Joe Burnett said Strategy holds about $51.5 billion in Bitcoin against roughly $10.5 billion of STRC, drawing a sharp distinction from UST before the Luna collapse.
Strive Vice President Joe Burnett said STRC differs materially from the failed UST model that unraveled before the Luna collapse. In a post on X, Burnett said UST had a circulating supply of about $18.7 billion before the Luna/UST crash, backed by only about $3.1 billion of BTC, while offering instant redemption. By contrast, he said Strategy now holds about $51.5 billion of BTC against roughly $10.5 billion of STRC outstanding, and STRC is not redeemable instantly. Burnett said those structural differences are significant, underscoring a contrast in backing levels and redemption design that can matter during market stress.