
Risk-adjusted, the numbers point one direction.
STRC isn’t competing with BTC.
It’s competing with the entire income complex.
STRC — Sharpe 2.51, yield proxy 12.2%, vol 3.1%
The field:
60/40 — 0.41
Nasdaq 100 — 0.35
HY credit — 0.35
S&P 500 — 0.34
REITs — 0.31
~6–8x better per unit of risk.
So the flow is obvious:
Out of low-Sharpe assets.
Into STRC.
Into Strategy’s balance sheet.
Into BTC.
Income capital, rerouted into Bitcoin.

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