Strategy (MSTR) Tuesday morning unveiled its latest twist at raising funds from capital markets to fund additional bitcoin (BTC) purchases, but there are indications the Wall Street spigot is slowing.

The company’s Perpetual Strife Preferred Stock (STRF) offers a fixed 10% annual cash dividend, paid quarterly, according to an SEC filing If dividends are unpaid, they compound at an additional 1% per year (quarterly), up to a maximum of 18%. The first dividend payment is scheduled for June 30, 2025.

Strategy’s initial preferred series (STRK) initially offered only an 8% interest rate. And Strategy’s series of convertible debt offerings came with negligible or even 0% interest rates (different product than preferred, of course).

Unlike common stock, STRF holders do not have voting rights but have priority in liquidation with a $100 per share liquidation preference. Strategy has the right to redeem STRF if fewer than 25% of the original shares remain or if tax events occur, while holders can demand a buyback in case of a fundamental change.

STRF is expected to trade on Nasdaq within 30 days of issuance, offering investors bitcoin exposure with a high-yield structure. Morgan Stanley, Barclays, Citigroup, and Moelis & Company are joint book-running managers for the offering, conducted under an SEC shelf registration.

After buying bitcoin at a galloping pace over the past several months, Strategy’s fundraising and token acquisitions have slowed to a crawl in recent weeks. The company last week did make additional bitcoin purchases, but they were hardly needle-moving — just 130 BTC for $10.7 million to bring total holdings to 499,226 tokens.

MSTR is lower by 5% in early action Tuesday alongside a slide in markets in general and bitcoin’s dip to $81,300 from $84,000 a day ago.

Tokenized Treasury products of BlackRock-Securitize, Superstate and Centrifuge are poised to receive allocations from $1 billion investment plan initiated by Sky, formerly MakerDAO, an initiative designed to accelerate the adoption of real-world asset (RWA) tokenization on Sky-adjacent decentralized finance (DeFi) lending platform Spark.

BUIDL, issued by BlackRock and Securitize and backed by U.S. Treasury bills and repurchase agreements, is set to receive $500 million allocation. Superstate’s USTB will get a $300 million. Centrifuge’s JTRSY, a T-bill fund in partnership with asset managers Anemoy and Janus Henderson, set to receive $200 million.

The selection process saw 39 applicants evaluated by advisory firm Steakhouse Financial, a key player in Spark’s ecosystem specializing in RWAs. Winners were chosen based on criteria including liquidity and capital efficiency. The final allocations will be market-driven and capped at $1 billion, Spark said in a press release.

Pending governance approval, the selected tokenized assets could be used as collateral for Sky’s native stablecoin USDS and its yield-bearing counterpart, sUSDS.

The protocol’s move is part of a larger trend of blockchain-based protocols integrating tokenized versions of traditional financial assets, or real-world assets, like bonds, funds and credit. In 2024, Sky announced plans to invest $1 billion in tokenized U.S. Treasury bills, attracting interest from a wide range of issuers.

Read more: MakerDAO’s $1B Tokenized Treasury Investment Plan Draws Interest from BlackRock’s BUIDL, Ondo, Superstate

The allocation will also lend a significant boost for the already fast-growing tokenized U.S. Treasuries market, which currently stands at $4.6 billion, according to rwa.xyz data.

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Siemens, Europe’s largest industrial technology company, is working with distributor ledgers for the internet of things (IoT) builder Minima, to embed blockchains into the German giant’s devices across the automotive, robotics and energy sectors.

Minima is working with Siemens Cre8Ventures division, an initiative to accelerate industrial transformation by collaborating with startups in the fields of AI, digital twins, cybersecurity, and more, the companies said in a press release on Tuesday.

A gradual evolution of computing capabilities towards the edges of networks has seen a greater need for security and data integrity to be embedded within these edge devices at scale, which is where IoT-level blockchains are useful

It’s an interesting shift since blockchain technology might have originally been thought of as the antithesis of large enterprises, in terms of being decentralized and removing all sorts of intermediaries, said Minima CEO Hugo Feiler.

“But as power goes to the edge on these devices, then even large enterprise clients need to make sure that there’s resilience through that,” Feiler said in an interview. “And so the ability for these large enterprise companies to run a decentralized system is mission critical for them as well. So, decentralization is not just cutting them out as middlemen, it’s also enabling them to get further out into the world to deliver the service.”

Minima announced late last year it was working with semiconductor giant ARM to develop a microchip with a decentralized ledger embedded in it. The partnership with Siemens, which followed on from Minima’s Arm deal, will further the sovereignty goals of the EU Chips Act, introduced in 2022 to reduce reliance on foreign chip manufacturers, Minima said.

“Minima enables IoT equipment to run a full node, so they can independently participate in a blockchain network without relying on external servers or centralised intermediaries, eliminating all central points of failure and ensuring fully decentralised security, data integrity, and trustless verification. Our collaboration brings groundbreaking AI capabilities, data integrity, and decentralised trust mechanisms to the Siemens Cre8Ventures Digital Twin Marketplace,” a Siemens representative said in a statement.