How $STRC Became the Core Engine Behind Strategy’s Bitcoin Strategy

Описание: Welcome back to Apyx Alpha, where we break down Bitcoin, preferred equity, and the rise of onchain digital credit.

In Episode 2, Pete Humiston sits down with Dan Kang, Chief Strategy Officer of DFDV & Founding Contributor at Apyx, to unpack one of the biggest shifts happening inside Strategy’s capital markets machine:

Why did Strategy move away from convertible debt... and why is STRC becoming the new engine behind its Bitcoin accumulation strategy?

From the $8B+ of convertible notes raised since 2020, to the infamous 2027 maturity wall, to the rise of variable-rate perpetual preferred equity, this episode breaks down how Strategy is evolving from a high-volatility leverage vehicle into a full-blown volatility refinery.

You’ll learn:
• Why Strategy’s convert playbook worked in the early days
• What changed as Bitcoin volatility compressed
• Why September 2027 matters, and what the “maturity wall” actually is
• How perpetual preferred equity solves duration mismatch
• Why STRC may appeal to an entirely new class of institutional investors
• What most investors still misunderstand about digital credit

Timestamps
00:00 Intro + Why Strategy Changed Its Funding Engine
01:18 Strategy’s $8B Convertible Debt Playbook
04:49 The 2027 Maturity Wall Explained
07:51 How Preferred Equity Solves the Problem
09:53 What Is a “Volatility Refinery”?
11:33 Bitcoin, Converts, and Preferreds: Different Risk Profiles
14:44 Why $STRC Appeals to Institutional Capital
15:33 What Investors Still Get Wrong About STRC
16:53 Why Digital Credit Looks More Like Asset-Based Lending
19:24 Preview of Episode 3: The Satoshi Grade Framework

About Apyx
Apyx is the first dividend-backed stablecoin protocol that transforms preferred equity from Digital Asset Treasury companies into programmable, yield-bearing digital dollars.

By bringing digital credit onchain, Apyx unlocks transparent, verifiable yield backed by real corporate cash flows.

Links
🌐 Website: https://apyx.fi
📄 Docs: https://docs.apyx.fi
🐦 X: https://x.com/apyx_fi
💬 Discord:   / discord  
🔗 All links: https://linktr.ee/apyx_fi