Market Beats | Strategy Inc. Reports $14.5bn Unrealized Loss; Oracle Names Hilary Maxson as CFO; Barings Capped Redemptions at Private Credit Fund; Micron Faces New Rivalry as SK Hynix Plans $10bn US Listing; Artemis II Crew to Fly By Moon Today; US Used EV Sales Surge as New Market Slumps Post-Tax Credit; Neurocrine Biosciences to Acquire Soleno Therapeutics for $2.9bn.

—— Strategy Inc. Reports $14.5bn Unrealized Loss; Oracle Names Hilary Maxson as CFO; Barings Capped Redemptions at Private Credit Fund; Micron Faces New Rivalry as SK Hynix Plans $10bn US Listing; Artemis II Crew to Fly By Moon Today; US Used EV Sales Surge as New Market Slumps Post-Tax Credit; Neurocrine Biosciences to Acquire Soleno Therapeutics for $2.9bn.

1. Strategy Inc. Reports $14.5bn Unrealized Loss

Strategy Inc., led by Michael Saylor, recorded a roughly $14.5 billion unrealized loss in the first quarter of 2026 as Bitcoin’s value tumbled. The cryptocurrency dropped more than 20% during the three-month period, marking its sharpest first-quarter decline since 2018. By the end of the quarter, Strategy’s total digital asset holdings were valued at over $50 billion.

The firm’s financial results now reflect multi-billion dollar swings due to accounting standards adopted last year, which require fair-value changes in Bitcoin holdings to flow directly through earnings. Despite the market downturn, the Tysons Corner, Virginia-based firm remains aggressive in its accumulation strategy. An SEC filing on Monday revealed that between April 1 and April 5, the company purchased an additional 4,871 Bitcoin for approximately $330 million, funded through equity sales. This latest batch was acquired at an average price of $67,700.

Although Bitcoin traded near $70,000 on Monday, the cryptocurrency’s slide from last year’s record highs has kept the total value of Strategy’s portfolio below its overall average purchase price of $75,000.

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2. Oracle Names Hilary Maxson as CFO

Oracle Corp. has appointed Hilary Maxson, formerly a top executive at Schneider Electric SE, as its new Chief Financial Officer. The move permanently fills a critical leadership role left vacant after Safra Catz stepped down as CEO and principal financial officer last fall. Effective immediately, Maxson will report to co-CEO Clay Magouyrk, taking over the financial helm from Doug Kehring, who had been serving as acting principal financial officer.

The hire comes as Oracle pivots its business toward massive investments in artificial intelligence infrastructure. The company has spent tens of billions of dollars building data centers equipped with the high-end chips necessary for AI training, securing major contracts with firms like OpenAI and Meta Platforms Inc. Despite this strategic shift, Oracle’s stock has declined approximately 25% this year amid broader market fears of an AI bubble. Maxson, who joined Schneider Electric in 2017, brings extensive global financial experience to Oracle as it navigates this high-stakes technological transition.

Oracle shares remained largely unchanged in New York premarket trading following the announcement.

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3. Barings Capped Redemptions at Private Credit Fund

Barings LLC has capped redemptions for its flagship private credit fund after investors sought to withdraw 11.3% of shares during the first quarter of 2026. According to a filing on Monday, Barings Private Credit Corp. will limit payouts to 5% of its total value, fulfilling less than half of the requested withdrawals. In a letter to shareholders, the fund explained that the decision was made to balance the liquidity needs of exiting investors with the long-term stewardship of capital for those remaining in the fund.

The move comes amid broader anxiety in the $1.8 trillion private credit market, where investors are increasingly concerned about loan defaults and the impact of AI on portfolio companies. Barings joins a growing list of major firms opting to trigger redemption gates as withdrawal requests surge. Despite the move to curb outflows, the firm maintained that its portfolio remains healthy, reporting a non-accrual rate of 0.4% as of late December—well below the 0.9% industry average.

Barings noted that maintaining its cash position would allow the firm to capitalize on opportunistic investments created by the current market turbulence.

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4. Micron Faces New Rivalry as SK Hynix Plans $10bn US Listing

Micron Technology Inc. is facing a turbulent period as its South Korean rival, SK Hynix Inc., moves forward with a potential $10 billion US listing. While Micron shares surged 50% in January, they have since retreated nearly 20% from their March highs, weighed down by geopolitical tensions in Iran and broader sector uncertainty. The upcoming debut of SK Hynix ADRs in New York will end Micron’s monopoly as the only US-listed DRAM supplier, offering American investors a direct alternative for playing the AI infrastructure boom.

SK Hynix, a primary supplier for Nvidia, currently dominates the high-bandwidth memory (HBM) market with a 57% revenue share—more than double that of Micron. Analysts suggest that the listing could trigger a rotation of capital toward the South Korean firm, which currently trades at a lower valuation. While both companies are relatively inexpensive at roughly four times forward earnings, the arrival of SK Hynix on US exchanges is expected to narrow this valuation gap and provide new long-short opportunities for institutional investors.

Micron shares saw a 5.1% rebound on Monday amid signs of a potential diplomatic breakthrough in the Iran conflict.

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5. Artemis II Crew to Fly By Moon Today

A crew of four astronauts is set to fly by the moon on Monday, April 6, reaching the closest proximity to the lunar surface in more than 50 years. The historic flyby is scheduled to occur shortly after 7 p.m. New York time, during which the crew will capture images of the moon’s far side—a perspective invisible from Earth.

This close approach serves as the pinnacle of NASA’s Artemis II mission, which launched on Wednesday, April 1, carrying astronauts Reid Wiseman, Victor Glover, Christina Koch, and Jeremy Hansen. The mission functions as a critical dress rehearsal for future lunar landings currently targeted for 2028.

Prior to the evening flyby, at approximately 2 p.m. New York time, the Artemis II crew will also officially break the record for the farthest distance traveled by humans in space, surpassing the 1970 record held by the Apollo 13 mission.

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6. US Used EV Sales Surge as New Market Slumps Post-Tax Credit

The US used electric vehicle market is seeing a significant boom as a wave of models from the post-pandemic leasing surge returns to dealerships. According to Cox Automotive, first-quarter used EV sales rose 12% year-on-year and 17% from the previous quarter. In stark contrast, new EV sales are estimated to have plunged 28% following the Trump administration’s 2025 repeal of the $7,500 federal tax credit.

Experts attribute the shift to a “glut” of off-lease vehicles. EVs are expected to account for 15% of all returning leased vehicles by the end of 2026, up from 7.7% in early 2025. This influx of supply drove the average price of a used EV down by 8.5% between February 2025 and February 2026, narrowing the price premium over used petrol vehicles to just $1,334.

The previous administration’s incentives had briefly made leasing a new EV cheaper than a traditional combustion-engine car, which doubled the EV market share to 5.2% by 2022. However, the aggressive price wars led by market leader Tesla to maintain share eventually weighed on resale values.

Now, with rising petrol prices, these more affordable pre-owned electric models are providing much-needed relief for budget-conscious buyers.

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7. Neurocrine Biosciences to Acquire Soleno Therapeutics for $2.9bn

Neurocrine Biosciences, a specialist in neuropsychiatric medicines with a $13bn market value, has agreed to acquire Soleno Therapeutics in an all-cash deal valued at $2.9bn. The acquisition centers on Soleno’s Vykat, the first commercialized treatment for hyperphagia—extreme hunger—associated with Prader-Willi syndrome. Under the terms of the deal, Neurocrine will pay $53 per share for the California-based biotech, representing a premium over its recent market valuation.

This marks Neurocrine’s first major acquisition since its 1996 IPO and significantly bolsters its rare-disease portfolio. Analysts at HC Wainwright estimate that Vykat could reach peak annual sales of $2.3bn, providing a substantial boost to Neurocrine’s existing $2.8bn annual revenue stream. The deal reflects a broader trend of mid-sized drugmakers aggressively pursuing M&A to compete with big pharma.

According to Dealogic, the first quarter of the year saw $63.3bn in US biotech deals, making it one of the most active periods for the sector in a decade.

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