Bitcoin proxy Strategy’s 11% yield is shifting the economics of a massive $5B MSTR short bet

Institutional interest in Strategy’s (formerly MicroStrategy) preferred securities is building at a time when the company’s common stock, MSTR, remains one of the market’s most-watched bearish trades tied to Bitcoin. The clearest signal came this week, when Prevalon Energy and Anchorage Digital said at Strategy World 2026 that they had each allocated part of their corporate treasury to STRC, Strategy’s variable-rate …