Strategy (NASDAQ:) just broke its “never sell” pledge after a $12.54B Q1 loss, while Q1 AI earnings produced one repeatable formula: rigid supply, inelastic demand, +500% returns. April delivered $2B in net ETF inflows, the strongest month of 2026, and May opened with four straight days of buying that pushed BTC from $67K to above $81K. Can spot demand carry BTC past the wall of shorts above $82K?
Summary
- Strategy posted a $12.54B Q1 loss and broke its “never sell” narrative. Q1 AI earnings split into a clear pattern: AMD +16%, Alphabet +10%, SanDisk +500% YTD. Rigid supply meets inelastic demand.
- April delivered roughly $2B in net spot Bitcoin ETF inflows, the strongest month of 2026. May opened with four consecutive trading days of…
