STRC has been gaining traction, but most people are missing what the trade actually represents. Here is why Iām short.
STRC is sold as an 11.5% stablecoin yield but the structure has a gravitational pull in one direction: down. We modeled a ~74% probability of the largest STRC-backed wrapper touching $0.90 in 90 days.
Why?
Because a) Saylor defers the dividend (he can, but it compounds against him) b) BTC drops (already through MSTR's cost basis)
Saylor has raised the dividend three times this year (11% ā 11.25% ā 11.5%) to try to defend par, and STRC has still closed below $100 on every trading day but two since April 15, with volume off 53% from its 30-day average.
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