Quick Maths On STRC Buybacks: The Truth About Net Bitcoin Per Share and Accretion
Strategy initiated open-market repurchases of STRC last week (July 20 through July 26, 2026), buying 288,930 shares for ~$25 million at an average price of $86.52. Notably, the company bought no Bitcoin and continued to grow its cash reserve. So what is going on here? Why is the largest Bitcoin treasury company buying back its […]
Upgrading Digital Credit In 3 Steps
The latent tail risks in digital credit are clearer after June 2026. Read our post-mortem analysis of the June crash here. Given these recent events, this article is a proposal on what can be done to upgrade digital credit. Context about market behaviors and credit investors First—since the goal is to sell to credit investors—let’s get into […]
Crash Post Mortem – What Happened to STRC in June 2026
The Leveraged Setup (Important Context) Something paying 11.5% while promising to stay at par will attract leverage to squeeze out more returns. This is likely done using margin in brokerage accounts. There are also a number of DeFi protocols that are doing things to this effect (Saturn, Apyx, and auxiliary looping ecosystem). STRC was the […]
STRC: The Global Bitcoin Dollar Cost Average
If you haven’t already, please read my last research note about takeaways from Strategy World 2026. I cover a wide range of things there, and today I want to narrow in on what I believe is the most important Bitcoin development in the last year: STRC. STRC and volatility Strategy designed STRC as a variable-rate financial instrument intended to […]