Visualizing STRC's Cyclicality and Narrative Durability

The baseline interest in Strategy's STRC is quite volatile, but it keeps creeping up and to the right.

You probably already know that STRC is dominating the preferred share narrative right now.

What you might not yet realize is just how durable that dominance is becoming.

I wanted to visualize the STRC narrative over time and compare it to how often the rest of the Bitcoin ecosystem was talking about all of the other preferred products. The results were unsurprising... STRC is separating from the pack, but the degree to which that’s happening was intriguing to me.

Since 2026 MSTR has basically stopped talking about any of the other preferreds.

This isn’t shocking.

Saylor had his “iphone moment” and found product-market fit.

Then he immediately doubled down.

But what stuck out so much to me is the peaks and valleys… the narrative cyclicality.

The mention rate of STRC explodes... then crashes.

This pattern happens each month around the ex-dividend date. Partially because people are about to get paid (everyone likes getting paid), but also because it means Saylor is hitting the ATM and buying metric boatloads of BTC.

The relatively higher highs as STRC keeps being more heavily talked about are interesting, but what’s even more interesting IMO is the higher lows.

This narrative, this interest, this intrigue… it appears to be durable. Even far away from the dividend date people are talking about digital credit. It’s building a narrative base. This is not some quick pump, but rather a sustained and growing interest across the entire ecosystem.

I theorize (with a reasonably high degree of confidence) that the peaks and valleys of the mention rate will continue to grow less volatile as STRC continues to grow less volatile.

I suspect this will only get tighter as the semi-monthly dividends are rolled out and it’s going to be extremely interesting watching how Strive’s SATA product performs in comparison.

The attention is cyclical… but as of right now it appears that the baseline will continue to go up and to the right forever, Laura.