“What exactly is the origin of the 11% figure?”

Saylor has done something that confuses many people’s logic again.
An 11% annualized return, paid out monthly.
This isn’t DeFi, mining, or gray offshore operations, but a publicly available financial structure endorsed by Michael Saylor.

Most people’s first reaction is simple:
“This can’t last. There must be some trick.”

There is indeed a trick. But not where most people look.

STRC is not “dividends from business profits.”
It’s a financial derivative layer built on Bitcoin holdings.

Their actual operation is:

The company holds a large amount of BTC.
These BTC serve as the underlying asset to issue fixed-income instruments.
Investors are not betting on Bitcoin’s price increase, but on cash flow rights.

Where does the 11% return come from:

- Issuing preferred shares/bonds collateralized by BTC
- Risk and volatility premiums
- Arbitrage opportunities between market expectations of Bitcoin and the demand for stable income
- Most importantly, the ability to pay fixed interest without selling Bitcoin

Core logic:
They are not “earning 11%.”
They are redistributing Bitcoin’s future growth potential into current cash flow.

STRC investors give up the upside of Bitcoin’s appreciation.
In exchange, they get regular income.
The company retains asset control and keeps the leverage for appreciation.

This is not magic.
It’s capital engineering.

There are significant risks involved:
- Bitcoin price decline
- Changes in lending conditions
- Regulatory risks
- And the fundamental question: how much premium is the market willing to pay for “Bitcoin exposure without actually holding Bitcoin”?

But this is exactly where the trend is heading.
Bitcoin is no longer just an asset to “buy and hold.”
It is becoming the foundation of an entire layer of financial products.