Daily Observation of Cryptocurrency Concept Stocks: "Liquidity Moat" under the STRC Model, Strive Reshapes Valuation Standards with a 13.8% Return Rate
On March 19, 2026, the core battleground of the cryptocurrency and stock market is shifting from "entry tickets" to "capital efficiency." MicroStrategy has built an extremely strong liquidity moat through the STRC financing tool, while Strive has established a new valuation benchmark for the entire industry with a 13.8% "Bitcoin yield" through a series of mergers and tool applications.
1. Financial Perpetual Motion Machine: MicroStrategy's STRC Financing Moat
MicroStrategy (NASDAQ: $MSTR) once again demonstrated the ultimate efficiency of "capital harvesting" through its STRC (perpetual preferred stock) yesterday.
The market observed that the STRC tool not only provides MSTR with almost unlimited buying power for Bitcoin but, more importantly, it has created a "liquidity vacuum point" in the secondary market. Since STRC can offer fixed income linked to BTC premiums, a large number of traditional fixed income funds have begun to enter the crypto market through this tool. This effectively gives MSTR a "perpetual bank," allowing it to increase its BTC holdings at any price through extremely low-cost credit expansion, completely transferring the pressure of fiat currency depreciation to the credit market.
2. The Birth of Valuation Benchmark: Strive Discloses 13.8% "Bitcoin Yield"
The most exciting data for investors yesterday came from Strive (Nasdaq: $ASST). In the latest disclosed financial briefing for 2026, Strive announced that its "Bitcoin Yield" has reached 13.8% this year.
This metric was pioneered by Michael Saylor to measure the growth of Bitcoin content per share. Strive successfully acquired 5,048 BTC through the acquisition of Semler Scientific, bringing its total holdings to 13,628 BTC. Strive's success proves that a company, even without the scale of MSTR, can still create "per share intrinsic value" that exceeds the price increase of BTC through precise mergers and the combination of ATM financing tools.
3. De-leveraging Capital Structure: Strive Repays $20 Million Loan
While actively increasing its holdings, Strive also disclosed that it has fully repaid the $20 million loan obtained from Coinbase using the proceeds from recent financing.
This move is highly strategic: as Bitcoin enters a period of high volatility, Strive has reduced the liquidation risk of its treasury by "debt reduction," while using the remaining funds to subscribe to MSTR's preferred stock. This "underlying holding of coins + upper-level holding of debt" composite balance sheet signifies that top players in the crypto stock market are leveraging each other's credit to build a "crypto internal circulation system" independent of the traditional banking system.
From "Solo Operations" to "Credit Network"
From the developments on March 19, we can clearly see that leading crypto stock players (such as MSTR and Strive) have moved beyond the simple accumulation phase. They are transforming themselves into a new type of "digital commercial bank" by utilizing STRC financing, cross-subscribing, and the Bitcoin Yield metric. In this new order, fiat currency serves as fuel, Bitcoin is the settlement medium, and the equity of these listed companies represents the highest quality credit credentials.
Data source: https://bbx.com/ Crypto concept stock information database, organized based on announcements from global listed companies and SEC/TSE disclosure documents from yesterday.
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