Why I do believe that $SBET and $BMNR will disrupt the massive $45T corporate fixed income market and unlock a nearly infinite source of funding? Bonus: with little to no dilution for shareholders. $MSTR recently executed the largest and most successful IPO of 2025 so far, raising $2.52B instead of $520M planned, a massive 400% oversubscription. The product is $STRC, which combines a variable dividend rate with a price stability mechanism that aims to peg the share price to $100, while paying out ~9% annualized income paid monthly. Not yearly. Not quarterly. Monthly! When the share price drops below $99, $MSTR increases the rate. When it’s above $101, it decreases the rate. This mechanism works similarly to how perpetual futures use funding rates to stay pegged to spot price. $STRC are cumulative and perpetual preferred shares, meaning 1) if a dividend payment is missed, it accumulates and must be paid before dividends can be distributed to lower-ranking shares (e.g., $STRD, $STRK, or common stock). And 2) dividends are paid indefinitely as long as the company remains operational, unless Strategy opts to redeem the shares. In essence, $STRC is a Bitcoin-overcollateralized stablecoin ⚖️ paying attractive dividends and launched months before a historic FED rate cut. The cherry on top: DRD (Dividends Received Deduction) eligibility, meaning investors may only be taxed on 50% of the dividends received. That’s the holy grail for fixed income investors and that’s why @saylor called the $STRC issuance the "iPhone moment" of Strategy B. Yes, we live in interesting times. But success also shows in volumes: $STRC trades ~10x more than STRF, STRK or STRD, in U.S. dollars terms, a clear sign institutional demand is strong. It’s only a matter of time before Ethereum treasury companies like $SBET and $BMNR launch a similar products 🔥 Now think about this: What happens when demand for $STRC gets so high that Saylor has to cut the dividend yield to 4% to keep the share price at around $100? Saylor would still have to dip into his $BTC treasury or dilute $MSTR shareholders just to cover that 4%. Meanwhile, in the exact same scenario, $SBET and $BMNR could rely on Ethereum’s native ~4% staking yield. No dilution, no treasury drain. That’s a massive cost advantage and game changer. Assuming a 10% dividend yield, ETH treasury companies cut their cost of capital by 40% compared to BTC TC. In 2024, the $45T corporate bond market saw $2T of net inflow (+30% YoY), that tells us how much capital could rush into ETH-backed instruments.  It’s clear to me that we are about to witness a wave of $STRC-like products, and this new market will be dominated by heavyweight Ethereum TC like $SBET and $BMNR. ETH disruption is just starting. Get ready, act accordingly. And as always do your own due diligence 🧐