I don’t think they are over leveraged at all. In my opinion the only risk I see is that he doesn’t actually hold the bitcoin, which is definitely possible.

And then, yeah, for people who understand bitcoin STRC is dumb because 11% appreciation a year means bitcoin wouldn’t hit a new all time high for another 5 years.

The product is designed for people who can’t handle volatility and are willing to give up all bitcoin upside.

OR for people who have a shit ton of bitcoin already and can turn in a small percentage of their stack to retire now.