- Solve real problems with our hands-on interface
- Progress from basic puts and calls to advanced strategies
Interactive Options Course
Posted May 11, 2026 at 12:15 pm
The stablecoin economy is asserting itself as a front-line capital market as Circle’s first public earnings cycle lands with a revenue miss offset by explosive on-chain volume growth and a headline-grabbing $222M token raise backed by Wall Street’s biggest names. Meanwhile Strategy signals continued conviction in its bitcoin treasury thesis with a fresh purchase, a Senate committee prepares to weigh landmark crypto market-structure legislation, and public companies from payments to mining are staking out positions in ether and on-chain yield. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.
CIRCLE Q1 EARNINGS AND ARC LAUNCH: Circle (CRCL) reported adjusted EPS of 21c, beating the 18c consensus estimate, while revenue of $694M missed the $714.88M consensus. according to the company’s earnings release. Shares swung lower after an early pre-market rally of 8%. USDC (USDC-USD) stablecoin in circulation grew 28% vs. last year to $77B, and on-chain transaction volume surged 263% to $21.5T for the quarter.
Alongside earnings, Circle announced a $222M presale of its ARC token at a $3B fully diluted valuation, with backers including a16z, BlackRock (BLK), ARK Invest, and Apollo (APO), among others. The company also unveiled the Circle Agent Stack, an AI-agent infrastructure suite enabling autonomous agents to hold and transact USDC across blockchains, per a separate release. Together the ARC token raise and the Agent Stack position Circle as both a stablecoin operator and a protocol-layer infrastructure company, broadening its capital formation and revenue surface well beyond reserve income.
STRATEGY RESUMES BITCOIN BUYING: Strategy (MSTR) purchased 535 bitcoin (BTC-USD) for approximately $43M at roughly $80,340 per coin, resuming its weekly buying program after a one-week pause and lifting total holdings to 818,869 bitcoin. The week’s purchase is smaller than prior tranches, yet it follows commentary from executive chairman Michael Saylor at the Q1 earnings call, where he drew attention by stating Strategy could selectively sell bitcoin to fund preferred dividends. The STRC dividend vote adds a new structural variable for equity holders tracking whether the treasury strategy’s capital demands could create periodic sell pressure on the underlying asset.
ETHER TREASURY DISCLOSURES: Bitmine Immersion Technologies (BMNR) disclosed holdings of 5,206,790 ether (ETH-USD), 201 bitcoin, $775M in cash, and $288M in equity stakes, for combined holdings of $13.4B, per a company press release. At roughly $2,366 per ether, the disclosure confirms Bitmine as the largest public accumulator of ether on a token-count basis.
Galaxy Digital (GLXY) and SharpLink (SBET) signed a non-binding MOU to form the Galaxy SharpLink Onchain Yield Fund LP, targeting $125M in commitments, with $100M sourced from SharpLink’s staked ether treasury and $25M from Galaxy, with Galaxy serving as investment manager deploying capital across DeFi protocols, per a press release. SharpLink Q1 revenue came in at $12.06M, below the $14.60M consensus, as reported in their earnings release.
CLARITY ACT HEADS TO MARKUP: The CLARITY Act is scheduled for a Senate Banking Committee markup on May 14, with Galaxy Digital research identifying seven undecided Democrats on the committee as pivotal to whether the crypto market-structure bill clears committee, per CCN. The bill would establish a federal framework for classifying digital assets and assigning oversight jurisdiction between the SEC and CFTC, with direct implications for registered intermediaries including Coinbase (COIN). A successful markup vote would represent the Senate’s most substantive step on crypto market structure, following the CLARITY Act’s House passage in July 2025.
STABLECOIN PAYMENTS EXPANSION: Corpay (CPAY) announced a partnership with stablecoin infrastructure platform BVNK to add stablecoin wallets and 24/7 settlement across its global corporate payments customer base, adding crypto-native settlement to a $12B+ payments corridor, per a company press release. The integration extends stablecoin rails into a legacy cross-border payments network that serves multinationals, a category where banks and card networks have historically dominated settlement infrastructure.
PRICE ACTION: As of time of writing, bitcoin was trading at $80,805.28, while ether was trading at $2,313.02, according to price data from TipRanks.
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from The Fly and is being posted with its permission. The views expressed in this material are solely those of the author and/or The Fly and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Stablecoins and Tokenized assets are not legal tender, are not insured by the FDIC or any government agency, and may lose value; they carry risks including issuer insolvency, regulatory changes, operational failures, and potential inability to redeem for fiat currency. By transacting in stablecoins, you acknowledge and accept these risks.
Stablecoins may lose value, de peg from the U.S. dollar, face liquidity, operational, or regulatory risks, incur blockchain or conversion fees, and are not insured; you could lose some or all of your funds. Stablecoin transfers and conversions facilitated through Zero Hash for Interactive Brokers LLC (IBLLC) clients may be subject to additional network or conversion fees, and all stablecoin transactions remain the responsibility of the client.
Trading Bitcoin involves significant risk. Bitcoin prices can be highly volatile and may fluctuate rapidly, potentially resulting in substantial losses. Because Bitcoin operates on a decentralized blockchain, network congestion or technical issues may occasionally delay transaction settlement. Regulatory frameworks for digital assets are still evolving and could impact availability, liquidity, or pricing. When trading through Interactive Brokers, execution and custody are facilitated by regulated partners such as Paxos or Zero Hash; however, these arrangements do not eliminate the possibility of operational or counterparty risk.
Bitcoin Cash (BCH) is a payment focused digital asset subject to high price volatility, adoption and network risks (including forks and upgrades), irreversible transactions reliant on private keys and cybersecurity, variable fees and confirmation times, evolving regulatory treatment, and potential liquidity constraints.
Investing in cryptocurrencies such as Ether (ETH) involves significant risk. Digital assets are highly volatile and may experience rapid price fluctuations, including complete loss of value. The Ethereum network, smart contracts, and decentralized applications rely on evolving technologies that may be subject to bugs, cyberattacks, regulatory changes, or operational failures. Trading through Interactive Brokers involves execution, custody, and settlement handled by regulated third party partners, which introduces additional counterparty and operational risks. Cryptocurrency products are not legal tender, are not backed by any government, and may not be suitable for all investors.
Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. Eligibility to trade in digital asset products may vary based on jurisdiction.
Related Articles
Join The Conversation
For specific platform feedback and suggestions, please submit it directly to our team using these instructions.
If you have an account-specific question or concern, please reach out to Client Services.
We encourage you to look through our FAQs before posting. Your question may already be covered!