Who’s buying STRC? According to holdings disclosures, the capital structure of STRC roughly breaks down as: Public companies + retail investors: 51% ETFs/funds: 27% Other institutional investors: 22% Institutional participation is high, but it’s not entirely dominated by institutions. Funds seeking stability, hedging, and returns are all involved, each with their own goals. As for which specific institutions are holding positions, we’ll have to wait until after May 15 (SEC 13F disclosure reports are typically delayed by 45 days).