Roxom Carry is an instrument within Roxom Loans, the collateralized lending engine. Today it is available via OTC. Self-service access from the platform will follow the rollout of the BLOC (Bitcoin Line of Credit).
How it works
Roxom Carry lets you generate yield in Bitcoin using BTC as collateral, without selling it. Your Bitcoin earns you more Bitcoin.1
Deposit BTC
Your Bitcoin is held as collateral. It is never sold.
2
Receive a USD loan
Borrow up to 50% LTV. The loan is converted into STRC exposure.
3
Earn dividends every 15 days
STRC pays ~11.5% annualized dividends every 15 days. Roxom automatically converts them to BTC and credits your account.
4
Repay when you want
No maturity, no penalty. Repay in USDT at any time and your BTC is released.
You earn 11.5% STRC dividend (APR)
STRC currently pays a dividend every 15 days at 11.5% annualized on the loan amount (variable rate). Roxom converts it to BTC at market rate and credits your account.
You pay 7.25% APR borrow cost
7.25% APR on your USD loan, compounding daily. This is aligned with the BLOC (Bitcoin Line of Credit) rate. 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 × Collateralization Ratio ≈ 4.5% × 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 Bitcoin dividends every 15 days. Rates are variable and results are not guaranteed.
Example
All returns are automatically converted to BTC.
At scale: starting with 100 BTC as collateral, the carry sleeve alone produces approximately 2 extra BTC per year, a ~2% boost to your entire stack, on top of whatever Bitcoin does.
Product parameters
Loan terms
Liquidation thresholds
Thresholds are aligned with the BLOC (Bitcoin Line of Credit). BTC would need to fall ~37.5% from entry for partial liquidation to trigger at 50% LTV. You can top up BTC or make partial repayments at any time to bring your LTV back down.
Dividend settlement
STRC pays a USD cash dividend on Nasdaq every 15 days. 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. Each payment is recorded in your UTA Transaction log with Type: Dividend, so you can track every settlement individually. 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, 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, every 15 days
- Designed to trade near $100 (par value). The dividend adjusts dynamically to stabilize price.
- Strategy holds a reserve of ~$2.25B to sustain payments
- ~$250M average daily volume, the most liquid preferred stock in the US
Yield comparison
Roxom Carry is the only option in the list that lets you earn yield while maintaining full BTC upside exposure.
Risks
BTC price drop
BTC price drop
A falling BTC price increases your LTV and can lead to liquidation. At a 50% starting LTV, BTC would need to fall ~37.5% from entry for a partial liquidation to trigger (LTV reaching 80%). 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, following the rollout of the BLOC (Bitcoin Line of Credit). Smaller retail deposits will also be opening up in the coming weeks. → Contact otc@roxom.com to open a carry trade → 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, and your net yield actually increases above 2.25%, but your safety buffer shrinks and liquidation risk increases.
- Margin Call at 70% LTV
- Partial Liquidation at 80% LTV
- Full Liquidation if residual after partial is less than USDT 200
How does the net carry work?
How does the net carry work?
Net Bitcoin Yield = Carry Spread × Collateralization Ratio.
- STRC currently pays ~11.5% annualized dividends (variable)
- Borrow cost is 7.25% APR
- Carry Spread ≈ 11.5% − 7.25% ≈ 4.25% (rates rounded)
- At 50% LTV: 4.5% × 50% ≈ 2.25% net annual carry on your total BTC, paid every 15 days
What are the liquidation thresholds?
What are the liquidation thresholds?
Thresholds are aligned with the BLOC (Bitcoin Line of Credit). At a 50% starting LTV, BTC would need to fall ~37.5% from entry for partial liquidation to trigger. You can always top up or partially repay to avoid it. If proceeds don’t cover the full debt, Roxom absorbs the shortfall.
How are dividends settled?
How are dividends settled?
STRC pays a USD cash dividend on Nasdaq every 15 days. Roxom collects it, converts it to BTC at market rate, subtracts your accrued borrow cost, and credits the net carry to your Roxom account. Each payment appears in the UTA Transaction log with Type: Dividend. 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 7.25% APR, aligned with the BLOC (Bitcoin Line of Credit). It 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 via OTC. No origination fee, no minimum holding period. Smaller retail deposits will be opening up in the coming weeks. 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 on how dividends are paid, see How corporate actions are handled.
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. 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.