【Strategy Unveils New Move: STRC Launches Bitcoin Treasury Financing Model】 On July 25, Strategy (formerly MicroStrategy) completed a significant financing round: issuing a brand new perpetual preferred stock instrument, STRC (full name: Variable Rate Series A Perpetual Stretch Preferred Stock), raising approximately $240 million. This not only set a new record for financing in the U.S. IPO market in 2025 to date but also marks another acceleration of Strategy's "infinite Bitcoin buying" strategy. 1️⃣ Highlights of STRC's Structure: High Yield, Low Volatility, Strong Liquidity The design of STRC is quite ingenious—it is a perpetual, variable-rate preferred stock: - Initial yield of approximately 9.00%, adjusted monthly with dividends, referencing the SOFR rate, with a minimum not lower than the previous period minus 0.25%; - Dividends are cumulative and compounded, providing a compounding effect similar to fixed-income assets; - Par value of $100, issuance price of $90, designed close to par value to encourage stable secondary market trading; - No maturity date, but the company can redeem at $101 per share, providing flexibility; - Priority higher than old products like STRF, STRK, STRD, only subordinate to debt, offering strong liquidation priority; - An ATM issuance plan (with a previously announced limit of $420 million) is in place to quickly respond to market demand. Notably, Strategy will use 100% of these funds to purchase Bitcoin, while not diluting MSTR common stock, making it a typical "financing to buy BTC + no dilution for shareholders" win-win design. 2️⃣ STRC vs. STRF/STRK/STRD: A Brief Analysis of Financing Product Matrix Differences In recent years, Strategy has launched several preferred stock financing tools, each with a clear positioning: - STRF: Annual yield of 10%, fixed, cumulative dividends; non-convertible, with a higher priority, suitable for conservative investors seeking stable returns. - STRK: Annual yield of 8%, fixed, cumulative dividends; convertible to MSTR common stock, suitable for neutral investors seeking a balance between yield and equity growth potential. - STRD: Annual yield of 10%, fixed but non-cumulative dividends; lowest priority, suitable for aggressive investors willing to take on higher uncertainty. - STRC: Annual yield of approximately 9%, variable rate, adjusted monthly with dividends, cumulative dividends; high priority, designed to emphasize liquidity and price stability, suitable for institutional or cash flow-oriented investors seeking "yield + liquidity." Its stock price is anchored at $100, designed more like a money market fund alternative. In comparison, the biggest highlight of STRC is its "cash flow asset design"—monthly dividends, low volatility, price anchored at par value of $100, even being referred to by the market as "the cryptocurrency industry's money market fund alternative." Additionally, its Bitcoin collateralization rate is as high as 6.1 times over-collateralized, significantly reducing credit risk and providing investors with a safer source of returns. 3️⃣ Trading Volume Exceeds Expectations, STRC Becomes Market Favorite After officially listing on NASDAQ on July 30, STRC's average daily trading volume in the first week exceeded one million shares, surpassing similar preferred stocks and even outpacing the trading volume of many companies with market capitalizations in the tens of billions (like Starbucks). Currently, the stock price stabilizes in the $95–97 range, with an annualized current yield reaching 9.4%, exhibiting highly institutional trading characteristics. For investors seeking high yield + high liquidity + stable dollar exposure + indirect exposure to BTC, STRC undoubtedly offers a new asset option. Additionally, it is worth mentioning that the current trading price of STRC is $97.59, and the 9% interest rate is calculated based on a par value of $100. Currently buying is equivalent to a current yield = 9 / 97.59 ≈ 9.22%. Those with significant capital willing to play might consider this.