Strategy pays retail investors 11.5% in depreciating fiat while accumulating Bitcoin with no public proof of reserves and no redemption right. 80% of holders are retail.
It may not be a Ponzi, but the structural argument is that STRC rebuilds a Cantillon Effect on top of Bitcoin. The entity closest to accumulation holds the scarce asset while the participants furthest from it hold claims in the depreciating one. I traced the full capital structure from SEC filings and the prospectus.
Fully sourced analysis:
https://daniella.io/bitcoin-strc
daniella / Daniella ✨
npub1tm…ucu5x
2026-06-17 08:29:21 UTC
Author Public Key
npub1tmda3pwknv0sx55g8d0lhcehqqhf8jke6rd2st5fr0pgkhau9y0qyucu5xPublished at
2026-06-17 08:29:21 UTCEvent JSON
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"content": "Strategy pays retail investors 11.5% in depreciating fiat while accumulating Bitcoin with no public proof of reserves and no redemption right. 80% of holders are retail.\n\nIt may not be a Ponzi, but the structural argument is that STRC rebuilds a Cantillon Effect on top of Bitcoin. The entity closest to accumulation holds the scarce asset while the participants furthest from it hold claims in the depreciating one. I traced the full capital structure from SEC filings and the prospectus.\n\nFully sourced analysis: \nhttps://daniella.io/bitcoin-strc",
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}