond yields remain elevated and real returns negative.

— Compare Bitcoin treasury company yield products (Strategy's semi-monthly 11.5% Stretch, Strive's daily 13% Seda) as fixed-income alternatives in a deteriorating bond market; both offer liquidity and custodial security alongside yield exposure to Bitcoin upside.