IOSG Ventures

Breaking down $STRC — Saylor's 11.5% yield machine, and why mNAV (not BTC price) is the real fault line. What it is: 👉 Perpetual preferred stock pegged at $100, paying 11.5% floating dividend 👉 $5B notional · 780,897 BTC backing · 33% leverage · $21.6B ATM capacity left 👉 Trades like a money market fund. Carries single-name BTC credit risk. How the flywheel works: 👉 STRC ATM issue → buy BTC → MSTR mNAV>1× → MSTR ATM → deleverage → repeat 👉 $100M of STRC volume → ~$120M of BTC bought 👉 Funded $3.5B+ of BTC purchases since Aug 2025 Where it breaks: ❗ Dividend hiked 250bps in 8 months (9% → 11.5%) — market demanding more, not less ❗ Apr 2026: first pause after 7 consecutive hikes ❗ MSTR ATM = $0 in Apr wk1, all $1B raised through STRC — flywheel running on one leg ❗ NYDIG framing: "short a put on bitcoin asset coverage" The real trigger to watch: 🚨 mNAV < 1.0× for 4+ consecutive weeks → flywheel enters passive-mode spiral within 3 months IOSG call: ~70% probability the trigger fires in 2026 H2 → buyable STRC entry at $85–90. If it works? Saylor invents the first $BTC-native yield curve. If it doesn't? The most elegant stress test #TradFi never imagined

A prompt can answer. A harness carries research forward. AI is a hiking stick, not a leg. Does your workflow form a closed loop? → Decompose → Continue → Verify → Accumulate Any long-chain, verification-heavy, memory-dependent work will move from prompt engineering to harness design. The stronger the model, the more valuable the harness.

A harness improves three things at once: → Efficiency: throughput goes ~5x. → Quality: RankIC and ICIR both improve. Faster, not sloppier. → Reusability: research assets stop living in chat. They become org memory. One of three? Prompt engineering. All three? Harness design.

Stop blaming the prompt. Your AI workflow has no closed loop. The real AI upgrade for research institutions isn't prompt engineering. It's harness design. Decompose → Continue → Verify → Accumulate. Same model, better harness: ~5x throughput, cleaner signals, reusable research assets. Let's break it down with quantitative factor research 👇

CN: x.com/IOSGVC/status/…

Breaking down $STRC — Saylor's 11.5% yield machine, and why mNAV (not BTC price) is the real fault line. What it is: 👉 Perpetual preferred stock pegged at $100, paying 11.5% floating dividend 👉 $5B notional · 780,897 BTC backing · 33% leverage · $21.6B ATM capacity left 👉 Trades like a money market fund. Carries single-name BTC credit risk. How the flywheel works: 👉 STRC ATM issue → buy BTC → MSTR mNAV>1× → MSTR ATM → deleverage → repeat 👉 $100M of STRC volume → ~$120M of BTC bought 👉 Funded $3.5B+ of BTC purchases since Aug 2025 Where it breaks: ❗ Dividend hiked 250bps in 8 months (9% → 11.5%) — market demanding more, not less ❗ Apr 2026: first pause after 7 consecutive hikes ❗ MSTR ATM = $0 in Apr wk1, all $1B raised through STRC — flywheel running on one leg ❗ NYDIG framing: "short a put on bitcoin asset coverage" The real trigger to watch: 🚨 mNAV < 1.0× for 4+ consecutive weeks → flywheel enters passive-mode spiral within 3 months IOSG call: ~70% probability the trigger fires in 2026 H2 → buyable STRC entry at $85–90. If it works? Saylor invents the first $BTC-native yield curve. If it doesn't? The most elegant stress test #TradFi never imagined

Full deep-dive ↓ EN: x.com/IOSGVC/status/…

@fundraisedotfun @PanteraCapital @hack_vc @HashKey_Capital @ForesightVen @polychain @symbolicvc @mhventures 🚀🚀🚀

Here are the top 10 VCs that backed AI over the last 2 years. ranked by avg round size 👇 > @PanteraCapital - $38.3M > @hack_vc - $24.3M > @HashKey_Capital - $22.8M > @ForesightVen - $30.4M > @multicoincap - $7.6M > @polychain - $15.7M > @symbolicvc - $27.1M > @mhventures - $26.1M > @hypersphere_ - $24.7M > @IOSGVC - $6.4M full details in our database ⏬

@KCEX_Official Thanks! Full report here: x.com/IOSGVC/status/…

🤔 Strategy’s $STRC pays 11.5% — but what are you really buying? IOSG breaks it down: 👉 It’s not fixed income — it’s a short put on $BTC coverage 👉 Dividend hiked 250bps in 8 months to keep the $100 peg 👉 #MSTR ATM issuance hit $0 in Apr — flywheel running on one leg ❗️ Real risk: mNAV, not $BTC price If it works? Saylor creates the first $BTC-native yield curve. If it doesn’t? The most elegant stress test #TradFi never imagined. Either way, we’re watching history 👀 via @IOSGVC #Bitcoin #Strategy #MSTR #DeFi #Crypto

@Kenya7am @jocyiosg All the best!

@jocyiosg 谢谢Jocy和IOSG！IOSG是我一大重要篇章，在这里四年多我见到了全世界最好的加密项目交易，和最优秀的同事同行。过去四年的工作Jocy和同事一直以来给了我极大的支持；衷心祝福IOSG的每一个遇见，希望从这里走出去，在高处相见！

今天我们送走了一位非常优秀的同事 Kenya，她将开启自己的事业，创立一家属于自己的律所。感谢她在机构四年又一个季度的陪伴和贡献，一路看着她从年轻律师走到今天独当一面，心里既有不舍也有祝福，希望她未来可以展翅高飞。 也是因为这件事，最近和很多年轻朋友聊了不少。在这个行业里多走过几个春秋的人，很多都陷入了一种说不清的迷茫。有些人在犹豫要不要离开行业去拥抱 AI，有些人开始重新审视自己这几年到底走了一条什么样的路。我自己也是过来人，想借这个机会聊几句心里话。 2013 年我遇到过一位很不错的面试官，她让我写一份 BTC 的研究报告作为面试题。报告写完，我没有加入她的公司，但是为了写那份报告做的功课，让我下了重仓买入人生第一个大饼。这件事我念叨了很多年，时常感恩一路上遇到的这些老师。后来在券商的日子，早八晚五每天夺命连环 call，研究所长办公室经常传出研究不达标被骂哭的声音，但是那些老师在研究方法上从不藏私。严厉的要求造就了严苛的方法论，也成就了一批后来的明星分析师。我现在回头看，那段被骂的日子才是真正给我打底的日子。 回到我们这个行业，年轻人三年换三份工作的事情屡见不鲜。过去几年这件事是被充分定价和认可的，web3 创业公司雨后春笋，交易所各种使出钞能力挖人，从传统行业跳过来或者连环跳槽的小伙伴在市场上是稀缺品。那是一个奖励"敢动"的周期。 但是今时不同往日。不仅是熊市来了，整个行业这一轮也并没有收获我们曾经预期的果实。然后 AI 来了，无数公司进入缩编周期，各家交易所今年的裁员目标据说是 30%，融资不达预期、还没跑出收入的创业公司那边是 50%。同样一个跳槽动作，在两个不同的周期里，市场对你的解读是完全相反的。 前几天有个年轻朋友在群里随口说了一句"哪个年轻人不能靠炒币轻松赚 20 万美金"，群里炸了一阵。这句话我想了好几天。20 万美金在牛市的某个瞬间确实满地都是，但是站在今天回头看，"轻松"两个字其实是把幸存者当成了样本。亏掉一辆车、亏掉一套首付的人，从来不发推，也不在群里说话，圈子的回声永远是赢的那一边的。这件事和这一波离职潮放在一起看，其实是同一件事，年轻人的参照系被牛市拧歪了，等熊市把椅子搬回原位的时候，才发现自己还站在原地。 所以在这样的周期里，我自己也在反复想，长期到底要做什么，在哪里可以真正获得成长，怎么在下行的时候好好把自己照顾好。 这一路走过来，我一直习惯用严于律己的方式给自己定期设目标，所以不管在什么样的组织、什么样的 leader 下面，"创造超预期"是我自己的工作哲学。这件事不是为了让谁看见，是因为我真的喜欢研究和投资。做研究的时候我觉得自己像在海里游泳，很快乐；投资里遇到的困惑这些年从来没少过，每一次困惑逼着我去补一块短板，去深化一层 soft skill，也让我有机会和很多最优秀的 founder 学到东西。回头看，那些让我真正成长的，从来不是哪家公司的 title，是我自己愿意在每个阶段把手上的事做到心里那条线之上。 说回来，选哪家公司在今天这个周期里其实差异没有想象中那么大。把能力内化在自己身上，才是真正能跟着你走的东西。当你的能力到了那条线，最好的机会和最好的公司，会自然而然和你互相吸引，会发现你，也会找到你。 祝 Kenya 一切顺利，也祝看到这篇的朋友，在这个不容易的周期里，慢一点，稳一点，把自己长成你想要成为的样子。

7/ A heartfelt thank you to: 🙌 Our cohost @boundless_xyz for building this stage with us 🎤 Every speaker who brought their sharpest thinking 🎧 Every attendee, partner, and member of the community who showed up! See you at the next one 🫡

6/ Fireside — The Institutional Playbook for On-Chain Finance. @sshankar Shiv Shankar, CEO of @boundless_xyz, sat down with Geoff Jiang, President of YF Financial and Founder & CEO of @AlphaTokenHQ, on what it actually takes to turn institutional conviction into on-chain capital.

Wrapping up an incredible Open Stage cohosted by @boundless_xyz at HK Web3 Festival: Institutional Convergence — From Compliance to Commerce. 1/ 🎤 Our Managing Partner @momir_amidzic opened the day with IOSG Ventures' thesis.