I borrowed against my HELOC at a 5% promotional rate and bought STRC at $94.13 in late September 2025. A $50,000 illustration using my actual economics bought 531 shares.
Over 5.5 months, it collected $2,379 in distributions, paid $1,151 in HELOC interest, and had a $3,129 unrealized gain. Net profit was roughly $4,357, an 8.7% return.
The spread drove the trade. STRC's return-of-capital distributions reduced cost basis instead of creating current taxable income. On March 10, 2026, an 11.5% yield against a 6.98% post-promo HELOC rate produced about $2,260 in annual carry on $50,000.
Debt makes the exit matter as much as the income. If borrowing costs erase the spread, STRC could also trade below $100 par when you need to sell and repay the HELOC. Its variable dividend can shrink, and holders have a preferred claim on Strategy's residual assets rather than a direct claim on its bitcoin.
For a FIRE portfolio, position size is the real decision. Positive carry can fund expenses while your bitcoin compounds, but the position has to be small enough that a bad unwind doesn't force the rest of your plan off course.
See the full carry math and risks: https://firebtc.io/p/why-i-bought-strc-with-borrowed-money
npub1m6…ue2p9
2026-09-20 13:10:00 UTC
Author Public Key
npub1m6y9qq06c74trgs60ya320pgmhz6099grra5lw04akyuxvcz7lvq9ue2p9Published at
2026-09-20 13:10:00 UTCEvent JSON
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"content": "I borrowed against my HELOC at a 5% promotional rate and bought STRC at $94.13 in late September 2025. A $50,000 illustration using my actual economics bought 531 shares.\n\nOver 5.5 months, it collected $2,379 in distributions, paid $1,151 in HELOC interest, and had a $3,129 unrealized gain. Net profit was roughly $4,357, an 8.7% return.\n\nThe spread drove the trade. STRC's return-of-capital distributions reduced cost basis instead of creating current taxable income. On March 10, 2026, an 11.5% yield against a 6.98% post-promo HELOC rate produced about $2,260 in annual carry on $50,000.\n\nDebt makes the exit matter as much as the income. If borrowing costs erase the spread, STRC could also trade below $100 par when you need to sell and repay the HELOC. Its variable dividend can shrink, and holders have a preferred claim on Strategy's residual assets rather than a direct claim on its bitcoin.\n\nFor a FIRE portfolio, position size is the real decision. Positive carry can fund expenses while your bitcoin compounds, but the position has to be small enough that a bad unwind doesn't force the rest of your plan off course.\n\nSee the full carry math and risks: https://firebtc.io/p/why-i-bought-strc-with-borrowed-money",
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}