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Key Takeaways
- STRC pays 11.5% annual yield; launched July 2025 after four product iterations.
- Retail owns 80% of STRC vs 40% of MSTR, a market MSTR never reached.
- MSTR returned 55% per year since 2020 vs Bitcoin’s 38%, vol of 60 vs 40.
- $2.25B cash reserve backs approximately 18 months of dividends.
- Stride trades at 80; effective yield at current price is 12.5%.
- Tokenization of securities in 2026 identified as the next phase of distribution.
A Taxonomy That Did Not Exist Before July 2025
Strategy’s three-tier framework sounds simple until you trace what it actually means. Bitcoin is digital capital: the base layer, held directly, no yield, pure appreciation. MSTR is digital equity: levered exposure to Bitcoin, amplified returns in bull markets, amplified drawdowns in bear markets, designed for investor...
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