Strategy reported a massive loss in Q1, yet STRC has become a new favorite in DeFi. How is the 11.5% high yield brought on-chain?

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Author: Jae, PANews On May 6, Strategy released its Q1 2026 financial report. The numbers were not pretty: a net loss of $12.54 billion, primarily driven by the fair value changes of its Bitcoin holdings. CEO Michael Saylor hinted during the earnings call that the company "might sell some Bitcoin to pay dividends." Following the news, Strategy's stock price fell over 4% in after-hours trading, and Bitcoin also briefly retreated below $81,000. However, while traditional markets voted with their feet, Strategy's products were being sought after in another market. Its perpetual preferred stock, STRC, is becoming the "new darling" of the DeFi space. Three major DeFi protocols—Saturn, Apyx, and Pendle—have leveraged STRC to build a "BTC on-chain yield structure," launching a financial experiment to explore the ultimate capital efficiency of Bitcoin. 11.5% High-Yield Temptation: STRC Drives DeFi Integration In July 2025, Strategy launched the perpetual preferred stock STRC on Nasdaq. With no maturity date and no principal repayment required, it only pays monthly dividends, serving as a financing tool for Saylor’s Bitcoin purchases. When the market price of STRC falls below its $100 par value, the board increases the dividend rate to attract buyers; conversely, it lowers the rate. As of May 2026, the annualized dividend rate of STRC has risen to 11.5%, far exceeding the approximately 3.7% yield of U.S. Treasuries, making it a hot commodity for many retail investors. Related Reading: STRC Falls Below $100, Strategy’s Bitcoin Perpetual Motion Machine Slows Down This mechanism creates a financing flywheel for Strategy. Only when the STRC price is at or above $100 does the company issue new shares at par to raise capital, which, after deducting dividend reserves, is used to purchase Bitcoin. Saylor calls this model "intelligent leverage": for every $1 raised through STRC, Strategy issues $2 of common stock MSTR, maintaining a leverage ratio of approximately 33%. This means $1 of STRC translates into $3 of Bitcoin buying power. Today, the issuance scale of STRC has reached $8.5 billion, making it one of the world's largest preferred stocks. Although Strategy recorded a $12.8 billion net loss in Q1 due to Bitcoin impairment, STRC still maintains a Sharpe ratio as high as 2.53 and sufficient liquidity. The performance of STRC has paved the way for DeFi protocols to bring it on-chain. Saturn Takes the Lead: Bringing STRC Dividend Yield On-Chain Saturn is the first protocol to take the plunge. It secured $800,000 in seed funding from Yzi Labs and Sora Ventures to convert STRC dividend yields into on-chain stablecoin cash flow. Co-founder Kevin Li describes the protocol as "Tether for digital credit." Saturn adopts a dual-token model similar to Ethena, separating liquidity and yield: - USDat: A base stablecoin, 100% collateralized by tokenized U.S. Treasuries, serving as the protocol's liquidity layer, primarily used for payments, settlement, and DeFi collateral. - sUSDat: The staked version of USDat. When users deposit USDat into the staking contract, Saturn switches the underlying reserve assets from Treasuries to STRC, and the yield of sUSDat is derived directly from STRC's monthly dividends. Currently, Saturn's total STRC holdings have grown to approximately $50 million. Since STRC pays in cash, Saturn reinvests the cash on-chain or adjusts exchange rates to allow sUSDat to appreciate relative to USDat. As of May 7, the yield of sUSDat has reached 9.51%. To attract early users, Saturn launched the "Gravity Points" campaign, providing up to 18x to 20x point rewards for USDC/USDat and USDC/sUSDat trading pairs on Curve, rapidly establishing initial liquidity depth. Just one month after the mainnet launch, Saturn's TVL surged from $40 million during the beta phase to $122 million, an increase of over 3x. $130 Million Heavy Position in STRC: Apyx Focuses on Yield Enhancement If Saturn is building base money, Apyx is enhancing credit yield. As the largest external holder of STRC on-chain, its holdings are valued at nearly $130 million, using "yield aggregation" to roll basic dividends into excess returns. Apyx also adopts a model that separates non-yielding stablecoins from yield certificates: - apx

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