New 'crypto treasury firms' emerge around Strategy's STRC preferred stock

A new type of crypto treasury company is emerging, centered around Strategy's (MSTR) high-yield, low-volatility preferred stock, STRC, CoinDesk reported. The security, which offers an 11.5% annual dividend, was issued by Strategy to finance its Bitcoin purchases. Recent daily trading volume for STRC surpassed $1.6 billion, signaling high demand. According to the report, companies and DeFi protocols are buying STRC to gain both yield and BTC exposure. Bitcoin-based yield platform Saturn Credit purchased $15 million worth of STRC within six days of its launch, and on-chain credit protocol Apyx acquired approximately 800,000 shares. Additionally, about $200 million in STRC has been tokenized on-chain, with roughly $100 million of that amount being traded on the DeFi platform Pendle.