Apyx Foundation

| The First Dividend-Backed Dollar, Targeting 13% APY | Enhanced Digital Credit Yield, Onchain | The Largest Holder of $STRC |

[Laura Shin @laurashin]

I asked Parker White whether Strategy's $260M Bitcoin sale marks a real shift away from Bitcoin's ethos. His answer: it is 'a little bit of a tweak,' not a flip flop. 🪙

I pushed back, since selling Bitcoin at a loss to fund dividends puts the dollar ahead of Bitcoin, at least in that moment.

Full conversation on my latest episode with @TheOtherParker_.

Timestamps:
🏛️ 02:03 Parker on why Strategy's record Bitcoin sale to fund dividends is smart, not desperate
📋 06:24 How Strategy's new digital capital framework tries to calm the market's nerves
⚠️ 09:59 Laura and Parker spar over whether shorts or Strategy's own missteps sparked the selloff
💵 21:27 Whether prioritizing USD over Bitcoin marks a philosophical flip for Strategy
📣 26:28 Fidelity: Explore crypto careers at Fidelity today at https://t.co/8dua6AZj82
🔐 27:10 Cape: Get 33% off your first six months with code UNCHAINED at https://t.co/2ZtLziXsHV
⏳ 28:09 Why Parker isn't worried about Strategy's looming $6.7 billion convert cliff
🧩 34:56 Parker on how Apyx wraps STRC and SATA into a yield bearing onchain asset
📉 36:38 What caused apxUSD's drop to as low as 72 cents and the liquidity pull
🛡️ 41:10 Parker defends Apyx 2.0's redemption rules against the free put option critics
🔄 47:53 Parker on why comparing Strategy to Terra Luna or GBTC misreads the risk

[Apyx @apyx_fi]

New Morpho markets, curated by @Hyperithm! 🙌

Borrow $USDC against PT-apxUSD and PT-apyUSD. 86% LLTV.

Supply for 40x points multiplier toward the Oct 13 $APYX airdrop.

PT-apx Market 👇
https://t.co/SeuY16lkBz

PT-apy Market 👇
https://t.co/vaYZlGp5gS

[Laura Shin @laurashin]

"If you short STRC at $100 your downside is capped because Strategy will come in and run the ATM right at $100. But your upside as a short is unlimited"

Parker White on why STRC became a perfect short setup and why the violent selloff was shorts latching onto an opportunity rather than a fundamental problem

"SATA did not have nearly as violent of a reaction. And Strive actually has a more vulnerable balance sheet position than Strategy with STRC. Yet the market was trading down for STRC"

"This really was just a situation of shorts latching on to an opportunity and then people panicking, grabbing hold of a narrative, and selling"

[Parker @TheOtherParker_]

Unchained On Air | Bits + Bips Livestream https://t.co/zkFcbBEaJh

[Laura Shin @laurashin]

Strategy sold 3,588 BTC ($216M) to fund its preferred dividends. Capitulation, or proof the dividend machine works?

@TheOtherParker_ of Apyx — whose apxUSD stablecoin is backed by Strategy's STRC — joins live at 3:30pm ET.

Join us live on our platforms: X - https://t.co/AohKSQ4sNg

[Apyx @apyx_fi]

Apyx has completed its 5th smart contract security audit, this time with @halbornsecurity. 🔐

Security and transparency are core to building the first Dividend-Backed Dollar (DBD) protocol.

All Apyx audits are available here. 👇
https://t.co/OoShiONrAu

[Apyx @apyx_fi]

Happy Independence day to those who celebrate! 🇺🇸

[Apyx @apyx_fi]

All the ways you can earn yield with onchain digital credit. 👇

And don’t forget, you’ll also earn points toward the October 13 $APYX airdrop.

So, what're you waiting for?!

[Hercules | DeFi @Hercules_Defi]

you are only overreacting if you think @Strategy is the next Luna.

@apyx_fi made a strong case for why this isn't another collapse.

a really good defense of STR, MSTR, and digital credit ngl.

Here's why:

> strategy isn't facing margin calls.

> STRC isn't losing its peg. It's simply repricing for a higher yield.

> the balance sheet is backed by over 847,000 BTC, not empty promises

the luna comparison misses the mechanics here.

Luna was built on reflexive algorithmic incentives that unraveled once confidence broke.

Strategy is sitting on real BTC collateral.

that alone changes the entire risk profile.

the risks are still there, of course.

it's just that they look more like funding pressure than a company going under.

what i liked about Apyx’s take is that it doesn’t pretend those risks don’t exist.

we all know the risks are there.

Apyx also acknowledged them.

and it also made sure to differentiate between financial issue and insolvency.

Apyx also does a good job framing strategy’s digital credit setup.

in simple terms, a BTC-backed credit will surely be affected in this market.

when it gets better, it can evolve into a legit asset class.

there is no point in asking if they survive this volatility.

what should be focused on is whether digital credit becomes a core of the market.

the same goes for everyone saying, "the peg is broken."

it isn't, STRC is simply trading below par because the market wants a higher yield.

if you know very well, you'll know that's repricing.

i am sure by now, every one of us can see the thesis.

right now, the market is pricing in a worst-case outcome.

don't get swayed by what you see on the TL.

do read this and see for yourself.

[Emperor Osmo 🐂 🎯 @Flowslikeosmo]

TLDR: @Strategy / $STRC aren't dying.

Apyx’s argument is that the market is misreading the discount to par.

Obviously, the trading discount to par shows stress, but this isn't the same thing as a death spiral, aka Luna.

Strategy is also using the dividend lever to pull STRC back toward par, with the payout being raised to 12%, effective July 1, 2026.

> Most importantly, the bond market has not priced @Strategy like a distressed asset.

Converts are trading around $86 to $102, with a blended coupon of just 0.515%.

One question to consider is now around $BTC volatility.

→ Can bitcoin stay down long enough for fixed carry to become the problem (~ $1.76B per year)?

If BTC stays weak into the 2027 and 2028 convert maturity wall, pressure will build.

But if $BTC turns before then, the whole stack re-rates together:

STRC, STRF, STRD, STRK, and MSTR equity.

I still think the market is blowing this out of proportion.

[Apyx @apyx_fi]

Onchain digital credit yield is taking over DeFi & stablecoins.

🔴 $apyUSD APY: 15.33%
🔴 $apxUSD back to $1.00: 31.37% implied
🔴 $STRC to a theoretical $105: 37.59% implied

@Strive just signaled $SATA won't automatically issue at par.

If @Strategy follows suit and $STRC pushes to $105, there's a solid chance apxUSD climbs with it. 👀

[Apyx @apyx_fi]

Is the $STRC bottom officially in? 🤔

What does that mean for Apyx?

Join us tomorrow (July 2) @ 7PM EST for our weekly Office Hours, we'll be covering both topics in detail!

Set a reminder & drop us your questions. 👇
https://t.co/A23LYkSsXC

[Apyx @apyx_fi]

https://t.co/pSQVhLO3Cs

[Royco @roycoprotocol]

apyUSD Senior became more capital efficient.

Thanks to @hyperithm, borrowers can now access the market at around a 2.6% borrow rate, making apyUSD Senior more attractive as collateral.

[Apyx @apyx_fi]

VOLATILITY IS VITALITY. 🚀

[Apyx @apyx_fi]

Everyone is asking the same question right now:

What happens next for $MSTR and $STRC? 🤔

We sat down with @CryptoKaleo to debate it in depth, laying out the bull case for Strategy and digital credit while hearing the bear case directly.

This is an opportunity to understand both sides of the story, assess the risks, and decide for yourself what may come next. 👇

⏱️ Timestamps:
00:00 Introduction
04:22 @CryptoKaleo’s market outlook
07:10 The bear case for $MSTR and $STRC
11:54 The bull case: refinancing, liquidity & capital access
19:42 When does Strategy’s capital structure become a concern?
24:22 Credit risk, duration & preferred equity
36:28 Has Strategy shifted the goalposts?
43:45 What should Strategy do differently?
45:52 Why $MSTR needs leverage
50:46 Has the market rejected preferred-based leverage?
55:08 How Apyx handles $STRC discount risk
01:06:08 Is apxUSD really a stablecoin?
01:11:18 Redemptions, weekend liquidity & market structure
01:19:59 Market pressure, sentiment & potential short attacks
01:22:56 Closing bull case for Strategy
01:25:18 Closing thoughts from @CryptoKaleo

[K A L E O @CryptoKaleo]

The largest holder of $STRC invited me to join them on a space this afternoon to discuss all things Strategy.

We'll cover:

- Apyx's flagship product apxUSD (a stablecoin backed by STRC)
- All things $MSTR
- Bitcoin & DATs
- Saylor (obviously)

You don't want to miss this.

[Apyx Foundation @FDM_apyxfi]

@apyx_fi Do not let this vote pass you by. The REPEG and Compensation Plan needs your input.

If the proposal receives enough support, eligible users will land compensation and priority recovery access.

Vote before it closes TODAY

https://t.co/4smMwZFnj9

[Apyx Foundation @FDM_apyxfi]

@apyx_fi apyxUSD Holders The Repeg and Compensation Plan community vote wraps up TODAY.

If approved, qualifying users will benefit from compensation and priority recovery access.

Cast your vote before TODAY ends

https://t.co/4smMwZFnj9

[Apyx Foundation @FDM_apyxfi]

@apyx_fi Get your vote in on the REPEG and Compensation Plan proposal.

Eligible users will receive compensation plus gain priority recovery access if the vote is successful.

Voting closes TODAY

https://t.co/4smMwZFnj9