Strategy’s STRC: Strong Demand And Steady Performance

Currently, there are few companies more controversial than Estrategia (formerly MicroStrategy), the Bitcoin treasury company which evolved from a software company to a prominent Bitcoin advocate, publicly traded as a Bitcoin holding vehicle that uses capital markets to maximize Bitcoin-per-share.

(We covered that company in detail in “Estrategia (MSTR) Enfoque: El futuro de Bitcoin en 2045")

The amount of controversies is linked to the inherent risks associated with the Strategy’s method of Bitcoin exposure. As it depends on constantly rising Bitcoin prices to pay its debt and raise new capital, some people were concerned it could one day be forced to sell its Bitcoin at a loss during a prolonged “crypto winter”.

The same negative coverage occurred when Strategy launched STRC, its latest financial product, designed to generate regular dividend yields backed by the company’s Bitcoin reserve. STRC is a preferred stock, giving around 11.5% dividend yield. So far, STRC has been a success, with more than $8B of the stock bought by the market.

Sin embargo, 11% of the company’s float is currently shorted by hedge funds, reflecting the negative sentiment surrounding it from some market participants.

Where can it go from there, and is it better or worse than directly holding Strategy’s main shares or Bitcoin?

How Does STRC Work?

While you can read our article “¿Qué es STRC? Explicación del rendimiento de Bitcoin de la estrategia“, the short version is that STRC is a way to get exposure to Bitcoin while also collecting a steady monthly dividend, leveraging 5:1 BTC reserves, and currently yielding around 11.5% yearly.

From a regulatory standpoint, STRC is a hybrid security traded on NASDAQ and was the first BTC treasury perpetual preferred stock with monthly variable dividends. Strategy calls it “short duration high yield digital credit".

This puts STRC in the middle of Strategy’s “capital stack”, with at the top the Senior Debt/Convertible Notes, then the Fixed Preferred shares STRF, then STRC, and then below it Strategy’s common stock.

This financial product is structured to stay trading around $100/share, and the dividend offered by Strategy will fluctuate to increase or dampen demand so that the price stays more or less stable.

So primarily, it’s designed to provide institutional investors with a way to gain low-volatility indirect Bitcoin exposure. By keeping the share value stable, it acts more akin to a savings account or a US treasury, focused on preserving the cash capital intact, but with a much, much higher yield than these dollar-based alternatives.

Of course, it is also inherently more risky than US-government issued bonds or FDIC-insured deposits, explaining the higher yield.

STRC Success So Far?

STRC Solid Start

Since its launch in July 2025, STRC has attracted billions in capital and stands at the end of April at an $8.5B market cap, while MSTR’s market cap is standing at $57.2B.

A finales de abril de 2026, Strategy performed its third-largest BTC purchase, 34,164 BTC, in large part buoyed by high demand for STRC, as well as new MSTR (common stock) issues.

This purchase came as Strategy’s common stock rose steeply in the past month, breaking a pattern of declining prices that had held since the all-time high of July 2025.

Overall, it seems that the success of STRC and the end of Bitcoin’s downward slide had renewed confidence of both retail and institutional investors in Strategy’s stability.

Why Is STRC Popular?

Like for all of Strategy’s stocks and other financial products, the basis of STRC’s investment case is the future prospect of Bitcoin as a potential reserve currency (digital gold) and alternative to fiat currencies.

In addition, Strategy offers a levered play on the leading cryptocurrency and can provide a way to invest in Bitcoin for institutions not authorized to directly invest in cryptocurrencies.

In the specific case of STRC, the appeal is to capture at least some of the upside of Bitcoin, with a much smoother, regular income instead of the wild ups and downs cryptos are famous for.

This can be appealing for various investor profiles:

• Crypto investors closer to retirement or already retired, who are more interested in regular monthly payments than maximizing long-term capital gains.
• Institutional investors who are looking to boost yield without adding volatility to their portfolio.
• Income and dividends-focused investors preferred slow and steady compounding over more volatile investment strategies.

STRC’s Evolution

Starting July 2026, STRC will pay its 11.5% annual dividend bi-weekly, to avoid the crowded sales and spread out raises more evenly, without a big monthly bump in trading. On April 13^th, 2026, STRC saw $1.1 billion in daily trading volume, a new high that highlights deepening liquidity and institutional participation.

Strategy also aims for this change to reduce price volatility around ex-dividend dates, as less capital moves in and out of STRC to collect the dividend while being invested somewhere else in the meantime.

The steady dividend from STRC is also creating a whole new kind of crypto derivatives. For example, $200 million of STRC has been tokenized on Ethereum, enabling on-chain access to its yield.

Attracted by STRC’s high yields, Bitcoin-yield platforms and on-chain credit protocol are buying Strategy’s securities, like Saturn Credit, BitStrategy o Apix, and incorporating them.

STRC’s Potential Bright Future

As crypto goes mainstream, propelled by the growth of new financial products like bank-backed Bitcoin and Solana ETFs like Morgan Stanley’s MSBT, the price of Bitcoin is expected to keep rising.

This is the case supporting Strategy and its derivative products like STRC.

A great argument for STRC growing in popularity is that the preferred shares managed to gather several billion dollars worth of investment despite being launched just at the start of a tough period for Bitcoin and a dramatic crash in Strategy’s common share stock prices.

So if crypto markets rebound, this should be seen as the bare minimum that STRC can accomplish in terms of attracting capital.

The structure of the preferred shares dividend payment should also attract a different public than the usual investors in crypto and Bitcoin treasury companies.

For example, people who might have been afraid of Bitcoin’s year-long down period might prefer by far the generous dividend yield, even if they miss some of the upside (see below about this topic).

Otra categoria es institutions and financial advisors that might have been reluctant to add more than 1-4% of crypto to a portfolio, or avoided it entirely, simply due to its volatility.

For funds, money managers, and financial advisors, years-long drawdown periods can be career killers, no matter the long-term performance.

So for this category of investors, often managing millions or even billions of their clients’ money, getting cryptos’ benefits in the form of regular, higher yields than other investments can be very attractive, especially if it comes without the brutal volatility potentially wrecking their quarterly performances and career prospects.

STRC Risks

Oportunidad perdida

The first risk of STRC is that while steady and very comfortable, really ideal for an income portfolio or a retiree compared to direct crypto exposure, the 11.5% dividend yield is potentially missing a big part of Bitcoin’s upside.

This financial instrument guarantee 11.5% or so every year, and its principal stays trading at $100/share, limiting the risk of capital loss in the short term.

But it is ultimately used to buy Bitcoin. And if Bitcoin rise up +50% or +100% in the same period, the extra upside will be to the benefit of Strategy, not the owner of STRC shares.

This will, of course, improve the balance sheet of the company, improving the safety of STRC’s future dividend payments. But it will not directly benefit the shareholders of Strategy that own the company through STRC, and more likely benefit first the shareholders holding the riskier and yield-less common shares MSTR.

So STRC can be understood as accepting potentially lower returns from exposure to crypto in exchange for the comfort and lower volatility of a regular, soon-to-be bi-monthly dividend payments.

Los riesgos a largo plazo

By its very structure, STRC and Strategy as a whole are bets that Bitcoin’s value will keep rising over time. This has so far worked extremely well.

However, it should be remembered that cryptocurrencies like Bitcoin are not generating revenues in themselves, as they are exactly that: currencies. So at one point in the future of Bitcoin adoption curve, it is likely that the price of Bitcoin in US dollars will start to stabilize, and simply follow the inflation rate of USD, generating not significantly more revenues than a simple treasury bond.

Strategy’s management and many others will argue that this point is still far in the future. But this should still be understood by investors in STRC, as the current dividend of 11.5% is ultimately relying on Bitcoin prices rising by more than this number every year to be sustainable and actually paid by Strategy.

In the short run, STRC might be a great way to get a stable yield and smooth the often chaotic and returns from the leading cryptocurrency.

In the long run, it might, however, make more sense to stop relying on Bitcoin treasury companies to get exposure to cryptos and simply own and use them as is done with every major fiat currency or gold.

So this might not be at all relevant today, or even for another 10+ years, but there will be a point where

Investing In Bitcoin Treasury Companies

Estrategia

STRC is just one of the special financial instruments backed by Strategy’s massive stash of Bitcoin, an amount still expanding as the company sells more shares with a direct mandate from its shareholders to buy Bitcoins with the proceeds, be it common shares, preferred, or other types.

The company has been proactive in addressing the concern about its stability in case of a prolonged Bitcoin downturn. For example, it created a $1.44B USD cash reserve to make sure that the immediate payment of dividends and debt repayment could be secured. Currently, the company has 2.5 years of coverage of its dividends just in USD.

It also addressed head-on the risk of delisting from major indexes like the MSCI, a risk that is, for now at least, postponed and will be part of a broader review of the MSCI of non-operating companies like Digital Asset Treasury Companies (DATCOs).

Fuente: Estrategia

These evolutions from the Bitcoin-only reserve are a welcome development, as they illustrate that Strategy had realized that, with>3% of Bitcoin’s total supply, it had to act wisely and avoid becoming a source of systemic risk for cryptos.

In the long run, products like STRC are probably the right direction, where Strategy provides a valuable financial product with regular yields from cryptos, while also capturing enough of the upside to be a viable strategy for years, if not decades, as Bitcoin becomes increasingly important.

Entradas Estrategia (STRC) Noticias y desarrollos bursátiles