STRC Strategy financing: “Saylor struck oil” as Bitcoin treasury buys surge

Strive Asset Management CSO Avik Roy said Michael Saylor and Strategy’s STRC preferred-equity structure has become a “new funding engine” for Bitcoin accumulation. Roy argued STRC is not just another capital raise. By keeping the STRC share price near $100 while paying a dividend yield described as “around 12%,” the product can attract traditional yield-seeking investors who want limited downside versus holding Bitcoin directly. He framed STRC as scalable “credit built on Bitcoin as collateral,” potentially helping Bitcoin reshape institutional finance from the inside. Roy contrasted STRC with Strategy’s earlier approach: common equity issuance and zero-rate convertible debt. He claimed convert buyers often hedge via shorting MSTR, creating a problematic dynamic for MSTR. The preferred equity design, in his view, avoids that and channels cash more effectively into BTC buys. Market activity stats cited in the report show Strategy’s Bitcoin buying accelerated then cooled: it sold about $377.1M of STRC and bought 17,994 BTC in the week ended Mar 8; sold about $1.1804B of STRC and bought 22,337 BTC in the week ended Mar 15; and in the week ended Mar 22, it issued no new STRC and bought 1,031 BTC, funded by $76.5M in net MSTR stock sales. Over the full three weeks, Strategy accumulated 41,362 BTC, with early STRC capital supplying about $1.56B of the total. At press time, BTC traded around $70,655. Roy also noted the model depends on Bitcoin continuing to appreciate and highlighted high legal/banking costs that may limit replication by smaller treasury firms. (Primary keywords: STRC, Bitcoin accumulation, Strategy treasury, preferred equity.)