Emerging financial entities are coalescing to capitalize on lucrative investment opportunities tied to Strategy's lucrative equity offerings.

A new class of crypto treasury companies is emerging around Strategy’s high-yield stock, STRC, drawing in firms looking to capture both exposure to bitcoin and additional income.

STRC is a security issued by Strategy, the largest publicly traded holder of bitcoin, as a funding vehicle to support its ongoing bitcoin accumulation strategy. The company raises capital by offering investors an annualized dividend of 11.5%, paid monthly in cash, with proceeds primarily used to purchase BTC.

Such is the stock’s popularity that it registered a record-breaking trading volume on Tuesday, with more than $1.6 billion in shares changing hands.

STRC, the new base layer

As trading volumes surge, a growing number of companies and decentralized finance protocols are accumulating STRC to capture its yield while gaining indirect exposure to bitcoin.

STRC is now being used as a base layer for new financial products that add leverage, tokenization and structured yield.

Saturn Credit, a bitcoin-backed yield platform, accumulated $15 million in STRC within six days of launch. Apyx, an onchain credit protocol, has built a position of 800,000 shares after purchasing an additional 200,000 STRC, with plans to become one of the largest holders.

BitStrategy is taking a similar approach. Co-founder and Head of US Ryan McGinnis said the firm aims to accumulate Strategy securities, with the long-term goal of becoming the world's largest Strategy shareholder.

On-chain, nearly $200 million in tokenized STRC now exists on Ethereum, with close to $100 million trading on Pendle. Pendle is a decentralized finance platform that allows users to trade and separate yield from underlying assets, creating markets for future income streams.

Ex-dividend date pushes STRC below par value

During Wednesday's pre-market trading, STRC dropped to $99.39, falling below its $100 par value, a reference price set by the company, often tied to how it issues new shares. This happened after the stock went "ex-dividend," which means new buyers are no longer eligible to receive the upcoming dividend payment.

Because the price is now below $100, the company will temporarily stop selling new shares through its at-the-market (ATM) program.