GM20260320

1）Market Trends

BTC is down, altcoins are generally down as well.

The US stock market is weak and fluctuating, with optical communications leading the rise. Gold and silver have plummeted. The US has relaxed its crude oil supply policy, causing oil prices to crash and alleviating market pressure.

2）Market Highlights:

1. The TAO of AI has risen, and subnet has launched a large model.

2. DEX's Jupiter has launched pre-IPO trading, including stocks such as Spaces, OpenAI, Anthropic, Kalshi, and Polymarket. This is achieved through connecting to the third-party RWA protocol Prestocks, with these tokens' underlying assets typically coming from secondary market transactions in the primary market. Prestocks uses a “SPV + 1:1 pegging” model to map real offline equity onto the Solana chain. Jupiter itself is an aggregator and does not issue these stocks; Prestocks has created liquidity pools for these tokens on Solana DEXes such as Meteora or Raydium (typically USDC/pToken pairs).

3. MicroStrategy is using perpetual preferred stock STRC for financing, significantly increasing its BTC holdings this week. The floating interest rate for STRC typically ranges between 9%-11.25%, paid monthly. By adjusting the dividend rate, it aims to keep its secondary market price as close to $100 per share as possible. Since STRC's capital cost (about 10%) is far below BTC's historical average annual return rate, as long as BTC's annual growth exceeds 10%, this financing purchase will benefit common shareholders per share. The company has established a dedicated cash reserve of $2.25 billion, with the strategy of purchasing a BTC call option using 2.5 years' worth of cash.