Kamino (@kamino): STRCx Brings Digital Credit to Solana

STRCx Brings Digital Credit to Solana STRCx is now live on Kamino $STRCx Strategy's Stretch preferred stock tokenized by xStocks, developed by Payward, is now live in Kamino's STRCx Market, its first lending market on Solana. What Is STRC? $STRC is Strategy's perpetual preferred stock, listed on Nasdaq. Known as Stretch, it pays 11.5% annually on a $100 par value, distributed in cash every month. The dividend has increased seven consecutive times since launching at 9% in July 2025. Money raised through STRC goes toward buying Bitcoin. Strategy holds over 843,000 BTC, the largest corporate Bitcoin treasury on earth. How It Works Strategy historically funded Bitcoin purchases through convertible debt. As Bitcoin matured, volatility compressed, spot ETFs launched, and institutional participation deepened, the embedded conversion option became less attractive. At the same time, issuing new common shares would have diluted existing holders. Strategy needed a new way to raise capital. STRC addressed both constraints by raising capital for Bitcoin purchases without creating a maturity wall and without diluting the common share count. The structure separates a single hard asset into two distinct products for two distinct investor bases, yield to preferred holders, and price upside to common equity. It has since become the leading example of what is being called Digital Credit: yield-bearing instruments backed by a verifiable Bitcoin balance sheet rather than traditional business cash flows. Worth being clear: STRC is not directly backed by Bitcoin. It is a preferred equity instrument, and returns depend on Strategy's continued market access and financial health, with Bitcoin as the underlying backing. How STRCx Works on Kamino STRCx is the tokenized form of STRC, backed 1:1 by the underlying asset held with regulated custodians. STRC's monthly dividend is automatically compounded into STRCx via rebasing. It is now listed in Kamino's STRCx Market, launching with up to 2x leverage, a 67% max LTV, and an 80% liquidation threshold. Within the market, users can: Supply STRCx and earn STRC's native 11.5% annualized dividend, automatically compounded into the token via rebasing. Borrow against STRCx as collateral, up to 67% LTV before liquidation triggers at 80% STRCx exposure is isolated within its own market, carrying its own collateral parameters, liquidation thresholds, and oracle configuration, set independently from the main market and all other isolated markets. Kamino prices STRCx through a novel pricing architecture developed with @chainlink, sourcing data from multiple U.S. equity exchanges rather than onchain liquidity. Real-time market status and staleness checks allow Kamino to respond automatically to trading halts or outages, and prices outside a defined range of the last market close are rejected during low-liquidity or volatile periods.