# Liability Structure İlgili Makaleler

NYDIG Breaks Down The Bitcoin Flywheel Behind Strategy’s STRC Surge

NYDIG analyzes the surge in Strategy's STRC issuance, framing it not as traditional debt but as a bitcoin-backed liability system dependent on capital markets and investor confidence. The firm notes that Strategy issued $1.2 billion in STRC recently, bringing its total preferred equity stack to over $10 billion. These securities are actively managed to trade near par through dividends and signaling, not serviced by cash flow. The structure creates a "flywheel" where capital raises fund bitcoin purchases, strengthening the balance sheet and sustaining confidence—as long as markets remain open and assets trade above NAV. A decline in bitcoin or loss of confidence could stall the system without triggering insolvency, shifting adjustment to the preferred layer.

bitcoinist03/25 07:01