Strategy Is Building a Financial Stack on Bitcoin Strategy’s vision is moving beyond simply accumulating Bitcoin. The company is trying to build a broader financial structure around BTC. Bitcoin becomes the capital layer. BTC sits at the base of the structure rather than functioning only as a passive treasury asset. STRC becomes the credit layer. Its roughly 12% dividend connects Bitcoin based capital with investors seeking income, while the adjustable rate is designed to keep STRC trading closer to par. Digital yield is the next layer. TradFi and DeFi platforms can potentially build new yield products around STRC and similar instruments. That 12% yield comes with meaningful risk. STRC is perpetual preferred equity, not a Bitcoin backed bond. There is no maturity date, and dividends remain dependent on Strategy’s financial capacity and board decisions. Bitcoin is both the foundation and the main source of risk. A prolonged BTC downturn could weaken the balance sheet, raise funding costs and make the structure harder to sustain. Strategy is effectively testing whether Bitcoin can evolve from a treasury asset into the foundation of a broader credit and yield market. The concept is compelling, but its real test will come during periods of prolonged Bitcoin stress.