Ondo lists tokenized STRC yield

David Gu said in an X post on May 20 that tokenized STRC was available through Ondo Global Markets with what he described as an 11.5% return for eligible users. Ondo’s own materials show the product sits inside its Ondo Global Markets platform, which offers onchain exposure to publicly traded securities for investors outside the United States. Strategy, the issuer of the underlying preferred stock, says STRC currently pays 11.50% annual dividends in cash on a monthly schedule. Ondo’s documents say its tokens are not the underlying securities themselves, but instruments designed to give holders the same economic exposure, net of applicable withholding taxes. ### What exactly is being listed on Ondo? Ondo Global Markets says its platform issues tokens that track publicly traded securities, including stocks and ETFs, for non-U.S. investors. In this case, the underlying asset is STRC, Strategy’s perpetual preferred stock listed on Nasdaq. Strategy’s STRC page says the security currently pays 11.50% annual dividends, payable monthly in cash, and that the rate is adjusted monthly. (docs.ondo.finance) Ondo’s documentation says these tokenized products are “total return trackers.” That means holders are meant to receive the economics of owning the underlying asset with dividends reinvested, net of withholding tax, rather than direct legal ownership of the stock itself. Ondo also says one token does not necessarily equal one share, and the token price may diverge from the underlying security over time. (docs.ondo.finance) ### Is the 11.5% figure monthly or annual? Strategy’s own investor materials describe STRC as paying 11.50% annual dividends, with payments made monthly in cash. Its dividend page lists a May 2026 dividend rate of 11.50% and a dividend per share of $0.96. Its metrics page separately showed an effective yield of 11.66% and a current dividend of 11.50% when accessed on May 20. David Gu’s post described the offer as a monthly return, but Ondo and Strategy’s published materials frame the 11.5% figure as an annualized dividend or yield, not an 11.5% payout each month. (docs.ondo.finance) Strategy’s posted dividend schedule shows the monthly cash distribution mechanics behind that annualized rate. ### Who can actually buy it? Ondo says Ondo Global Markets is designed for investors outside the United States. (strategy.com) Its eligibility page says people in the United States, U.S. persons under Regulation S, and residents of several other prohibited jurisdictions cannot subscribe for, acquire or redeem Ondo Global Markets tokens. Ondo also says that in some jurisdictions, including the United Kingdom, Switzerland and parts of the European Economic Area, the products are offered only to qualified investors or professional clients. (strategy.com) The issuer is Ondo Global Markets (BVI) Limited, according to the company’s disclosures. ### Do token holders receive the same dividends as stockholders? Ondo says token holders receive economic exposure to the value of the underlying asset, including dividends, less applicable tax withholdings. (docs.ondo.finance) Its fees and taxes page says dividends paid by U.S. securities to the British Virgin Islands issuer are generally subject to a 30% U.S. withholding tax. Ondo gives Apple as an example: a $1 dividend would leave $0.70 to be reinvested after withholding. (ondo.finance) Ondo also says investors may face quote spreads, platform fees embedded in execution, and blockchain gas costs. Those terms mean the net result for a token holder can differ from the headline dividend rate attached to the underlying preferred stock. ### What comes next on the calendar? Strategy’s dividend page lists a May 31, 2026 payout date for STRC tied to a May 15, 2026 record date, with the June 2026 payout fields still marked to be determined. (docs.ondo.finance) Ondo says qualified purchasers can access prospectus materials and product documentation through the applicable asset page on its platform. (strategy.com) (docs.ondo.finance)