Blockware Intelligence Newsletter: Week 207

Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 4/6/26 - 4/10/26

STRC, the flagship preferred equity of Strategy, has been receiving high praise due it’s 11.5% annualized dividend payments plus a stable trading value of $100 per share. Trading volume for STRC is rising and Strategy has been using it to acquire incrementally more BTC at a high rate of success.

But is STRC itself a worthwhile buy? Well, that depends on your financial goals. If your goal is capital growth and wealth accumulation, this is most certainly not the product for you.

Moreover, the 11.5% annualized yield is not in perpetuity. Don’t assume you can purchase STRC and then feast on the 11.5% dividend in perpetuity. This product strongly resembles short-term US Treasury Bills. And while it is a step-up from T-Bills, the yield, similarly, is variable. It’s 11.5% annualized today but this will likely decline over-time due to two reasons:

• Lower Federal Funds Rate

• BTC Increasing in Price (This makes STRC “safer” due to it increasing Strategy’s balance sheet and the overcollateralization; ultimately attracting more demand for STRC, driving the yield lower in order to maintain the $100/share peg).

Does it have a use-case? Yes. Is it as great as many in the Bitcoin world make it out to be. No.

Mitchell Askew, Head of Blockware Intelligence, breaks it down in detail here: