Chris Campbell:

AI’s Painted Token Test

Last week, Anthropic ran a quiet experiment. They took Claude Code – their flagship coding agent – and stripped it out of the $20 plan for a slice of users. Want to keep using it? That'll be $100 a month, please.

Some users paid. Some walked. Meanwhile, Anthropic learned exactly what they needed to learn – how much pain the market will swallow before it moves on. The technique is called the painted door test.

Anthropic is the latest example of an AI company tightening the belt on customers' token usage. A token in AI parlance is the smallest unit of language an AI model processes – roughly three-quarters of a word, priced in fractions of a cent. Every action burns tokens. Use a small, fast model and your tokens last. Use Anthropic's premium Opus – roughly 20x the cost – and they evaporate.

The old model for AI model subscriptions was clean – you bought a flat plan, you got a fixed number of agent actions. Run a cheap model or a premium one, same bucket. That's gone.

The real, token-based AI economy is beginning. It looks like meters running on every prompt, agents transacting with agents, and rails most retail investors aren't watching yet.

The painted doors are becoming painted tokens.

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Davis Wilson:

+237% → $50,000 Winner Revealed

Out of more than 23,000 participants, one Paradigm reader just walked away with $50,000. His name is Ron. He’s from Tennessee. And yes… I know it’s May 6th and the $50,000 Top Trader Challenge technically ended a few days ago.

But here’s the deal. Legally, we had to contact the winner before announcing it publicly. And let’s just say Ron wasn’t exactly easy to reach this weekend… He was busy working the Kentucky Oaks and Derby. Not a bad excuse.

But now it’s official. Ron is your $50,000 Top Trader Challenge winner.

Ron’s pick was Edesa Biotech (EDSA), a small biotech company that develops treatments for serious inflammatory and immune-related diseases. Stocks like this can move fast because everything comes down to clinical trial results and FDA progress. If the data looks promising, the stock can explode higher.

That’s exactly what happened to EDSA in April. The company announced that enrollment for its Phase 2 clinical study was about to begin. This caused the stock to surge 237.80% during the challenge.

For more details on the Top Trader Challenge, including some how our editors performed, click the link below. And again, congrats to Ron.

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Greg Guenthner:

Strategy Mulls Selling Bitcoin to 'Inoculate the Market'

Strategy Inc. dropped its longstanding "never sell" Bitcoin pledge on Tuesday, telling investors it would offload BTC when doing so is "advantageous to the company,” a reversal five years in the making that analysts say matters far more as a confidence signal than as a supply shock.

The company, which holds 818,334 BTC worth approximately $66.8 billion, roughly 3.9% of the total supply, reported a net loss of $12.54 billion for the first quarter of 2026.

Strategy’s unconditional accumulation began in August 2020 and turned the company into the template for corporate Bitcoin treasury strategy worldwide.

"If Strategy were to offload even a fraction of its Bitcoin holdings, the immediate impact would be the change in perception and weakening sentiments around the conviction of the asset," Mathew Pinnock, COO of Altura, said.

Any partial selling could trigger “short-term panic,” but the market would likely absorb the supply without major disruption, supported by ongoing ETF and institutional demand, he noted.

“Strategy selling Bitcoin matters much less as a supply event than as a signal of conviction,” Pinnock said, warning that corporate adoption – still a “fragile consensus” – could wobble if Saylor’s certainty appears “shakeable.”

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