Strategy proposes another clever move: STRC opens up a new model of Bitcoin treasury financingOn July 25th, Strategy (formerly MicroStrategy) completed a heavyweight financing round by issuing a new perpetual preferred stock tool, STRC (full name: Variable Rate Series A Perpetual Stretch Preferred Stock）， The total amount raised is approximately 240 million US dollars. This not only breaks the financing record in the US IPO market since 2025, but also marks another acceleration of Strategy's "unlimited buying of Bitcoin" strategy. one ️⃣ The structural highlights of STRC: high yield, low volatility, and strong liquidity The design of STRC is quite ingenious - it is a perpetual, variable rate preferred stock: The initial rate of return is approximately 9.00%, with monthly adjustments and dividends, based on the SOFR interest rate, with a minimum of no less than 0.25% off the previous period; Dividends are accumulated and compounded, providing a compound interest effect similar to fixed income assets; Face value of $100, issue price of $90, closely designed to encourage stable trading in the secondary market; There is no expiration date, but the company can redeem at a starting price of $101 per share, which is flexible; Higher priority than old products such as STRF, STRK, and STRD, second only to debt, with strong liquidation priority; And there is an ATM issuance plan (with an announced limit of 420 million US dollars) to quickly respond to market demand. It is worth noting that Strategy will use 100% of this funding to purchase Bitcoin without diluting MSTR common stock, which is a typical win-win design of "financing to buy BTC+shareholders not being diluted". two ️⃣ Analysis of Differences in Financing Product Matrix between STRC and STRF/STRK/STRD In recent years, Strategy has successively launched multiple preferred stock financing tools, each with a clear positioning: STRF: Annual yield of 10%, fixed and cumulative dividends; Non convertible, high priority, suitable for conservative investors pursuing stable returns. STRK: Annual yield of 8%, fixed and cumulative dividends; Convertible into MSTR common stock, suitable for neutral investors seeking a balance between returns and equity growth potential. STRD: Annual yield of 10%, fixed but not cumulative dividends; The lowest priority is suitable for radical investors who are willing to take on higher uncertainty. STRC: Annual yield of approximately 9%, variable interest rate, monthly adjustments and dividends, cumulative dividends; High priority, design emphasizes liquidity and price stability, suitable for institutions or cash flow investors who pursue "returns+liquidity". Its stock price is anchored at $100 and designed more like a substitute for money market funds. In contrast, the biggest highlight of STRC lies in the design of cash flow assets - monthly dividends, low volatility, price anchored at a face value of 100 yuan, and even once referred to by the market as the "money market fund alternative" in the cryptocurrency industry. At the same time, its Bitcoin collateral ratio is as high as 6.1 times over collateralized, significantly reducing credit risk and providing investors with a safer source of returns. three ️⃣ Trading volume far exceeds expectations, STRC becomes the new favorite of the market After officially listing on NASDAQ on July 30th, STRC's daily trading volume exceeded one million shares in its first week, surpassing similar preferred stocks and even surpassing the trading volume of many billion dollar companies (such as Starbucks). At present, the stock price is stable in the range of $95-97, with an annualized current return of up to 9.4%, showing highly institutionalized trading characteristics. For investors seeking high returns, high liquidity, stable exposure to the US dollar, and indirect exposure to BTC, STRC undoubtedly provides a new asset option. Additionally, it is worth mentioning that the current STRC trading price is 97.59, and the 9% interest rate is calculated based on the face value of 100. Buying now is equivalent to the current yield of 9/97.59 ≈ 9.22%. Those who have large funds willing to play can consider it.