STRC + STRCx — Risk Report

Significant risk · 3.0/10

STRCx is Backed Finance’s tokenized form of STRC — Strategy’s (formerly MicroStrategy) Variable-Rate Series A Perpetual “Stretch” Preferred Stock (Nasdaq: STRC). It is one of Backed’s “xStocks,” issued 1:1 against a real STRC share held with Backed’s qualified custodian. You are not buying a stablecoin and you are not buying common stock — you are buying an on-chain claim on a novel, high-yield preferred share whose price is engineered to sit near its $100 par value, with the dividend accruing into your token balance automatically.

Who this report is for. Two audiences:

Direct STRCx holders or candidates — a narrow set. Non-US holders willing to bridge to Solana and accept thin pool depth can use STRCx as an illiquid, single-name credit allocation. US persons and Ethereum-only holders have no working exit at retail size.
Holders of stablecoins or vaults with upstream STRC family exposure — the larger audience by dollar size. Holders of apxUSD, apyUSD, sUSDat, and usdat all carry STRC or STRCx exposure through their backing baskets; this report is the canonical analysis of that underlying.

Important context: the raw STRC leg was refreshed from Strategy’s 2026-10-12 issuer disclosure; nothing about the STRCx wrapper changed. Strategy repurchased 1,932,145 STRC shares for $192.4M at about $99.58, leaving $354.8M authorized, while STRC closed at $99.88. The direct instrument evidence improved, but the bid remains discretionary and finite—not a contractual floor, redemption right, or peg—and separate USD Cash fell $833.4M → $640.5M, only $140.5M above the nearest trigger. USD Reserve held at $4.88B. STRCx still inherits raw STRC 1:1, then adds Backed custody, multiplier, cross-chain and exit-liquidity risks. ⚠️ The issuer disclosure is live, but EDGAR still ends at the October 5 8-K; no October 12 accession is cited. See the MSTR report for the upstream issuer analysis.

Tracks	Yield	Exit	Age	Chains
STRC (≈$100-par preferred)	≈12% via rebasing (July rate, net of US withholding)	Non-US AP redemption, or Solana DEX	≈4 months (live early 2026)	Ethereum + 4 (Solana, Arbitrum, BNB, Mantle)

Live monitoring of this wrapper — per-chain supply across five chains, top holders, the rebasing multiplier, per-token mark and admin posture — is on the STRCx dashboard. ⚠️ The instrument beneath it is a separate dashboard: mNAV regime, STRC instrument state, cash-service runway and the SEC 8-K event log are on the STRC dashboard.

⚠️ Three of the six axes on the embedded panel carry no score, and none of them is the panel disagreeing with this report. Read on the live dashboard 2026-09-13: Backing renders Authored 4/10, Liquidity Authored 2.5/10, Dependencies 3/10 — while Stability, Contract & Admin and Issuer show no number.

Each has its own reason and the panel states them. ⚠️ Contract & Admin reads “Not assessed — no admin-control facts are published for this asset”, which is an absence of input rather than a judgement: the admin-topology evidence behind this report’s 6.0 has not been published into the dashboard’s feed. ⚠️ Stability is the subtle one, and it is not an absent measurement. The panel does show a live peg reading — market price against NAV per token, with the premium stated and a cross-source check beside it — because STRCx’s NAV is exact rather than estimated: it is 1:1 against real STRC shares and the rebasing multiplier does the scaling. What stays unrated is the SCORE, deliberately. The measurement sits in the wrapper block rather than the peg block the chip reads, and the panel declines to derive a band from it rather than let one sit where an authored score belongs. ⚠️ And there is no peg HISTORY for this wrapper anywhere — the figure is point-in-time, so there is no range and no chart behind it. ⚠️ Issuer carries no number on any published asset on that dashboard — 18 of 20 issuer files publish no score field at all, and the two that do are staged — so a blank there is the fleet-wide condition rather than something absent for this token. ✅ And it is not blank in the way Stability is: the axis renders the producer’s own summary, the entity-tagged facts and a report link, including the separation between Backed Finance as wrapper issuer and Strategy as the underlying’s issuer — which is the distinction that matters most on this asset. Content without a chip, rather than nothing.

✅ Every score on this page is authored from the evidence set out below — none of them is a live measurement, on any axis — so a blank row on the panel means the dashboard has nothing of its own to show, not that it read something different. (Panel behaviour as at 2026-09-13.) — values in this report are static; the dashboard reflects current readings.

Score breakdown

Dimension	Score	Notes
Stability	4.5	STRC was engineered near $100 par via monthly resets — more stable than a normal equity wrapper but not pegged. STRC printed an all-time low (~$74.57 intraday, recovering to ~$82 on the rate confirmation), sustained sub-$95 all month — well beyond an ~8% sub-par stress. As of 06-29 the par defense is a discretionary soft floor** (buyback / reserve), no longer a reflexive rate-ratchet — a bid under the price, not a peg. Now paying a confirmed 12.00% (July, +50bp); increasingly sensitive to rate-cap or suspension events from here.
Liquidity & Exit	2.5	Tradeable depth lives on Solana — $849,405 aggregate TVL across 20 pools, re-measured 2026-09-13. ⚠️ A third of it does not exit to dollars: $273,238 (32.2%) is paired against DIVI, haMSTR, STRC, Luna, PNZI, MSFTx, SPYx and SOL rather than USDC, and the second-largest pool is STRCx/DIVI at $212,801 — 25.1% of all TVL, against a memecoin. ⚠️ Concentration is unchanged by the wider pool count: top pool 44.4%, top two 69.4%, and 14 of the 20 hold under $10,000. A 5.4:1 sell-to-buy transaction ratio was eroding the dollar side (2026-06-02 reading, not re-measured). Ethereum DEX depth is effectively zero, and the top two addresses hold 60.94% of Ethereum supply — the Apyx Safe at 42.02% and the Backed hub at 18.92% (2026-09-13). Below average.
Contract & Admin	6.0	Mature Backed wrapper; ⚠️ the issuer of record is `Backed Assets (JE) Limited`, Jersey — not a Swiss entity, though `Backed Finance AG` is Swiss and in the group. Rebasing ERC-20, whitelist-gated mint/burn. Held back by issuer mint/burn + multiplier authority, off-chain custodian dependency, and no continuous per-token on-chain PoR.
Redemption	3.0	Binding constraint. Primary redemption is non-US, accredited-AP-only. A non-US holder has a working Solana secondary exit; a US person or Ethereum-only holder faces worst-case exit asymmetry. Underlying STRC is perpetual with no obligation to return principal.
Dependencies	3.0	Raw STRC internal Overall is 4.0. STRC is a real Nasdaq/SEC-registered preferred with a functioning ~12% dividend — and June 2026 was the first live stress test of the new funding mix: STRC fell to a fresh all-time low (~$74.57, recovering to ~$82), sustained sub-$95 for weeks. Strategy’s mNAV (EV/BTC) briefly dipped below 1.0 over the 06-28 weekend, which had armed a further look-through cut — but the 06-29 8-K voided it (mNAV recovered to ~1.01) and changed STRC’s par defense into a discretionary soft floor (an STRC-priority buyback — $1.0B, re-authorised to $2.0B on 2026-09-08 — plus a near-doubled $2.55B reserve sit under the price). The internal raw-STRC Overall is 4.0; the prior pass had over-cut this look-through to 2.5, a notch below canon, so it reconciles to 3.0 here. The STRC credit / mNAV / BTC-bid risk flows through 1:1. A durable mNAV bounce above ~1.05 firms this; a sustained re-break below 1.0 with the reserve drawing down would drop it.
Backing	4.0	New axis. STRCx is a 1:1 Backed wrapper, so backing collapses to one question: is the STRC there, and can anyone check? ⚠️ On the first, the issuing entity is Jersey rather than Swiss, and that distinction is load-bearing for what follows. STRCx is issued by `Backed Assets (JE) Limited`, a private limited company incorporated in Jersey — stated in terms in the product’s own Final Terms (Product Nr. 134, Strategy PP Variable xStock, ISIN `CH1500008482`, dated 2026-01-30), and corroborated by the Jersey Financial Services Commission registration and by Kraken’s own xStocks legal page. ⚠️ “Backed Assets (JVB) AG” does not appear in the product’s annex at all. ✅ What is true of the group rather than the issuer: `Backed Finance AG` is Swiss and sits in the structure, and the EU/EEA base prospectus is approved by the Liechtenstein FMA rather than a Swiss regulator. The arrangement is mature and publishes monthly NAV and proof-of-reserve; the regulatory claim simply attaches to a different entity than the one issuing this token. ⚠️ On the second, twice not independently. The attestation is family-level, not per-token — Backed publishes across the xStocks family, so STRCx’s own backing is not checkable at a moment. And ⚠️ `multiplier()` is issuer-controlled rather than deterministic (1.08089 at 2026-09-13, from 1.0413 at 2026-05-27), which is a second unverifiable input and a distinct one: the first is custody of the STRC, the second is the accrual applied to it. A holder takes Backed’s word for the balance and separately for the rate. ✅ Re-measured 2026-09-13, the accrual has run ahead rather than behind: the multiplier moved +3.959 percentage points over 109 days — about 1.105 pp/month against a tracked ~0.96 — roughly 15% ahead of the rate this report has been monitoring. ⚠️ That does not make the input verifiable, and an issuer-controlled rate running fast is still a rate a holder cannot check. But the specific risk being watched here — accrual quietly lagging the dividend it represents — has not materialised over three and a half months of readings. ✅ 4.0 sits above apxUSD at 2.0 and sUSDat at 2.5 because there is far less to go wrong — a simple claim on one named security, with no reserve management, no netting, no protocol-owned-liquidity circularity and no ratio that can drift. It is held at 4.0 purely on verifiability, not on the quality of what is claimed.
Issuer	6.0	Backed Finance — established Swiss DLT issuer, multiple live xStocks, established custody + attestation cadence. Single-issuer dependency, off-chain custodian, and issuer-level (not per-token) PoR keep it from scoring higher.
Overall	3.0	Significant risk. (canonical scoring). The prior pass had cut the composite to 2.0 on the 06-26 mNAV-parity crossing — a notch below our internal canonical STRCx score, which held at 3.0 throughout. The 06-26 parity cut on the underlying stands, but the further 06-28 cut (armed when mNAV dipped below 1.0) was voided by the 06-29 8-K, and that framework genuinely stabilized STRC’s defense: a discretionary STRC-priority buyback — $1.0B, re-authorised to $2.0B on 2026-09-08 — plus a near-doubled $2.55B reserve now sit under the price as a soft floor. Reconciling to canon plus that stabilization lands Overall at 3.0 — still correctly below raw STRC (internal Overall 4.0) by the wrapper’s −1.0 cost (Backed counterparty + custodian + DEX-pool-grade liquidity + US-person/Ethereum-only exit asymmetry). For a non-US holder sizing around the verified Solana depth (clean-exit ceiling ~$30–50K per trade) STRCx is a thin but functioning yield-capturing on-chain proxy for STRC; for a US person or Ethereum-only holder it remains a near one-way trade. A durable mNAV bounce above ~1.05 firms this; a sustained re-break below 1.0 with the reserve drawing down, or an accelerated forced-BTC-sale regime, would drop it.

1 · Stability — 4.5

The rate ceiling — STRC’s hidden constraint

STRC’s monthly rate-reset has no contractual ceiling, but there’s a practical ceiling set by Strategy’s funding economics. At roughly 14-16%, STRC crosses into risky-debt yield territory:

BTC would need to compound at > 16%/yr long-term for new STRC issuance math to remain accretive
Beyond that, Strategy may elect dividend suspension over further rate hikes — at which point STRC re-rates to distressed yield and Strategy loses market access

Current state: STRC’s July rate is 12.00% (confirmed +50bp). That’s ~1.5-2 stress cycles away from the 14% mid-ceiling (one “stress cycle” ≈ 125bp ratchet, observed Oct 2025 → Mar 2026). Important nuance as of 06-29: the up-ratchet is no longer automatic — Strategy’s revised dividend policy says it won’t necessarily hike just because STRC is sub-par, and may instead defend STRC via the soft floor (buyback / reserve). So sub-par no longer mechanically consumes ceiling headroom; the ceiling binds only if Strategy chooses the rate-hike tool over the others. Either way, beyond ~14-16% suspension becomes a credible option rather than a theoretical one.

The rate-ceiling headroom IS the binding signal for long-term STRC holders. Track it on the live dashboard’s “Cash Service Waterfall + Rate-Ceiling Overlay” panel.

Note that historically the rate has been monotonically upward: Strategy ratcheted up under stress but rarely cut even when STRC traded above par. The current 12.00% (July) is sticky, and any future stress-driven hike adds permanently to Strategy’s cash obligation — though, per the 06-29 policy, Strategy now has explicit license to leave the rate flat and defend STRC via buyback/reserve instead.

2 · Backing — 4.0

STRC’s risk profile depends materially on HOW Strategy funds the dividend. The funding model has evolved through three distinct phases:

Phase 1 (2020-2024): Equity ATM into BTC accumulation. Strategy issued common stock at a premium to BTC NAV, used proceeds to buy more BTC. The “BTC bid flywheel” worked because mNAV stayed > 1 — every new share added BTC NAV per share for existing holders. Dividend obligations were small and easily funded from incoming capital.

Phase 2 (mid-2025 to early 2026): Preferred issuance + ATM. STRC introduced as a higher-coupon perpetual preferred designed to keep issuance windows open even when equity markets weakened. STRC’s monthly rate-reset mechanism ratcheted from 9.0% (Aug 2025) → 11.5% (Mar 2026) as STRC traded below $100 par, defending the issuance window. ATM equity continued in parallel.

Phase 3 (May 2026 onwards): BTC-sale funding added alongside ATM. With mNAV (EV/BTC) compressing through the ~1.05 floor into parity (~1.02) as the BTC-bid thesis came under pressure, Strategy broadened the funding mix rather than abandoning the equity leg. On 2026-05-05 Saylor publicly committed to using BTC sales to fund preferred dividends (~18,500-19,000 BTC/yr at current rates, ~2.2% of the 843K BTC stack), operationally after cash on hand is consumed. Two weeks later (2026-05-11 to 2026-05-25), Strategy executed a paradigm-case transaction: bought back $1.5B of 2029 convertible notes at an 8% discount, funded by MSTR ATM + STRC ATM + cash reserves (zero BTC sales for that transaction). Net effect: convertible debt down $1.5B, preferred notional UP by ~$5.7B (mostly new STRC), aggregate annual dividend obligation rose from ~$1.16B to ~$1.55-1.70B.

For STRC holders, the Phase 3 regime means three things:

STRC issuance window stays open. New STRC tranches keep printing because STRC investors care about credit quality + yield, not equity-NAV multiple. The all-weather property is real.
Each new STRC tranche adds perpetual dividend obligation. The 2026-05-26 transaction added ~$345-575M/yr in perpetual cash obligation in exchange for retiring $1.5B of one-time near-term debt. Structurally net-negative for STRC holders unless the rolling-issuance assumption holds indefinitely.
The “BTC stack runway” is finite. See next section.

How much runway?

Strategy’s aggregate annual cash service across all senior debt + preferred is currently ~$1.55-1.70B. STRC alone is ~$1.40-1.55B (~85% of the total). Funding sequence: cash on hand first, then the ~847K BTC stack via sales.

Strategy held a record $3.75B cash as of the 07-27 8-K — a buffer that has built from $871M (5/25) → $1.0B → $1.1B → $1.4B → $2.55B → $3.0B → $3.225B → $3.75B (07-26), under the 06-29 framework’s 12-month-minimum reserve policy, funded by common-stock issuance (about $544M this week) with zero forced BTC sales for a third straight week. Against the current roughly $130M to $140M monthly obligation, that is roughly 25 to 26 months until BTC sales operationally begin (roughly 34 months on STRC-dividend service alone) if Strategy does not refill cash through STRC or ATM issuance. The buffer is building even as STRC’s price sits below par — that is the key offset to the late-June drawdown, and it is why this stays instrument-price stress rather than a credit event. The 06-29 framework also formalized BTC sales (a standing Monetization Program — executed once in the 06-29→07-05 week, when Strategy sold 3,588 BTC / about $216M into dividend service dropping the stack 847,363 → 843,775, then unused in the three weeks since as the funding mix flipped back to equity) and a $1.0B STRC-priority buyback, now first used for about $25M below face value. The zero-refill assumption makes the cash-exhaustion date a worst-case watermark, and once the buffer runs out, the BTC stack picks up.

At flat BTC ($73K), flat preferred outstanding, current rates:

Stack-consumption rate	Runway
STRC alone: ~19,100-21,200 BTC/yr (~2.3-2.5% of stack)	~40-44 years
All preferred + senior interest: ~21,600-23,700 BTC/yr (~2.6-2.8% of stack)	~36-39 years

~37 years aggregate runway is the long-horizon solvency anchor. It’s a long buffer at face value, but the framework anchors it to three fragile assumptions:

Flat BTC price. A 50% BTC drop doubles the % of stack consumed per year. Runway compresses dramatically.
Flat preferred outstanding. Each new STRC tranche shortens runway. A single transaction cycle (5/26) compressed runway from ~51yr to ~37yr — that’s ~30% erosion from one event.
Flat STRC rate. Each 25bp rate hike adds ~$30-32M/yr to the obligation on current outstanding.

The cash-exhaustion date is the binding near-term signal; the ~37-year stack runway is the long-horizon solvency anchor. The live dashboard updates both as inputs move. If the aggregate runway crosses below ~25 years (yellow threshold), it’s a meaningful coverage-deterioration signal. Below 15 years (red threshold), acute stress.

3 · Liquidity & Exit — 2.5

This is where most of the risk sits, and it depends heavily on who you are and which chain you’re on.

Primary redemption (mint/burn at Backed): restricted to whitelisted Authorized Participants — accredited, KYC’d institutions, non-US persons only. Retail buyers and US persons have no primary path. This is the single biggest constraint and drives the Redemption score (3.0).

Secondary market: Like Backed’s other xStocks (TSLAx, COINx, NVDAx), STRCx’s tradeable depth lives on Solana (Raydium), where xStocks trade 24/7. Re-measured 2026-09-13 via GeckoTerminal on the Solana mint: aggregate TVL $849,405 across 20 pools, on $1,027,442 of 24h volume — against about $807K across four pools on 2026-06-02, so the money barely moved (+5.3%) while the pool count multiplied fivefold. ⚠️ The tail is noise rather than depth: 14 of the 20 pools hold under $10,000, the top pool is 44.4% of TVL and the top two are 69.4%. A reader told “twenty pools” would infer the opposite of what happened.

⚠️⚠️ And a third of the headline depth does not end in dollars. Splitting the 20 pools by what a seller actually receives:

pairing	TVL	share	pools
against USDC	$576,167	67.8%	8
against something else	$273,238	32.2%	DIVI · haMSTR · STRC · Luna · PNZI · MSFTx · SPYx · SOL

⚠️ The second-largest pool is STRCx/DIVI at $212,801 — 25.1% of all TVL — and selling into it leaves a holder in a memecoin, not cash. ✅ This is the same shape as crvUSD’s exit split, where eight pools paired against BTC or ETH rather than a dollar: aggregate TVL counts venues that do not end in the unit the holder needs. ⚠️ The within-pool asymmetry below was read on 2026-06-02 and was NOT re-measured in this pass. That headline TVL overstates practical depth. The primary pool is heavily asymmetric — roughly 87% STRCx / 13% USDC, or about $539K STRCx against only $84K USDC inventory — so a single $50K USDC-out trade meaningfully drains the dollar side, and clean exits much above $30–50K per trade route through secondary pools at materially higher slippage. The pool is also currently net-servicing exits: 24h transaction count is 971 sells against 180 buys, a 5.4:1 ratio that is the mechanism eroding the dollar side. On Ethereum there is effectively no DEX depth, and the on-chain holding is highly concentrated: the top two addresses hold 60.94% of Ethereum supply — the Apyx Safe 42.02% and the Backed hub 18.92%, measured 2026-09-13. ⚠️ Stated against supply rather than float on purpose: float here is computed as supply minus those same two addresses, so a share-of-float figure for them would be circular.

⚠️ The primary terms, read from the product’s own Final Terms (Product Nr. 134, ISIN CH1500008482, 2026-01-30).


Mechanism	Investor Put Option, no fixed maturity
Eligible	Authorised Participants only, whitelisted after KYC/AML
Minimum subscription	USD 5,000 — the document states no redemption minimum
Reference price	NasdaqGS, and `finance.yahoo.com/quote/STRC`
Investor Fee	up to 0.5% of the underlying’s market price, but at least USD 100
Management fee	up to 0.25% p.a., calculated daily at 12:00 UTC
Custodians	Maerki Baumann & Co. AG, Zurich (LEI `529900FMZSRFHZA8OU51`) · InCore Bank AG, Schlieren (LEI `529900V0KW3BY148IT37`)

⚠️⚠️ The USD 100 floor is the part a holder feels, and it applies on both legs. The issue price is the underlying’s market price plus that fee; the redemption price is the market price minus it. ⚠️ At the USD 5,000 minimum subscription the floor is 2.00% — four times the headline 0.5% — and a round trip at that size pays it twice: USD 200 on USD 5,000, or 4.00%. It stops binding above USD 20,000 per leg. The smallest permitted primary transaction is the worst-priced one.

⚠️ None of this is reachable by a retail holder, since both legs are Authorised-Participant-only. It prices what an AP faces — which is the arbitrage that keeps the wrapper near its underlying, so a floor that bites hardest at small size is a floor on how finely that arbitrage can work.

⚠️ The issuer may also “terminate and redeem all but not part of the outstanding securities” — a holder can be cashed out at the issuer’s election. A discretion rather than a default risk, and product-wide rather than specific to STRCx.

✅ The custodians are named with LEIs for this token specifically rather than only at the xStocks-family level. ⚠️ And both are Swiss — Zurich and Schlieren — while the issuer is Jersey, which is plausibly where the Swiss association came from in the first place.

Bottom line on exit:

A non-US holder trading on Solana has a working, if thin, secondary market.
A US person, or anyone holding on Ethereum only, should treat STRCx as near one-way liquidity — easy to get into, hard to get out of at size.

4 · Dependencies — 3.0

The underlying STRC is a variable-rate perpetual preferred stock. Three features define its risk:

It used to target $100 par via a monthly dividend reset — but as of 06-29 that defense is now a discretionary soft floor. Through mid-2026 Strategy adjusted STRC’s dividend rate each month to nudge the secondary price back toward $100, ratcheting it from 9.0% to 11.5%. That par-anchor was already visibly failing — STRC printed an all-time low (about $74.57 intraday, before recovering to about $82 on the rate confirmation) and traded sub-$95 the entire month of June. Then the 06-29 “Digital Credit Capital Framework” removed the automatic up-ratchet: Strategy now states it “will not necessarily increase the STRC dividend rate solely because STRC trades below its stated amount.” The defense pivots to a discretionary soft floor — Strategy may buy STRC back or draw its reserve, but it makes no commitment to return STRC to $100. That soft floor is now demonstrated at scale. The first use was modest — 288,930 shares for about $25M at roughly $86.50 — but the programme has been run far harder since, ⚠️ and on 2026-09-08 Strategy re-authorised it from $1.0B to $2.0B while buying its largest week yet, $176.3M for 1,810,885 shares at about $97.36 (8-K accession 0001193125-26-384402). The rate stood at 12.00% at the July confirmation. Bottom line: there is now an issuer bid under STRC, but it is a soft floor, not a peg or a put.
It is perpetual. STRC has no fixed redemption date, and Strategy is under no obligation to ever return your principal. Strategy can redeem partially only while at least $250M of STRC remains outstanding, or in full on certain corporate/tax events.
Its dividend funding now leans on a cash → BTC-stack sequence, not only equity issuance. Strategy’s ATM equity leg weakened through mid-2026 as canonical mNAV (EV/BTC) fell to parity, making issuance no longer reliably accretive — and the 06-29 framework formalized a funding mix that draws cash on hand first and then opportunistic BTC sales for preferred-dividend service. The practical effect for STRC holders: dividend sustainability increasingly depends on the BTC stack size + price after the cash buffer, on top of capital-markets access. Strategy holds 840,447 BTC and — importantly — its USD cash reserve has built to a record $4.80B under a 12-month-minimum policy, extending near-term coverage to roughly 33 months (and longer on STRC-dividend service alone); see “How much runway?” below for the method, noting that the figures in that section are the 07-26 readings. STRC remains barely a year old and the BTC-sale funding leg is similarly new — neither has been tested through a sustained BTC bear, and June 2026 became the first real stress on the new regime: STRC fell to a fresh all-time low (about $74.57, before recovering to about $82 on the rate confirmation), sustained sub-$95 for weeks, with mNAV briefly dipping below 1.0. That novelty plus the live, deep de-anchoring is the core of the Underlying score (3.0) — reconciled up as the soft floor put a discretionary issuer bid under STRC and the issuer’s cash position expanded into the stress, which is why this is instrument-price stress, not a credit event.

From 2026-06-30, STRC pays its dividend twice a month instead of once, and the July rate is confirmed at 12.00% (+50bp). The payout splits into two semi-monthly payments (approved at the June 8 annual meeting; first semi-monthly payment July 15, 2026). Note the rate-setting logic changed on 06-29: under the revised policy the rate is no longer a reflexive sub-par ratchet — Strategy weighs it against a basket of factors and “will not necessarily increase the STRC dividend rate solely because STRC trades below its stated amount,” defending STRC value via the soft floor (buyback / reserve) instead. See the soft-floor reframe at the top.

STRCx the wrapper does nothing to soften any of this. Whatever happens to STRC happens 1:1 to STRCx.

5 · Contract & Admin — 6.0

Ethereum contract: 0x1aad217b8f78dba5e6693460e8470f8b1a3977f3 — rebasing ERC-20, 18 decimals, “Strategy PP Variable xStock.”
Multi-chain: live on five chains (Ethereum primary, plus Solana, Arbitrum, BNB Chain, Mantle), ≈1,072 holders, roughly $132–205M total notional (rwa.xyz, May 2026).
Admin: on-chain owner() and minter() are Backed-controlled addresses with mint/burn and multiplier-update authority. This is a single point of issuer trust — standard for the Backed model, but it means Backed (not code) ultimately governs supply and the accrual multiplier.
Backing & attestation: 1:1 against STRC shares at Backed’s qualified custodian. Backed publishes NAV/proof-of-reserves at the issuer level, not as a continuous per-token on-chain feed — so backing verification leans on Backed’s reports plus the custodian arrangement.

6 · Issuer — 6.0

Backed Finance is an established Swiss DLT issuer, regulated under the Swiss DLT Act since 2021, with multiple live xStocks products, established custody arrangements and a published attestation process. ✅ On issuer maturity this is one of the stronger entities on this site, and it is deliberately scored separately from the instrument it wraps — the wrapper’s issuer is not Strategy Inc., which is priced under Dependencies below.

What you earn

STRCx is a rebasing token. The contract carries a multiplier (1.08089, re-measured 2026-09-13) that grows your balance to reflect the accrued STRC dividend, net of US withholding tax. So the ≈11.5% yield reaches you as a slowly rising token count rather than a cash payment — no claim step, no separate yield token. (Your wallet balance already reflects the multiplier.)

One caveat: the multiplier is updated by the issuer, so its accuracy depends on Backed’s accrual process rather than an on-chain formula. This is standard for Backed’s yield-bearing xStocks, but it is a trust point, not a trustless mechanism.

Who it’s for

Non-US holders who want STRC’s ≈11.5% preferred yield on-chain and can trade on Solana, treating STRCx as an illiquid, single-name credit allocation rather than a cash equivalent.
Holders specifically seeking Strategy/Bitcoin-linked preferred income with the convenience of a composable, auto-accruing token.

Who should avoid

US persons at any meaningful size. No primary redemption + thin secondary = no realistic exit at NAV.
Anyone holding only on Ethereum. The Ethereum float is concentrated and has no DEX depth; exit is near one-way.
Anyone treating this as a stablecoin. It tracks a $100 preferred, not $1, and the par-anchor is a soft mechanism, not a guarantee.
Anyone using STRCx as leveraged collateral. Thin secondary depth makes market-priced oracles unsafe for this asset.
Anyone sizing without a runway view. Strategy’s BTC-stack runway is currently about 31 years (aggregate preferred service), comfortable at first glance — but the near-term cash-exhaustion date is roughly 25 to 26 months out at zero issuance refill (eased by the reserve build to a record $3.75B), and the long-term anchor compresses fast under BTC drawdowns or continued preferred issuance growth. Size as if your STRC exposure can recur indefinitely, but also as if the BTC stack is the binding constraint that could halve in BTC bear markets.
Anyone assuming today’s 12.00% rate is the long-run yield. STRC’s rate has trended upward — sticky under stress, rarely cut — but as of 06-29 Strategy may also hold the rate flat and defend STRC via buyback/reserve instead. Don’t model the current rate as a permanent floor in either direction; the yield-to-you can drift up (further hikes) or be capped (Strategy choosing the soft-floor tools over the coupon).

What to watch

Each of these signals has a live panel on the STRC dashboard:

mNAV (EV/BTC — 1.0101 on 2026-08-23, back above parity). This is Strategy’s published mNAV; ATM equity issuance is accretive while it stays comfortably above 1.0. The figure is dated because it moves weekly and because the MSTR report quotes the same metric — both now cite this read rather than drifting apart. Note that 1.01 is just above the line, not comfortably above it. It sat at or just below the line through July and has since recovered, so the sub-parity watch has reset. Note that a rising cash reserve mechanically compresses this ratio (cash is deducted from enterprise value), so a dip driven by reserve-building is not a stock-weakness signal. The downgrade re-opens only on a sustained sub-1.0 with the reserve drawing down, and the reserve is instead at a record $4.80B. The binding thresholds: a durable bounce back above about 1.05 reverts the 06-26 parity notch; a sustained sub-1.0 with reserve drawdown re-opens the downgrade; sustained below 0.85 = distress.
How STRC’s value is defended (soft floor, not par-ratchet), and how much of it is left. As of 06-29 a sub-$95 price no longer auto-triggers a dividend hike — Strategy may instead bid for STRC via the STRC-priority buyback — $1.0B, doubled to $2.0B on 2026-09-08 — or draw the reserve (now a record $4.80B). The bid is thoroughly demonstrated: four consecutive weeks, $25.0M → $81.2M → $108.6M → $132.2M. But about $653M remains, roughly five weeks at that pace, and the largest week yet still left STRC just below $95. The two things to track here are the burn rate and the price response per dollar spent — a program that is both finite and losing efficacy is the clearest path to the floor giving way. Whether Strategy re-authorizes when this one is exhausted is the question that matters most for the underlying.
Which leg funds the buyback. The 08-09 repurchase was funded entirely by selling 1,690 BTC — the collateral paying for its own price support. The 08-16 week reverted to MSTR common-stock ATM ($333.7M) with no BTC sold. Neither is free: BTC funding shrinks the long-horizon backing, equity funding transfers value from common to preferred and only works while mNAV supports issuance. Watch which leg Strategy reaches for as the authorization runs down.
Aggregate-preferred runway (currently ~31 years). Drops below 30 years = coverage materially compressing. Drops below 15 years = acute stress. Compression vectors: BTC drawdown, new STRC issuance, rate hikes.
BTC-sale window (roughly 33 months at zero issuance refill, on the record $4.80B reserve). Drift toward about 3 months = acute short-term stress. Extension through successful STRC or ATM cash refill = de-risking. The BTC Monetization Program is live and has been used sparingly — 3,588 BTC in early July, then 1,690 BTC on 08-09 to fund that week’s buyback, with no sales in the 08-16 week (holdings 840,447 BTC). Management has said it will not buy more Bitcoin until STRC returns to $100, so pauses in accumulation are deliberate. Watch the pace of weekly draws versus reserve refills.
Rate-ceiling headroom (currently ~250bp to 14% mid-ceiling). Drops below 150bp = ~1.5 stress cycles to practical ceiling. Below 50bp = next stress cycle may force suspension decision.
STRC outstanding tranche cadence. Currently ~$12-13B; per-month issuance > $2B sustained = Ponzi-structure risk operational (STRC issuance funding STRC dividends).
MSTR + BTC price drawdowns. A severe drawdown compresses Strategy’s BTC stack value (the funding source) AND eliminates the equity-ATM optionality. Both legs of the funding model squeeze.
Solana pool depth for STRCx. The only realistic non-AP exit; drainage = wrapper-layer exit deteriorating regardless of underlying. Baseline (re-measured 2026-09-13): $849,405 aggregate across 20 pools, of which only $576,167 is paired against USDC; the 87% STRCx / 13% USDC asymmetry in the primary pool is a 2026-06-02 reading and was not re-measured.
- Sell-to-buy transaction ratio in the primary pool (currently 5.4:1 over 24h). A sustained sell-pressure regime against the asymmetric composition is how this secondary degrades from “working with slippage” to “no functional exit.”
The rebasing multiplier’s cadence. Issuer-updated; track whether it keeps pace with the ~11.5% net dividend. From 06-30 the multiplier should reflect a twice-monthly dividend accrual (STRC’s payment cadence goes semi-monthly) rather than a single monthly step — watch that it keeps pace with the semi-monthly net dividend.

The upstream Strategy issuer is analyzed in the MSTR report — that’s the entity behind STRC, and the place to understand the mNAV regime, capital structure, and BTC stack dependency in depth. Read MSTR for the upstream funding-model context.

STRCx sits upstream of multiple downstream wrappers across the STRC family. Holders of any of these should read STRCx for the underlying analysis:

apxUSD — Apyx’s $1-pegged stablecoin wrapper; STRC-backed reserves, yield routed away.
apyUSD — Apyx’s yield-bearing sibling; captures the STRC dividend as NAV growth.
sUSDat — Saturn’s yield-bearing wrapper; STRC dividend pass-through into NAV.
usdat — Saturn’s permissioned non-yield stablecoin (sUSDat’s underlying).

All four carry STRC family exposure indirectly through their backing baskets; STRCx is the direct, undiluted version.

Revision history: 2026-09-09 — Backing 4.0 added; no existing score moves. The axis was absent on both surfaces rather than mislabelled, so nothing was re-scoped. STRCx is a 1:1 wrapper, which reduces backing to whether the STRC is there and whether anyone can check. ⚠️ It is held at 4.0 on verifiability rather than on collateral quality: the Backed attestation is family-level rather than per-token, so STRCx’s own backing is not checkable at a moment, and multiplier() is issuer-controlled rather than deterministic — a second, distinct unverifiable input. Above apxUSD 2.0 and sUSDat 2.5 because a claim on one named security has no reserve management, netting, POL circularity or drifting ratio. Report migrated to the six-axis core so the axis renders; the existing Underlying 3.0 becomes Dependencies unchanged, since its rationale already argued passthrough.

Revision history: 2026-09-13 — wrapper layer re-measured; no score moved. ⚠️ Solana depth re-read on the same instrument as the June baseline: $849,405 across 20 pools on $1,027,442 of 24h volume, against about $807K across four pools on 2026-06-02. ⚠️⚠️ The money barely moved (+5.3%) while the pool count went fourfold to twentyfold, and the tail is noise rather than depth — 14 of 20 pools hold under $10,000, top pool 44.4%, top two 69.4%. ⚠️⚠️ A third of the headline depth does not end in dollars: $273,238 (32.2%) is paired against DIVI, haMSTR, STRC, Luna, PNZI, MSFTx, SPYx and SOL, and the second-largest pool is STRCx/DIVI at $212,801 — 25.1% of all TVL, against a memecoin. Only $576,167 across 8 pools pairs against USDC. ✅ Liquidity held at 2.5 on the re-measurement rather than carried. ✅ The multiplier is 1.08089, up 3.959 points over 109 days — about 1.105 pp/month against a tracked ~0.96, roughly 15% ahead — so the accrual risk this page monitors has not materialised, though an issuer-controlled rate remains uncheckable either way. ⚠️ Not re-measured and carried forward explicitly: the ~1,072 holder count, the primary pool’s 87%/13% asymmetry, the 5.4:1 sell-to-buy ratio, and the underlying STRC layer, which STRC owns and verified 2026-08-24.

Revision history: 2026-08-18 — Liquidity reviewed and held at 2.5; Overall held at 3.0. The internal liquidity mark was corrected down to match the published score because this axis is based on observed depth: the 2026-06-02 GeckoTerminal read remains the only measurement. No fresh pool-by-pool measurement was taken; that work remains open. Also refreshed the STRC state to the 08-17 weekly 8-K (period 08-10→08-16): STRC around $95, four consecutive buybacks totalling $347.0M with about $653M of the authorization left (roughly five weeks at pace), record $4.80B reserve, 840,447 BTC, mNAV back above 1.0 — with the new signal being that the buyback is delivering less price per dollar spent. The pre-08-18 narrative sections were not rewritten and still read to 07-27. Prior: 2026-07-27 — 8-K refresh: first STRC buyback of about $25M, record $3.75B reserve, third flat-BTC week under a par-conditioned pause, and STRC firmed to about $88.90; marks held.

This report is based on Backed Finance’s public documentation, Strategy Inc. SEC filings (most recent: 2026-07-27 weekly 8-K covering 07-20→07-26, accession 0001193125-26-316917, disclosing the first STRC buyback, a record $3.75B cash reserve, common ATM issuance of about $544M, and a flat BTC stack for a third consecutive week; 2026-07-20 weekly 8-K, accession 0001193125-26-308369; 2026-07-13 weekly 8-K, accession 0001193125-26-301483; 2026-07-06 weekly 8-K, accession 0001193125-26-295586; 2026-06-29 8-K “Digital Credit Capital Framework”, accession 0001193125-26-286871), on-chain reads, and third-party data (rwa.xyz, CoinDesk) through 2026-07-27. Live values for mNAV regime, MSTR/BTC inputs, STRC instrument state (price, dividend rate, par drift), STRCx wrapper supply across five chains, the rebasing multiplier, top holders and admin posture are on the STRCx dashboard; the cash-service waterfall, rate-ceiling headroom and SEC EDGAR 8-K event log are on the STRC dashboard, because those describe the instrument rather than the wrapper. STRCx is an off-chain-backed real-world asset: backing is verified via Backed’s issuer-level reports and qualified-custodian arrangement, not a continuous on-chain feed, and some details (named custodian for STRC) are not independently verified here. Strategy issuer analysis is in the companion MSTR report. Corrections, attestation links, or additional disclosures welcome at info@tidresearch.com.

Revision history

2026-08-18 update — Liquidity reviewed and held at 2.5; Overall HELD at 3.0. STRC is back near $95, but the buyback holding it there is buying less price per dollar each week. Two separate things, both worth reading.

Liquidity stays at 2.5. The internal mark was corrected down to match the published score: this axis scores observed depth, and the 2026-06-02 GeckoTerminal read is still the only pool measurement. ~~The pool figures below remain those June readings, and a fresh pool-by-pool STRCx depth measurement (TVL and slippage tiers on the Solana venues) remains open.~~ Superseded 2026-09-13: the pool-by-pool measurement was taken — 20 pools, $849,405 aggregate, with the dollar-paired split now the finding. Treat 2.5 as the measured, thin one-venue secondary-market score and size against the depth, not against an unmeasured estimate.

STRC state as of the 08-17 weekly 8-K (period 08-10→08-16). STRC trades around $95, roughly 5% below par — a real recovery from the about $88.90 described in the 07-27 box below, and its best level since the June dislocation. But the mechanics behind it have gotten less comfortable, not more. Strategy’s buyback series ran $25.0M → $81.2M → $108.6M → $132.2M across four weeks; that largest-yet $132.2M week (1,388,720 shares at about $95.19) still left STRC printing just below $95, with a live soft-floor-watch flag on our tracker. Escalating spend against a flat-to-slipping price means the natural bid is weakening faster than the program is buying. Of the $1.0B authorization, about $653M remains — roughly five weeks at the current pace. The floor is finite by construction and the burn rate is rising.

The funding source flipped back to equity. The 08-09 buyback had been paid for entirely by selling 1,690 BTC — the collateral funding its own price support. In the 08-17 week, no bitcoin was bought or sold (holdings 840,447 BTC); the $132.2M of buybacks plus $52.4M of STRC dividends came from $333.7M of MSTR common-stock ATM proceeds, with the USD reserve building to a record $4.80B (roughly 33 months of total-preferred coverage). That preserves the collateral, but it substitutes one dependency for another: the floor now rests on Strategy’s continued ability to issue common stock to defend the preferred, which is a transfer of value from common holders and only works while equity issuance stays viable. Zero preferred was issued for an eleventh consecutive week.

Marks held at Overall 3.0. Ability-to-pay improved (reserve up, collateral untouched, dividend covered); against that, the floor is consuming a faster-depleting authorization and delivering less price per dollar. Those roughly offset, and the framing the 3.0 already prices — a discretionary, finite, non-contractual floor — is unchanged. The STRC narrative in the sections below this box reads to 07-27 and has not been rewritten; where it states a price, a reserve figure, or a buyback total as current, this box supersedes it.

2026-07-27 update — first STRC buyback, record $3.75B reserve, a third flat-BTC week; STRC about $88.90; marks HELD (Overall 3.0). This was the most reassuring week of the cycle for STRC holders. Strategy used its June $1.0B program for the first time, repurchasing 288,930 STRC shares for about $25.0M at roughly $86.50 each, below the $100 face value; about $975M remains. The soft floor has moved from promised to actually used, although it remains a discretionary issuer bid rather than a contractual floor or put. Strategy also built the preferred-dividend reserve to a record $3.75B, roughly 25 to 26 months of total-preferred coverage and 34 months on STRC alone, and paid dividends without selling Bitcoin for a third consecutive week. BTC stayed flat at 843,775; common-stock issuance roughly doubled to about $544M; preferred issuance stayed at zero for a ninth week.

Price and upstream watch. STRC recovered to about $88.90, roughly 11% below par, while MSTR rose to about $97.58. mNAV remained just below break-even at about 0.98, partly because the larger cash reserve reduces enterprise value, so this is not a stock-weakness signal. Management said it will not buy more Bitcoin until STRC returns to $100, making the BTC pause a deliberate STRC-support choice. Marks remain unchanged (wrapper composite 3.0, one notch below raw STRC’s internal 4.0).

Next thing to watch: Strategy declares the August STRC dividend rate in late July. Mid-to-high-$80s trading mechanically points to another 50bp increase, to about 12.50%, but the record reserve and now-live buyback make a hold at 12.00% a real possibility.

2026-07-20 update — record $3.225B reserve behind the STRC dividend; a second straight week with no Bitcoin sold; STRC $85.29; marks HELD (Overall 3.0). In the week of 07-13→07-19 Strategy built its cash reserve to another record, $3.225B (from $3.0B, up $225M) — roughly 30 months of STRC-dividend coverage on cash alone — and paid the dividend without selling any Bitcoin for the second week running (BTC flat at 843,775; common stock issuance of $263.5M, about half the prior week’s pace; eighth straight week of zero preferred issuance, no buybacks). Two clean weeks confirm the early-July 3,588-BTC sale was a one-off, not a new pattern. For STRC holders the soft floor is reinforced and cash-funded: a record reserve plus the $1.0B STRC-priority buyback authorization sit under the price — still a discretionary bid, not a contractual par guarantee. STRC softened to $85.29 (07-17, about 14.7% below par), still well above its $76 late-June low, with the July rate at 12.00% (semi-monthly). Upstream, mNAV sat just below the break-even line, at roughly 0.99 (07-17 close), with MSTR about flat at $94.85. Because the reserve is building, not drawing down, this remains a watch rather than the sustained-sub-1.0-with-reserve-drawdown trigger that would re-open the downgrade. Marks unchanged (wrapper composite 3.0, one notch below raw STRC’s internal 4.0). See the MSTR report for the upstream mechanics.

Next thing to watch: Strategy declares the August STRC dividend rate in late July. STRC has traded in the mid-$80s all month, which mechanically points to another increase (to about 12.50%). But under the revised late-June policy Strategy will not automatically raise the rate just because STRC trades below $100 — so a hold at 12.00% is a real possibility, and would be the first live use of that discretion. That would be a mild negative if you are relying on the rate-increase mechanism to pull STRC back toward par.

2026-07-13 update — record $3.0B reserve behind the STRC dividend; no Bitcoin sold this week; STRC ~$87.48; marks HELD (Overall 3.0). In the week of 07-06→07-12 Strategy built its cash reserve to a record $3.0B (from $2.55B, +$450M) — roughly ~28 months of STRC-dividend coverage on cash alone — and funded the dividend without selling any Bitcoin, restarting common stock issuance instead ($466.7M ATM; BTC flat at 843,775, 7th straight week of zero preferred issuance). Last week’s 3,588-BTC sale was a one-week event, not a run-rate. For STRC holders the soft floor is now reinforced and cash-funded: a record reserve plus the $1.0B STRC-priority buyback authorization sit under the price — still a discretionary bid, not a contractual par guarantee. STRC traded ~$87.48 (07-12, about −12.5% to par), holding well off its $76 all-time low, with the July rate at 12.00% (semi-monthly). The one watch item is upstream: MSTR fell ~8% w/w and mNAV slipped back just below 1.0 (~0.97–0.98) — but because the reserve is building, not drawing down, this is a watch, not the sustained-sub-1.0-with-reserve-drawdown trigger that would re-open the downgrade. Marks unchanged (wrapper composite 3.0, one notch below raw STRC’s internal 4.0). See the MSTR report for the upstream mechanics.

2026-07-06 update — Strategy sold Bitcoin to keep the STRC dividend paid; STRC recovered to ~$87.87; marks HELD (Overall 3.0). In the week of 06-29→07-05 Strategy sold 3,588 BTC (~$216M) — its first at-scale Bitcoin sale on record — explicitly to fund its preferred-stock dividends (STRC is ~85% of that obligation) and refill its cash reserve. For STRC holders this is the soft floor demonstrated in action: Strategy is now visibly willing to sell Bitcoin to keep the STRC dividend paid, a genuine support signal for the instrument. STRC itself recovered to ~$87.87 (about −12% to par), well off its $76 all-time low on 06-25, while the July dividend rate holds at 12.00% (paid semi-monthly). STRC still trades below its $100 target, so this is support beneath the price, not a return to par — and marks are unchanged (the wrapper composite stays 3.0, one notch below raw STRC’s internal 4.0). See the MSTR report for the upstream BTC-sale mechanics.

June 2026 update (2026-06-29 8-K — STRC’s par defense is now a discretionary soft floor; Volatility held 4.5, Underlying 2.5 → 3.0, Overall 2.0 → 3.0) — reconciled to canonical scoring. Strategy’s 06-29 “Digital Credit Capital Framework” 8-K materially changes how STRC defends its value, and it voided a worse-case scenario the prior pass was bracing for. The over-the-weekend “mNAV below 1.0” scare (which had armed a further STRC cut) reversed: mNAV recovered to ~1.01 (low-parity, back above the 1.0 line), and the 8-K supplied a coordinated funding-resilience package — so the armed further cut on the underlying STRC is voided, not fired. Two things flow through to STRCx 1:1:

STRC’s par mechanism is now a discretionary soft floor, not a rate-ratchet. The framework explicitly states Strategy “will not necessarily increase the STRC dividend rate solely because STRC trades below its stated amount.” The old reflex — if STRC drifts below ~$95 par, hike the dividend until buyers return at $100 — is gone. Instead Strategy may defend STRC by buying it back (a $1.0B program with STRC the first priority, funded by selling bitcoin) or by drawing a near-doubled $2.55B cash reserve (under a 12-month-minimum policy). That is a soft floor under the price, not a peg: downside is genuinely cushioned by a discretionary issuer bid + a much larger reserve, but there is no contractual floor, no put, and no commitment to return STRC to $100 — and the buyback bid appears because STRC is cheap. ⚠️ The filings say otherwise: repurchases ran $25.0M → $81.2M → $108.6M → $132.2M while the implied average price rose $86.53 → $95.20 — the bid accelerated into the recovery rather than fading. Causality is not established (the bid may be why the price rose), but a holder should not expect the support to withdraw itself as par approaches. See MSTR, which carries the full series. Mark STRC (and STRCx 1:1) to its market price with that soft floor beneath it, not to a par recovery.

July STRC rate confirmed at 12.00% (+50bp), now paid semi-monthly.

Why the scores reconcile up to canonical: this report’s prior pass had cut the STRCx composite to 2.0 (Underlying 2.5) on the 06-26 mNAV-parity crossing — a notch below our internal canonical STRCx score, which held at 3.0 throughout (the 06-26 parity cut on the underlying stands, but the further 06-28 cut was voided by this 8-K). Reconciling to canon plus the genuine stabilization from the soft floor + reserve-doubling brings Underlying to 3.0 and Overall to 3.0 — still correctly below raw STRC (internal Overall 4.0) by the wrapper’s −1.0 cost, and still “significant risk.” Volatility holds at 4.5; the wrapper-specific layers (Liquidity / Structural / Redemption / Issuer) are unchanged. Live watch: a sustained mNAV re-break below 1.0 with the reserve drawing down would re-open the downgrade.

June 2026 update (2026-06-26) — mNAV crossed into PARITY; STRC look-through deepened, another half-notch down. STRC fell further to a regular-session ~$76 (a fresh all-time low, about −24% to par) and Strategy’s mNAV (EV/BTC) crossed from premium (~1.05) into PARITY (~1.02) — the regime crossing. STRC’s upstream funding engine (Strategy’s accretive common-ATM flywheel) is now roughly neutral, so STRC’s counterparty/credit look-through worsened — the internal raw-STRC score stepped to 4.0 overall (counterparty cut). The July dividend reset is a locked +50bp hike (→12.0%). STRCx tracks STRC ~1:1, so the Underlying / STRC-look-through axis (3.0 → 2.5) steps down to mirror STRC, and overall follows (2.5 → 2.0). Volatility stays 4.5 (STRC’s volatility axis didn’t move this round). The wrapper-specific layers (Liquidity / Structural / Redemption / Issuer) are unchanged. What keeps this from dropping further: the issuer’s near-term ability to pay actually improved this week — Strategy’s USD cash reserve jumped $1.1B → $1.4B (06-21), extending runway to ~9.8 months, issuance stayed paused (4th week, not forced), and net BTC accumulation continued. This is instrument-price stress with the funding model at its inflection, not a Strategy credit event. Reversion note: a durable mNAV bounce back above ~1.05 reverts this notch.

Prior same-day pass (2026-06-26, pre-market): STRC printed an all-time low — $79.85 intraday 06-24, ~$80.84 (about −19% to par) — roughly 2.4× the ~8% sub-par stress the earlier downgrade absorbed; mNAV sat right on the ~1.05 premium floor. Volatility 5.0 → 4.5 and Underlying 3.5 → 3.0, overall 3.0 → 2.5, then the parity crossing occurred intraday and drove this further half-notch.

Prior — June 2026 drawdown update (2026-06-07): a ~16% BTC drawdown since late May (about $73.6K → $61.7K) propagated down the Strategy stack — MSTR about −21%, and the underlying STRC de-anchored about −5.2% to ~$93.40, breaking its $95 dividend-bump trigger around 6/2. The price-anchor (Volatility 6.0 → 5.0) and the Underlying axis (4.5 → 3.5) dropped and overall followed (4.0 → 3.0). The wrapper-specific layers — thin Solana DEX depth, Backed issuer counterparty, AP-gated redemption — were and remain unchanged. The cut is the underlying STRC credit deteriorating, not the wrapper breaking.