Key Takeaways
- • Ondo Finance has tokenized Strategy Inc.'s STRC (Stretch) perpetual preferred stock, enabling non-U.S. investors to access the security across Ethereum, BNB Chain, and Solana blockchains via Ondo Global Markets.
- • STRC carries an 11.5% annualized yield paid monthly in cash, with a $100 par value and a variable-rate dividend structure designed to maintain price stability and predictable income.
- • Strategy Inc., the largest publicly traded Bitcoin holder, issued STRC in July 2025 through a $2.521 billion IPO to generate ongoing income while funding its Bitcoin acquisition program.
- • Tokenized STRC is backed 1:1 by shares held in custody, preserving the same economic and dividend characteristics as the underlying preferred security while extending institutional access to decentralized networks.
- • STRC is part of Strategy's broader preferred securities suite launched since 2025, which includes STRK, STRF, and STRD, each structured to accommodate different investor risk profiles and income requirements.
Summary
Ondo Finance has launched tokenized access to STRC, Strategy Inc.'s perpetual preferred stock, across major blockchain networks. The tokenized version replicates the economic terms of the underlying security—an 11.5% annualized yield paid monthly in cash—while extending availability to non-U.S. investors through Ondo Global Markets. The token is backed 1:1 by STRC shares held in custody, ensuring that holders receive equivalent dividend payments and maintain identical claim rights as traditional security holders.
STRC, colloquially named "Stretch," represents Strategy's perpetual preferred stock designed to serve dual objectives: generating predictable recurring income and financing the company's ongoing Bitcoin acquisition strategy. Strategy launched STRC in July 2025 through a $2.521 billion initial public offering, positioning it among the largest U.S. IPOs of that year. The security's structure reflects institutional-grade design principles: a fixed $100 par value, variable-rate monthly dividends, and a pricing mechanism that Strategy adjusts to keep STRC trading close to par, thereby reducing volatility and providing holders with more stable income predictability. At current yields of 11.5% annually, STRC offers material income generation compared to traditional fixed-income benchmarks.
The perpetual preferred structure grants STRC holders priority in the company's capital structure relative to common equity holders, ensuring preferred dividends are paid before distributions to common shareholders. Strategy has expanded its preferred securities offerings since 2025, introducing multiple series—STRK, STRF, and STRD—each tailored to different investor risk appetites and income preferences. The tokenization of STRC via Ondo Global Markets represents a significant expansion in accessibility, bringing institutional-grade preferred securities to decentralized finance infrastructure and removing geographic barriers for qualified non-U.S. investors. The simultaneous availability across three major blockchain networks (Ethereum, BNB Chain, and Solana) underscores the institutional adoption trend in on-chain asset tokenization and reflects growing demand for yield-bearing securities accessible through blockchain infrastructure.
STRC, colloquially named "Stretch," represents Strategy's perpetual preferred stock designed to serve dual objectives: generating predictable recurring income and financing the company's ongoing Bitcoin acquisition strategy. Strategy launched STRC in July 2025 through a $2.521 billion initial public offering, positioning it among the largest U.S. IPOs of that year. The security's structure reflects institutional-grade design principles: a fixed $100 par value, variable-rate monthly dividends, and a pricing mechanism that Strategy adjusts to keep STRC trading close to par, thereby reducing volatility and providing holders with more stable income predictability. At current yields of 11.5% annually, STRC offers material income generation compared to traditional fixed-income benchmarks.
The perpetual preferred structure grants STRC holders priority in the company's capital structure relative to common equity holders, ensuring preferred dividends are paid before distributions to common shareholders. Strategy has expanded its preferred securities offerings since 2025, introducing multiple series—STRK, STRF, and STRD—each tailored to different investor risk appetites and income preferences. The tokenization of STRC via Ondo Global Markets represents a significant expansion in accessibility, bringing institutional-grade preferred securities to decentralized finance infrastructure and removing geographic barriers for qualified non-U.S. investors. The simultaneous availability across three major blockchain networks (Ethereum, BNB Chain, and Solana) underscores the institutional adoption trend in on-chain asset tokenization and reflects growing demand for yield-bearing securities accessible through blockchain infrastructure.
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