Solana ecosystem launches its first STRC structured product, as Solstice Finance splits the returns and risks of its Strategy preferred shares.

Solana ecosystem DeFi yield infrastructure protocol Solstice Finance has launched a structured product strcUSX based on Strategy (MSTR) preferred stock STRC, marking the first Solana financial product linked to STRC. The product does not tokenize STRC stock nor represent users’ ownership of Strategy preferred shares; instead, it splits STRC-related yields and price risks via a yield vault. After users deposit Solstice’s dollar-settled token USX, they receive two types of Solana tokens, each corresponding to yield exposure of different risk levels. The senior tranche token SR-strcUSX claims yields first, with a target annualized return of around 7%; the junior tranche token JR-strcUSX takes on residual yields and more price volatility risk, with a target annualized return of over 20%. If STRC’s value drops, junior tranche holders absorb losses first. STRC is a floating-rate perpetual preferred stock issued by Strategy, currently with a cash dividend yield of around 12% paid twice monthly, though dividend disbursements remain subject to the company’s board of directors’ decision. Solstice stated that the product aims to let DeFi users gain exposure to STRC’s yields and risks without directly holding the stock, while catering to investors with different risk appetites via its tranched design. Earlier, on August 10, Strategy sold 1,690 Bitcoin to raise roughly $108.6 million, which it used to repurchase around 1.152 million STRC preferred shares. Strategy’s current Bitcoin holdings have dropped to 840,447 coins.