Sales: The STRC Cantillon Reconstruction
Strategy holds over 845,000 Bitcoin and has built five classes of preferred stock on top of it. The most heavily marketed, STRC, pays retail investors 11.50% annualised yield. This analysis walks through the full capital stack, where the monthly payment actually comes from, and the three conditions that must hold for the structure to keep working. It examines the May 2026 Bitcoin sale, the below-par trading, the reserve runway, and the circular defence offered by a treasury invested in the product it defends. The deeper argument is structural: retail dollars flow up, Bitcoin accumulates at the top, and fiat-denominated claims flow back down. The geometry of the Cantillon effect, rebuilt on the protocol designed to end it. Every figure is sourced to SEC filings, prospectuses, and Strategy’s own statements. Whether STRC extends sound money theory or contradicts it is the question the piece leaves with you.