GM. This is Milk Road, the newsletter that makes crypto make sense - like finally realizing why your phone charger only works at a specific angle (hint: your charging port is full of dust).
Here’s what we’ve got for you today:
- ✍️ Saylor’s Bitcoin Vacuum.
- 🎙️ The Milk Road Show: Crypto ETFs Could Unlock Trillions in New Capital w/ James Seyffart.
- 🍪 Wild prediction from Franklin Templeton.
Alchemy is the blockchain infrastructure behind Robinhood, Polymarket, Stripe, and Coinbase Wallet. Get their free guide on the real costs of blockchain infrastructure.
Prices as of 2:00 p.m. ET. Trade today with Milk Road Swap.
SAYLOR’S BTC VACUUM BREAKS NEW RECORDS AS THE MARKET STRUGGLES 🥇
Alright, time for your daily dose of bullish fervor…
Ready? Here you go:
“Ok, er… sounds awesome! But what the hell is STRC? And how is it ‘causing a ridiculous amount of buy pressure’?” – you, probably.
Lemme break it down as simply as I know how…
STRC is Strategy's ‘perpetual preferred stock’ - which is nerd-talk for ‘Saylor’s Bitcoin Vacuum’.
Here’s how it works:
Strategy coaxes investors into the stock by offering a dividend yield - currently sitting at 11.5% (which is INSANE for a TradFi asset - hell, you’d struggle to find it in a stablecoin!).
The other side of the deal being:
Every time the STRC stock goes above $100 in value - Strategy is allowed to issue/sell new STRC shares, lowering the stock price back down to a targeted $100 per share.
(And if it goes below $100, they jack up the yields to attract more investors.)
The result: STRC essentially acts as a stable, yield bearing asset.
Which - I know, I know - sounds boring as hell. And it is.
But the stable yields aren’t what we’re excited about here, it’s the mechanical demand it creates for BTC - which is constantly in motion:
Every time STRC shares hit or exceed the par value of $100, Strategy runs STRC share offerings and funnels the proceeds straight into Bitcoin purchases - all in real-time.
No waiting. No extra steps. Shares sell → BTC gets bought.
And so far, it’s doing exactly what it says on the tin - check this out…
BEFORE YOU RUN YOUR OWN BLOCKCHAIN NODE
I don’t know about you but here’s a stat that blew me away:
Running blockchain infrastructure can cost $850K–$1.4M per year.
That’s exactly why Alchemy, the crypto infrastructure behind Stripe, Visa & Robinhood, just published a free framework on the hidden costs of building and running a blockchain node.
Here’s what you’ll learn:
- A build vs buy matrix for each infrastructure component
- Where teams typically spend the most money
- The full cost stack of blockchain infrastructure
The framework takes about 15 minutes to read and it’s completely FREE.
SAYLOR’S BTC VACUUM BREAKS NEW RECORDS AS THE MARKET STRUGGLES (P2)🥇
Monday saw a new record for STRC driven purchases, with an estimated 1,400 BTC being acquired.
Tuesday? That record was smashed - with Strategy gobbling up another 2,038 BTC.
(That’s around $240M worth of buy pressure in a 2-day period!)
All told, Strategy currently holds a total of 738,731 BTC (worth ~$52B) - with STRC having covered roughly 30% of its recent buys!
The kicker? It’s stable as hell.
Seriously - STRC is more stable than MSTR, BTC, gold, the S&P 500, and investment-grade bonds:
This is by design.
Preferred stock with a fixed dividend attracts a different buyer than common shares.
Some big-dog investors will still prefer MSTR for the upside exposure.
But for those that want a yield-bearing instrument that's mechanically tied to Bitcoin accumulation - STRC is doing something genuinely different.
The takeaway:
Strategy figured out how to turn a preferred stock into a BTC-buying machine.
And it’s working beautifully so far!
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