How it works
Roxom Carry lets you generate yield in Bitcoin using BTC as collateral ā without selling it. Your Bitcoin earns you more Bitcoin.Receive a USD loan
Borrow up to 50% LTV. The loan is converted into STRC exposure.
Earn monthly dividends
STRC pays ~11.5% annualized dividends. Roxom automatically converts them to BTC and credits your account.
You earn 11.5% STRC dividend (APR)
STRC currently pays a monthly dividend at 11.5% annualized on the loan amount (variable rate). Roxom converts it to BTC at market rate and credits your account.
You pay 7.5% borrow cost
7.5% per annum on your USD loan, compounding daily. Rate may vary by position size and prevailing market conditions. Always visible in your account.
You keep ~2.25% net annual carry
The difference between what you earn and what you pay, scaled by how much of your BTC you deploy (50% LTV). Net Bitcoin Yield = Carry Spread Ć Collateralization Ratio = 4.5% Ć 50% = ~2.25%. Rates are variable. Your actual carry may differ.
This is not trading, leverage speculation, or a complex derivative. You are using BTC as collateral to capture a yield spread. Roxom lends you USD against your Bitcoin, automatically buys the STRC for you, and credits you the monthly Bitcoin dividends. Rates are variable and results are not guaranteed.
Example
| Value | |
|---|---|
| Deposit | 1 BTC ($72,000) |
| LTV | 50% |
| Loan | $36,000 |
| STRC yield | ~11.5% (on loan amount) |
| Borrow cost | 7.5% per annum |
| Annual dividends | +$4,140 |
| Annual interest | ā$2,700 |
| Net carry | ~$1,440 (~2% on total BTC) |
Product parameters
Loan terms
| Parameter | Value |
|---|---|
| Collateral | BTC |
| Max LTV | 50% |
| Borrow rate | 7.5% per annum (may vary by size and prevailing market conditions) |
| Interest | Accrues daily, compounds on outstanding balance |
| Maturity | None (open-ended) |
| Origination fee | None |
| Minimum deposit | 0.5 BTC |
| Repayment | USDT, any time |
Liquidation thresholds
| Level | LTV |
|---|---|
| Warning | 55% |
| Margin call | 60ā65% |
| Liquidation | 70%+ |
Dividend settlement
STRC pays a monthly USD cash dividend on Nasdaq. Roxom collects the dividend, converts it to BTC at market rate, subtracts your accrued borrow cost, and credits the net carry to your Roxom account. You choose what to do next: compound the position (buy more STRC by looping the carry trade with fresh dividends) or simply stack the BTC.Compounding (the flywheel)
If you reinvest your carry:- You earn BTC from the spread
- Add it as additional collateral
- Borrow more against the higher collateral
- Buy more STRC
- Generate more yield
How Bitcoin price movements affect your yield
Your net Bitcoin yield is a direct function of the carry spread (currently ~4.5%) and your actual LTV at any given moment. Because your collateral is Bitcoin, its dollar value moves constantly, which means your LTV is dynamic.- If Bitcoin goes up: your collateral rises in value, your LTV compresses below 50%, and your net yield dips below 2.25%. To maintain the full yield, you can top up your loan (borrow more against the higher BTC value) and buy more STRC. Or keep the extra safety buffer and accept a slightly lower yield.
- If Bitcoin goes down: your collateral drops in value, your LTV rises above 50%, and your net yield actually increases above 2.25%. The trade-off is a thinner safety buffer and higher liquidation risk ā which is why conservative starting LTVs matter.
Why STRC
STRC is a preferred stock issued by Strategy Inc. (formerly MicroStrategy), listed on Nasdaq.- Pays ~11.5% annualized dividends, monthly
- Designed to trade near $100 (par value) ā the dividend adjusts dynamically to stabilize price
- Strategy holds a reserve of ~$2.25B to sustain payments
- ~$250M average daily volume ā the most liquid preferred stock in the US
Yield comparison
| Instrument | Yield | BTC exposure |
|---|---|---|
| Roxom Carry | ~2.25% | Yes |
| T-Bills | ~4.3% | No |
| Money market | ~4.5% | No |
| High yield bonds | ~6.8% | No |
Risks
BTC price drop
BTC price drop
A falling BTC price increases your LTV and can lead to liquidation. BTC would need to fall ~28.6% from entry for liquidation to trigger. You can top up collateral or partially repay at any time. A one-click pause button is available in your dashboard.
Rate variability
Rate variability
Both the STRC dividend yield and the borrow rate can change. If STRC yield drops or borrow cost rises, the spread narrows or turns negative.
Compounding interest
Compounding interest
The loan accrues interest daily and compounds on the outstanding balance. The debt grows over time.
STRC dividend dependency
STRC dividend dependency
Dividends are funded by Strategy Inc. and are not guaranteed. In a prolonged bear market, the funding model could face pressure.
Get started
Roxom Carry is now live via OTC for deposits of 0.5 BTC and above. Self-service access from the platform frontend is coming soon. Smaller retail deposits will also be opening up in the coming weeks. ā Contact otc@roxom.com to open a carry trade ā Visit roxom.com/carry to join the waitlist or request early accessFAQs
What happens to my BTC?
What happens to my BTC?
Your Bitcoin is posted as collateral with Roxom. It is never sold, never rehypothecated. You keep 100% of the upside. On full repayment, your BTC is released back to you.
What happens if Bitcoin goes up?
What happens if Bitcoin goes up?
Your collateral is worth more, so your LTV compresses below 50%. Your net yield dips below 2.25% because less of your collateral value is deployed.Example: you deposited 1 BTC at 36k (50% LTV). BTC goes to 90k but your loan is still $36k, so your LTV drops to ~40%.To maintain the full 2.25% net yield, simply top up your loan (borrow more against the higher BTC value) and buy more STRC. Or keep the extra safety buffer and accept a slightly lower yield.
What happens if Bitcoin drops?
What happens if Bitcoin drops?
Your collateral is worth less, so your LTV rises above 50%. The carry keeps paying ā and your net yield actually increases above 2.25% ā but your safety buffer shrinks and liquidation risk increases.
- Warning at 55% LTV
- Margin call at 60ā65% LTV
- Liquidation at 70%+ LTV
How does the net carry work?
How does the net carry work?
Net Bitcoin Yield = Carry Spread Ć Collateralization Ratio.
- STRC currently pays ~11.5% annualized dividends (variable)
- Borrow cost is 7.5% per annum
- Carry Spread = 11.5% ā 7.5% = ~4.5% (rates rounded)
- At 50% LTV: 4.5% Ć 50% = ~2.25% net annual carry on your total BTC, paid monthly
What are the liquidation thresholds?
What are the liquidation thresholds?
| Level | LTV |
|---|---|
| Entry | 50% |
| Warning | 55% |
| Margin call | 60ā65% |
| Liquidation | 70%+ |
How are dividends settled?
How are dividends settled?
STRC pays a monthly USD cash dividend on Nasdaq. Roxom collects it, converts it to BTC at market rate, subtracts your accrued borrow cost, and credits the net carry to your Roxom account. You can choose to compound the position (buy more STRC by looping the carry trade with fresh dividends) or simply stack the BTC.
What does the borrow rate depend on?
What does the borrow rate depend on?
The borrow rate is 7.5% per annum and may vary by position size and prevailing market conditions, including benchmark rates such as SOFR (Secured Overnight Financing Rate). Interest accrues daily and compounds on the outstanding balance. Your current rate is always visible in your Roxom account.
Is there a minimum deposit?
Is there a minimum deposit?
Deposits of 0.5 BTC and above are currently accepted for the first cohort. No origination fee, no minimum holding period. Smaller retail deposits will be opening up in the coming weeks ā join the waitlist at roxom.com/carry.
Can I close the position early?
Can I close the position early?
Yes. Open-ended, no maturity, no early repayment penalty. Repay in USDT at any time. Your BTC is released on full repayment.
What is STRC?
What is STRC?
Strategy Inc. Variable Rate Series A Perpetual Stretch Preferred Stock (Nasdaq: STRC). 250M average daily volume. The most liquid preferred stock in the US.Dividends are not guaranteed. For more details, see What is STRC and how to buy it.
What about taxes?
What about taxes?
100% of 2025 STRC distributions were treated as Return of Capital (ROC) for US federal tax purposes, reducing your cost basis with no taxable income. Strategy has confirmed they expect this treatment to continue for 10+ years.Non-U.S. holders: zero U.S. withholding tax ā you receive the full dividend converted to Bitcoin.Tax treatment outside the United States will vary by jurisdiction. Roxom makes no representation as to the tax treatment of returns in your country of residence. Consult a qualified tax advisor before participating.