Strive Asset Management Chief Strategy Officer Avik Roy said Michael Saylor has successfully “struck oil” with STRC, arguing that the Strategy’s recent preferred equity structure has opened up a powerful new channel for Bitcoin funding.
Speaking to Bitcoin Historian, Roy did not issue STRC as just another capital increase, but as a product development of Strategy’s wealth model. In his telling, the value is less about the new ticker and more about what it can unlock: a deep pool of sought-after currency that can be reused for more BTC purchases.
Saylor Found New Bitcoin Funding Engine
Roy’s argument hinges on how the Strategy has changed the financing playbook over time. He said the company first used regular equity issuance to buy BTC, then relied on zero-rated fixed-rate debt during the low-rate period, which is when it discovered that converting buyers were often hedged by shorting the stock. That, he argued, created unnecessary volatility in the MSTR.
The preferred form of equality, in his view, was the answer. Roy said that previously preferred brands have raised some revenue, but not to the extent required. STRC, by contrast, was designed to stay close to its $100 share price while offering a dividend yield that he says is “somewhere like 12% right now,” making it a more readable product for investors looking for yield with relatively low volatility.
“I think of it as hitting oil,” Roy said. “You get oil and oil that just spills. And that’s what they’ve identified here is that they’ve seen a very powerful money thing in it. And it’s still very early.”
That metaphor lingered throughout the interview. Roy’s point was not that STRC replaces BTC, but that it provides the Strategy with a more risky way to bring traditional money into the Bitcoin treasury strategy. He compared STRC to a stable value instrument for brokerage accounts, saying that investors who do not want direct Bitcoin volatility may still find the structure attractive if it holds close and continues to pay income.
He continued, arguing that this is how Bitcoin is starting to reshape the financial system from within. “What Strive and Strategy and these types of companies are actually doing is because they understand the value of Bitcoin is that they’re building debt on top of that,” Roy said. “They are using Bitcoin as a virus to infect traditional finance. This is great for Bitcoin and great for the people involved in the traditional financial sector.”
That thesis also helps explain why Roy sees STRC as a one-company affair. If products like STRC are successful, he suggested they could become part of a broader “digital debt” market built on BTC-heavy balance sheets. At the same time, he stressed that not all treasury companies can follow the strategy. The legal and banking costs involved in issuing preferred securities at scale are high, meaning smaller Bitcoin treasury firms may struggle to replicate the model anytime soon.
JUST OUT: $600 MILLION STRIVE CSO JUST SAID MICHAEL SAYLOR “DROPPED THE OIL” AT A TIME $STRC
STRATEGY IS USED #BITCOIN AS AN ACQUISITION OF TRADITIONAL MONEY
“THIS IS VERY GOOD, VERY GOOD FOR BTC.” 🚀 pic.twitter.com/PioiaJkUCJ
– Bitcoin Historian (@pete_rizzo_) March 22, 2026
Roy also tied the story of the STRC to a major shift in institutional attitudes. The strategy, he said, helps banks transition to Bitcoin not by talking but by issuing money. If banks and retailers can monetize Bitcoin-related products, the political and regulatory environment surrounding the commodity may begin to soften.
However, he limited the model’s long-term performance to one basic assumption: Bitcoin must continue to appreciate over time. If that remains, STRC and other similar structures could become a major engine of treasury accumulation in the future. If the bond markets finally start treating Bitcoin as a legitimate security rather than worthless, Roy suggested that the runway for Strategy and peers could expand significantly.
The Strategy’s Bitcoin buying sped up in early March before cooling off in the most recent disclosure week. In the week ending March 8, the company sold approximately $377.1 million worth of STRC and received 17,994 BTC. The following week, which ended on March 15, it sold another $1.1804 billion of STRC and bought 22,337 BTC.
But in the week ending March 22, Strategy reported no issuance of STRC and bought a relatively modest 1,031 BTC, funded by $76.5 million in net proceeds from the sale of MSTR stock. Over the course of three full weeks, the company has accumulated 41,362 BTC, with STRC providing approximately $1.56 billion in capital after the previous buying wave.
At press time, BTC traded at $70,655.
Featured image from YouTube, chart from TradingView.com
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