Solana gets its first Strategy STRC product through Solstice Finance

DeFi users can choose between a lower-risk 7% yield or a higher-risk 20% payout based on the economics of Strategy’s Nasdaq-listed stock.

Solana gets its first Strategy STRC product through Solstice Finance

Finance

Solana gets its first Strategy STRC product through Solstice Finance

The Solana vault splits income from Strategy’s preferred stock into a lower-risk senior token and a higher-risk junior token.

By

Olivier Acuna

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Edited by

Jamie Crawley

2 hrs ago

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Solstice tolled out a token vault that separates dividend income from market price volatility on Strategy’s preferred shares. (CoinDesk).

Summary

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Solstice Finance has rolled out strcUSX on Solana, a structured product that offers DeFi users exposure to the dividend income and price risk of Strategy’s STRC preferred stock without tokenizing the shares.

The product splits exposure into a senior token targeting a 7% annual yield and a junior token targeting more than 20% APY, with junior holders absorbing losses first if STRC’s price falls.

Users deposit Solstice’s USX token into a vault, can redeem after a seven-day unlock or exit immediately for a fee, and receive yield via changes in the tokens’ exchange rate rather than separate distributions.

Solstice Finance rolled out a Solana-based product that gives decentralized finance (DeFi) users structured exposure to the dividend income and price risk of Strategy’s (MSTR) preferred stock (STRC).

The Zug, Switzerland-based firm, a DeFi yield infrastructure protocol built on Solana, said its new product splits the indirect STRC exposure into a senior and junior tranche, the firm said in a press release shared via Telegram.

Strategy disclosed it

sold 1,690 bitcoin for $108.6 million

on Monday, using the proceeds to repurchase 1,152,020 shares of its variable-rate preferred stock, STRC, for $108.6 million. The bitcoin sale reduced Strategy’s holdings to 840,447 BTC.

The product, called strcUSX, does not tokenize or give users ownership of STRC shares. Instead, users deposit USX, Solstice’s dollar-linked settlement token, into a vault and receive one of two Solana tokens tied to the economics of a portfolio holding the Nasdaq-listed preferred stock.

The senior token, SR-strcUSX, is designed to receive income first and targets a yearly yield of 7%. The junior token, JR-strcUSX, takes the residual income after senior holders are paid and targets more than 20% APY. In return, junior holders absorb losses from changes in the value of the STRC position before senior holders do.

The product is the first STRC-linked instrument on Solana, according to Solstice.

STRC, known as Stretch, is Strategy’s variable-rate perpetual preferred stock. It currently pays a 12% annual dividend in cash, with payments twice a month, but the rate is set by Strategy’s board and dividends remain subject to declaration.

STRC may continue to pay its dividend while its market price falls. The senior tranche is meant to shield holders from part of that mark-to-market risk, while the junior tranche takes on more of it in exchange for the higher yield earning potential.

Solstice said users can redeem after a seven-day unlock period or exit immediately for a fee. Yield accrues through the token’s exchange rate rather than being paid as a separate distribution.

MicroStrategy

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