Wall Street's $STRC Problem: Everyone Wants It, Nobody Can Approve It

Episode 001 of the new Bitcoin Treasuries Podcast is now live, and we’re kicking off the series with a conversation that goes straight to the heart of the movement – how to actually trade Bitcoin‑backed digital credit.

In this first episode, True North’s Soleil B (NithuSezni) breaks down how he thinks about $STRC and $SATA inside a broader treasury stack, from dividend mechanics to peg stability, while also digging into the real‑world frictions around demand for $STRC.

Soleil and our host Tyler Rowe cover:

• STRC’s dividend mechanics: Why, when STRC pays dividends, the common stock (MSTR) should technically drop by the dividend amount, not the preferred, and how that differs from traditional cash‑funded dividends in a way that supports peg stability.
  

• The “hot racking” SATA/STRC arbitrage strategy: How traders are trying to capture both SATA and STRC dividends around ex‑dividend dates, and why Soleil doubts the complexity and peg risk are worth it for most retail accounts.
  

• $100K as “critical mass”: Why Soleil sees roughly a $100K portfolio as the point where options premium (about $1K/week at 1%) can fund another 100‑share position, shifting returns from additive (around 52% per year) to more exponential (around 67% per year) via compounding.
  

• Wall Street’s hidden STRC demand: A top‑10 firm advisor managing nine figures with “tens of millions” ready to rotate from money markets into STRC, but unwilling to push for approval for fear of being labeled “the crypto guy.”
  

• Strive’s reverse split as options catalyst: How the ASST 20‑to‑1 reverse split moved Strive from sub‑$1 into a price range where options sellers can finally generate a meaningful premium (typically needing ~$10+ to make the math work).

If you’re new to the digital credit market, check out real-time information and data via the BitcoinTreasuries.net Digital Credit Dashboard.

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Special thanks to our partners:

• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writes specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• Arch Lending. Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana—no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions. Learn more: Arch Lending

• Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin

• Coinkite. Coinkite is a leader in security and hardware manufacturing and the maker of some of the most iconic Bitcoin products, such as OPENDIME, COLDCARD, BLOCKCLOCK, SATSCARD, TAPSIGNER and SATSCHIP. Learn more: Coinkite

• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• The Hemisphere Foundation. Hemisphere develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, with benefits of self-custody and Bitcoin native deployment. Learn more: The Hemisphere Foundation

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• Psalion. Psalion is a Bitcoin and digital-asset yield manager that offers institutional‑style investment strategies to professional investors, family offices, corporates, and private clients via separately managed accounts and yield funds. Learn more: Psalion

• Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing best-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

• XCE. An executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE

• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite