TD Cowen Analyst Calls Strategy’s STRC “Premier Digital Credit Instrument"

TD Cowen Managing Director Lance Vitanza, speaking on a panel at the Bitcoin for Corporations event (held as part of Strategy World in Las Vegas) described Strategy Inc.’s Stretch (STRC) as the company’s “anchor” and hailed its swift maturation into a leading product within months.

“Stretch is currently being positioned as a premier digital credit instrument,” Vitanza noted, echoing Strategy’s own ambitions. He highlighted the product’s design for everyday investors: monthly cash dividends (currently 11.25% annualized), low volatility engineered around a $100 par value, and daily liquidity that appeals to retail holders who “don’t want to see the value of their investment change from day to day.”

Vitanza contrasted STRC with Strategy’s broader capital-stack innovation. While junior preferred shares offer high-yield managers greater Bitcoin upside exposure, and senior instruments provide high-grade stability, Stretch sits squarely in the retail sweet spot—delivering predictable monthly income with significantly dampened price swings compared to common stock (MSTR) or pure Bitcoin.

“What Strategy has done so well is design an array of instruments that appeal to a variety of different investors,” Vitanza explained. He urged portfolio managers to match each security to client risk tolerance and return expectations rather than forcing a one-size-fits-all approach. While applauding Strategy’s aggressive push to scale STRC—now over $3.4 billion in notional size—he cautioned against growing it at the expense of the full suite.

Phong Le, Strategy’s chief executive officer, has called 2026 the “coming-out party” for STRC. Vitanza’s comments underscore growing Wall Street recognition that STRC is more than just another funding tool. It is emerging as a standalone, Bitcoin-backed credit product capable of attracting fixed-income capital at scale while supporting the company’s relentless Bitcoin accumulation strategy.

With STRC trading near par and delivering consistent yield in a volatile crypto environment, Vitanza’s assessment positions Strategy at the forefront of digital credit innovation.