Experts Question 8% Dividend Yield and Liquidity Risks as Ondo Launches Tokenized STRC Stock

Ondo Finance has launched tokenized STRC stock, Strategy’s Stretch perpetual preferred share yielding 11.5% monthly dividends. Tokenized STRC stock goes live on Ethereum, BNB Chain, and Solana, giving non-U.S. investors on-chain access to the Nasdaq-listed STRC stock.

However, some have raised concerns over the nearly 8% dividend yield and liquidity risks in tokenized STRC stock on Ondo Global Markets.

Strategy’s Tokenized STRC Goes Live on Ondo Finance

Ondo Finance announced the launch of tokenized STRC in an X post. The underlying STRC pays a variable monthly dividend currently yielding 11.5% annualized, backed by Strategy’s Bitcoin treasury strategy.

However, experts’ reactions are mixed, with some questioning liquidity, net dividend yields, added risks, and the mechanics of dividends on Ondo. This comes despite tokenized STRC is available on Ethereum, BNB Chain, and Solana networks through Ondo Global Markets.

While Strategy’s STRC currently pays 11.5% monthly dividend, Ondo Finance’s platform displays an underlying asset dividend yield of 8.03%. This gap stems from withholding tax rules, according to Ondo fees and taxes docs.

Ondo Global Markets, based in the British Virgin Islands, faces a 30% U.S. withholding tax on dividends received from a U.S. company. Those net dividends are automatically reinvested into more underlying STRC shares rather than paid out in cash.

DAMN! 3.5% haircut?

— Jose Storopoli (@storopoli) May 4, 2026

As a result, holders receive total return exposure through a gradual increase in “shares per token” rather than direct cash. Experts claim the tokenized price could diverge from the STRC price over time.

Kevin Yedid-Botton, investor and portfolio manager at ParaFi Capital, argued that tokenization does not solve STRC’s core issues.

“STRC liquidity on NASDAQ is already thin, and Strategy is actively raising the dividend to defend the $100 par. Tokenizing it reduces net yield (wrapper fees), adds risk (smart contract, AI), and fragments the thin float,” said Yedid-Botton.

In addition, he warned that tokenization could further fragment the float and layers on fees into the headline 11.5% dividend yield.

Stock Trading Below Par Value Ahead of MSTR Earnings Today

STRC stock closed 0.090% higher at $99.95 on Monday, trading below $100 par value. Trading volume was 2.59 million, falling in the last few days. Stretch stock is trading lower in the premarket hours on Tuesday.

Meanwhile, MSTR stock closed 3.74% higher at $183.80 on Monday as Bitcoin price climbed above $80K amid the CLARITY Act hopes. The intraday low and high were $178.49 and $186, respectively.

As CoinGape reported, Strategy raised $82 million by issuing MSTR common stock in an at-the-market offering. The largest corporate Bitcoin treasury could have purchased 1,060 BTC, but executive chairman Michael Saylor publicly confirmed the pause.

Strategy will report its Q1 2026 earnings today, with the call scheduled for 5 pm ET. The company plans to discuss its financial results, Digital Credit, and capital markets strategy. Analysts expect $125 million in revenue and an EPS of -18.98.

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