Strategy pays retail investors 11.5% in depreciating fiat while accumulating Bitcoin with no public proof of reserves and no redemption right. 80% of holders are retail.

It may not be a Ponzi, but the structural argument is that STRC rebuilds a Cantillon Effect on top of Bitcoin. The entity closest to accumulation holds the scarce asset while the participants furthest from it hold claims in the depreciating one. I traced the full capital structure from SEC filings and the prospectus.

Fully sourced analysis:
https://daniella.io/bitcoin-strc