How it works
The STRC carry trade lets you generate yield in Bitcoin using BTC as collateral — without selling it.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% borrow cost (varies)
~7% APR on your USD loan, compounding daily. Rate varies by position size and prevailing market rates. 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). Based on current rates: (11.5% − ~7%) × 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. 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% APR |
| Annual dividends | +$4,140 |
| Annual interest | −$2,520 |
| Net carry | ~$1,620 (~2.25% on total BTC) |
Product parameters
Loan terms
| Parameter | Value |
|---|---|
| Collateral | BTC |
| Max LTV | 50% |
| Borrow rate | ~7% APR (varies by size and prevailing market rates) |
| 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 | 60–65% |
| 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 can withdraw or reinvest as additional collateral to compound the position.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
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) — 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
| Instrument | Yield | BTC exposure |
|---|---|---|
| STRC carry trade | ~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.
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.
Reserve your spot
This product launches soon. Reserve your spot at roxom.com/carry.FAQs
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 drops below 50%.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%.Your carry keeps paying, but your net BTC yield drops because less of your collateral value is deployed. To maintain the full carry, you can top up your loan (borrow more against the higher BTC value) and buy additional STRC. Or let the buffer grow and accept a slightly lower yield with more safety.
What happens if Bitcoin drops?
What happens if Bitcoin drops?
Your collateral is worth less, so your LTV rises. The carry keeps paying, but your safety buffer shrinks.
- Warning at 55% LTV
- Margin call at 60–65% LTV
- Liquidation at 70%+ LTV
How does the net carry work?
How does the net carry work?
Net carry = (STRC yield − borrow cost) × LTV.
- STRC currently pays ~11.5% on the loan amount (variable)
- Borrow cost is ~7% APR (varies by size and prevailing market rates)
- At 50% LTV: (11.5% − ~7%) × 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 | 60–65% |
| 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 withdraw or reinvest as additional collateral to compound the position.
What does the borrow rate depend on?
What does the borrow rate depend on?
The borrow rate is approximately 7% APR and varies by position size and prevailing market rates, 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. No origination fee, no minimum holding period. Smaller sizes can 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?
STRC dividends have been classified as Return of Capital (ROC) for US federal tax purposes, based on Strategy Inc.’s February 2026 8-K filing. This classification is not guaranteed to continue and may change.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.