SATORI 11
A two-class instrument family built on top of STRC’s current 11.50% variable annualized dividend, paid monthly in cash, with MSTR as the torque sleeve. Strategy itself says MSTR and STRC are complementary components of its capital structure: STRC is designed to damp volatility and generate credit-style cash flow, while MSTR carries more of the Bitcoin-linked upside and downside.
Class T —
TORQ-80
80% MSTR / 20% STRC
This is the attack class. The STRC sleeve is not there to dominate returns; it is there to provide a live cash engine under the hood. Using STRC’s current 11.50% rate, the base gross carry contributed by the STRC sleeve is 2.30% annually, or about 0.1917% per month, before fees, taxes, or changes in STRC’s rate. The MSTR sleeve is the beast that determines most of the volatility and convex upside.
Class V —
VAULT-80
80% STRC / 20% MSTR
This is the fortress class. The STRC sleeve is the center of gravity, and the MSTR sleeve is the upside kicker. Using STRC’s current 11.50% rate, the base gross carry contributed by the STRC sleeve is 9.20% annually, or about 0.7667% per month, before fees, taxes, or any reset in STRC’s variable dividend rate.
The structure
This is the clean build:
Umbrella vehicle: SATORI 11
Two share classes: TORQ-80 and VAULT-80
Wrapper: rules-based fund, note, or managed account sleeve
No leverage at wrapper level
Underlying assets only: MSTR and STRC
The beauty is that both classes are powered by the same monthly STRC cash stream, just with different aggression levels. Strategy says STRC’s dividend rate is adjusted monthly to encourage trading around its $100 stated amount, so the yield engine is dynamic, not fixed.
Portfolio rules
At each rebalance date, TORQ-80 targets 80/20, and VAULT-80 targets 20/80. Use a monthly rebalance with drift bands so you are not churning the portfolio to death. A clean rule is: do nothing unless a sleeve moves more than 5 percentage points away from target; then rebalance back to target on the last trading day of the month. This part is the design itself, not a Strategy requirement.
Cash-flow engine
All cash dividends received from STRC first flow into an internal cash bucket.
For Distribution shares, that cash is paid out monthly after expenses.
For Compounding shares, that cash is reinvested monthly.
The killer rule for the compounding version is this:
- In TORQ-80, use STRC cash to buy MSTR unless the portfolio is outside the rebalance band.
- In VAULT-80, use STRC cash to buy whichever sleeve is most underweight, with a slight bias toward MSTR to preserve torque.
That means STRC becomes your yield reactor, and MSTR becomes your Bitcoin-volatility amplifier.
NAV formulas
TORQ-80 NAV
NAV = 0.80 × MSTR + 0.20 × STRC + accrued cash – expenses
VAULT-80 NAV
NAV = 0.20 × MSTR + 0.80 × STRC + accrued cash – expenses
Simple. Savage. No mystery box.
Who each class is for
TORQ-80 is for someone who wants maximum aggression but still wants a small internal yield spine.
VAULT-80 is for someone who wants high current cash flow with a smaller MSTR rocket attached.
Because Strategy describes MSTR and STRC as complementary, this pairing is not random. It is literally the capital-stack blend version of their own architecture.
The hard truth risk section
STRC’s 11.50% is not fixed and not guaranteed. Strategy says the rate can be adjusted monthly and may be significantly lower in the future, and it also says the cash dividend itself is not guaranteed. Strategy also says its preferred securities, including STRC, are not collateralized by the company’s bitcoin holdings and only have a preferred claim on the company’s residual assets.
So the real pitch is not “guaranteed yield.”
The real pitch is:
Use a variable monthly cash engine to fund or stabilize a Bitcoin-equity torque sleeve.
Final branded build
SATORI 11 / Class T / TORQ-80
80% MSTR
20% STRC
Current STRC-based carry sleeve: 2.30% gross equivalent
SATORI 11 / Class V / VAULT-80
20% MSTR
80% STRC
Current STRC-based carry sleeve: 9.20% gross equivalent
Tagline
SATORI 11:
one engine, two temperaments
TORQ-80 for expansion
VAULT-80 for endurance
Next step is the full one-page prospectus sheet: ticker names, fee schedule, monthly payout mechanics, rebalance bands, and a launch manifesto.