Finance10 August, 20262 min read
Solstice Finance Launches strcUSX Structured Product Linked to Strategy’s STRC Preferred Stock
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Solstice Finance launches strcUSX on Solana, first STRC product on the network. StrcUSX provides indirect exposure to Strategy STRC dividends and price risk via tranched tokens.
Solstice launches strcUSX
Solstice Finance, a Solana-based decentralized finance protocol, launched a structured product called strcUSX that provides indirect exposure to the dividend income and price movements of Strategy’s perpetual preferred stock, trading under the ticker STRC. The product does not tokenize STRC shares or require users to hold the preferred stock directly; instead, participants deposit Solstice’s dollar-pegged settlement token, USX, into a dedicated vault and receive Solana-based tokens linked to a portfolio holding the Nasdaq-listed preferred shares.
CoinDesk said the vault separates dividend income from market price volatility on Strategy’s preferred shares, with a senior token and a junior token designed to split risk and returns. In the same CoinDesk account, Strategy disclosed it sold 1,690 bitcoins for $108.6 million and used the proceeds to repurchase 1,152,020 STRC shares, reducing its bitcoin holdings to 840,447 BTC.
Tranches and yields
Solstice’s structure splits indirect STRC exposure into two Solana tokens: the lower-risk senior tranche token, SR-strcUSX, and the higher-risk junior tranche token, JR-strcUSX. BigGo Finance reported that SR-strcUSX targets a 7% annual yield by receiving priority profit distribution, while JR-strcUSX targets an APY designed at over 20% and bears losses first if STRC’s price declines.
CoinDesk described how users can redeem after a seven-day withdrawal waiting period or exit immediately by paying a fee, with returns accumulating through changes in the token’s exchange value rather than separate dividend distributions. CoinDesk also said STRC currently pays an annual cash dividend of 12% in two monthly installments, with the dividend rate determined by Strategy’s board and subject to board declarations.
Strategy’s Bitcoin link
Multiple outlets tied the STRC-linked product to Strategy’s broader Bitcoin holdings, noting that Strategy uses proceeds from STRC sales to bulk up its Bitcoin holdings and that dividends flowing to strcUSX holders are underpinned by a corporate balance sheet stuffed with BTC. Crypto Briefing said Solstice’s launch represents the first time this “particular flavor of institutional yield has landed on Solana,” framing the product as a TradFi wrapper around a fundamentally crypto-correlated asset.
CoinDesk reported that the product is the first STRC-linked instrument on Solana and reiterated that it does not tokenize or grant users ownership of STRC shares, with users instead depositing USX into a vault. In the same CoinDesk reporting, Strategy’s board sets the dividend rate for STRC, and STRC “can continue paying its dividend while its market price declines,” while the senior tranche is designed to shield holders from part of that market-valuation risk and the junior tranche takes on more of it in exchange for higher potential returns.