PLEASE READ // Mid-April 2026 Digital Asset Market Structure + Strategy Treasury Update The CLARITY Act has entered a decisive window. Senate Banking Committee is back from Easter recess with mounting pressure for a markup as early as late April. White House digital asset advisor Patrick Witt confirmed the hard-fought stablecoin yield compromise is holding firm — the banks wanted restrictions on passive interest on idle balances while preserving activity-based incentives — clearing the last major substantive hurdle after earlier January delays. Banking regulators have accelerated easing throughout 2026: withdrawing prior restrictive guidance and issuing updated frameworks that expand banks’ authority to custody digital assets, accept tokenized Bitcoin collateral, and integrate it more seamlessly into risk-weighted assets and balance sheets. The SEC’s March 17 joint taxonomy release with the CFTC further classified major assets like Bitcoin as digital commodities, and even Schwab is rolling out their Bitcoin and crypto custody wallets, making them available to their 47M+ clients. @Strategy continues dominating 2026 accumulation. In the latest reported week alone it deployed ~$1 billion via its STRC preferred stock program to acquire 13,927 BTC, pushing total holdings to 780,897 BTC at a cost basis of ~$59.02 billion and delivering 5.6% BTC Yield YTD. Following March’s launch of a massive new ~$44 billion ATM program (split across common equity and STRC preferred), the company has supercharged its capital runway while keeping dilution disciplined. Strategy’s scale is quietly positioning it as the foundational counterparty for institutional Bitcoin finance. With regulatory tailwinds now materializing, banks are updating systems for BTC-backed lending, structured notes, and collateralized products — gaining efficient exposure without the operational burden of massive direct spot custody. Strategy, in turn, is set to monetize its liquid treasury through origination support, advisory services, and revenue-sharing arrangements in the emerging Bitcoin-native capital stack — the new layer of financial infrastructure that is being built on top of Bitcoin as the foundational asset — and within the new regulatory framework, which Saylor helped create on the back-end. Larger holdings aren’t just inventory — they’re infrastructure. STRC’s stable dividend and consistent raises prove the model works at scale. Banks are modernizing frameworks now. Strategy keeps stacking without pause. The playbook is shifting from pure accumulation to ecosystem enablement. Tick-tock, bears.