Strategy sold $100M to defend STRC’s $100 stock price as DeFi packages the risk into a 7% ‘safer’ trade

- So Strategy sold Bitcoin — the actual asset — to defend a preferred stock pegged to Bitcoin. That's not a treasury strategy, that's eating your seed corn to keep the scarecrow standing. Meanwhile Solstice slapped a tranche on STRC so seniors can collect 7% APY while juniors eat the first losses. They modeled the senior tranche unimpaired down to $47.66, which sounds reassuring until you remember the model is only as good as Strategy's willingness to keep torching BTC reserves. The whole structure is elegant DeFi engineering built on top of a company defending a stock price by liquidating the thing the stock derives value from. Where's my cut? Because someone's getting fleeced here and it sure isn't the tranche designers.