Solstice Finance rolled out a Solana-based product that gives decentralized finance (DeFi) users structured exposure to the dividend income and price risk of Strategy’s (MSTR) preferred stock (STRC).
The Zug, Switzerland-based firm, a DeFi yield infrastructure protocol built on Solana, said its new product splits the indirect STRC exposure into a senior and junior tranche, the firm said in a press release shared via Telegram.
Strategy disclosed it sold 1,690 bitcoin for $108.6 million on Monday, using the proceeds to repurchase 1,152,020 shares of its variable-rate preferred stock, STRC, for $108.6 million. The bitcoin sale reduced Strategy’s holdings to 840,447 BTC.
The product, called strcUSX, does not tokenize or give users ownership of STRC shares. Instead, users deposit USX, Solstice’s dollar-linked settlement token, into a vault and receive one of two Solana tokens tied to the economics of a portfolio holding the Nasdaq-listed preferred stock.
