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20.06.26 - 00:39
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STRC Is Junk Credit In A Bitcoin Costume, And Retail Is Holding $8.8 Billion Of It (ZeroHedge)
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STRC Is Junk Credit In A Bitcoin Costume, And Retail Is Holding $8.8 Billion Of It
Authored by Glenn Cameron via BitcoinMagazine.com,
There is now $15 billion sitting in three securities being marketed to bitcoin holders as the safer, smarter way to access bitcoin exposure: Strategy's preferred stack, STRC, and SATA.
The pitch is identical across all three.
Tax-favored. 11.5% income. Backed by bitcoin. Money-market risk. 82.7% of the buyer base is retail.
Every word of that pitch is wrong, and the security those buyers actually own is built to fail in exactly the bitcoin environment it claims to harness.
The Pitch Is a Story. The Capital Structure Is the Truth
STRC is an unsecured, subordinated, perpetual preferred equity. No maturity date. No lien on a single satoshi of Strategy's bitcoin treasury. The dividend is discretionary, which means the board can cut it at any monthly meeting with no notice, no remedy, and no vote. S&P rates the issuer B-, four notches into junk territory. None...
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19.06.26 - 10:48
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Bitcoin zwischen Neuausrichtung der US-Geldpolitik und KI-Euphorie (BondGuide)
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Die Fed unter Kevin Warsh signalisiert eine restriktivere Gangart, während die Märkte von geopolitischen Sorgen zu Geldpolitik umschwenken. Für Bitcoin sprechen dennoch mittelfristig günstige Indikatoren: Inflationäre Drücke lassen nach, und AI-Produktivitätsgewinne dürften deflationär wirken. Zugleich markiert ein neues Investitionsregime – weniger Aktienrückkäufe, mehr produktive Kapitalallokation – einen strukturellen Wandel, der den digitalen Vermögenswerten langfristig zugute […]...
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