STRC (MicroStrategy perpetual preferred stock) is a juggernaut in its early innings. It taps into first principles: investors want a stable NAV, yield greater than 10%, and view Bitcoin as a great store of value and collateral. The instrument is surprising and different, which is why it hasn't been done before, but it clearly appeals to fundamental investor desires. It will expand Bitcoin's role into the fixed income market and more institutions will adopt it over the next 12 months.