LayerZero has come under scrutiny since it was exploited in April, as crypto protocols reevaluate their cross-chain providers and seek safer alternatives. Crypto exchange Kraken announced Thursday that it had changed its cross-chain provider from LayerZero to Chainlink’s Cross-Chain Interoperability Protocol, joining a number of protocols that have made the move following the Kelp DAO exploit in April. Kraken said it is deprecating its existing cross-chain provider and migrating to Chainlink CCIP as its exclusive cross-chain infrastructure to secure Kraken Wrapped Bitcoin (kBTC) and all future wrapped tokens. The company added that it chose Chainlink CCIP because it “offers enterprise-grade infrastructure with strict security and risk management requirements.” These include certifications, secure-by-default design, 16 independent nodes and native rate limits. Read more
Strategy has leaned on Stretch to fund Bitcoin buys over the past 12 months as funding through senior convertible notes and at-the-market equity offerings has tightened. Strategy’s perpetual preferred stock, STRC, the company’s primary vehicle for funding its Bitcoin purchases in 2026, hit a new daily trading volume record of $1.5 billion on Thursday. “All-time high volume. $1.53B of liquidity,” chairman Michael Saylor said, referring to Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock. Stretch offers investors an 11.5% dividend without requiring the company to dilute common shares. Read more
Bullish stock dropped in trading with the crypto exchange’s first-quarter earnings miss, adding to the crypto companies that have underperformed in the quarter. Shares in the US crypto exchange Bullish fell on Thursday after the company’s first-quarter earnings missed analysts’ top and bottom line expectations. Bullish’s adjusted revenue for the quarter ended March 31 was $92.8 million, up from $62.4 million a year ago, but below Wall Street expectations of $95.4 million. The company reported a net loss of $604.9 million, deeper than its $348.6 million loss in the prior-year period. Its adjusted earnings per share were 13 cents, below estimates of 17 cents. Read more