Strategy's STRC Wins Retail Following, Funds More Than $1 Billion in Bitcoin Purchases

Strategy, formerly known as MicroStrategy and led by Executive Chairman Michael Saylor, has long accumulated Bitcoin by issuing debt and shares, becoming the world’s largest corporate holder of the cryptocurrency. Its convertible debt is closely tied to its Bitcoin treasury strategy. Buying back the notes early at a discount could reduce refinancing and equity-dilution risks at maturity, while testing whether the company can restructure its capital without selling Bitcoin.

Strategy said on May 26, 2026, that it had used about $1.38 billion in cash to repurchase $1.5 billion in face value of zero-coupon convertible senior notes due in 2029 between May 11 and May 25, representing a discount of about 8%. The funds came from cash reserves and sales of MSTR and STRC securities, with no Bitcoin sold. The transaction reduced total convertible-note principal outstanding to $6.7 billion from $8.2 billion.

MicroStrategy, now known as Strategy, has raised funds by issuing STRC perpetual preferred stock and used the proceeds to add to its Bitcoin holdings. Investors have relied primarily on dividends and the shares’ $100 par value to underpin confidence. When Bitcoin fell to about $73,000, STRC dropped below $99, raising concerns about whether the company could continue raising capital, paying dividends and maintaining its Bitcoin treasury strategy.

As of July 19, 2026, STRC had extended its decline from below $99 to $75. It had also traded at $88–$89 during the period, while its annualized dividend yield rose to about 11.5%. Strategy’s latest cash reserves were estimated to cover about 10 months of dividends, up from roughly six months previously, but the widening discount showed that retail investor confidence continued to weaken.

Strategy, formerly known as MicroStrategy, has continuously purchased Bitcoin since 2020 with funds raised through debt, equity and preferred stock offerings, making it the world’s largest publicly traded corporate holder of the cryptocurrency. Its buying affects Bitcoin supply and demand while closely linking the share prices, dividends and financing capacity of MSTR and STRC to the cryptocurrency.

Michael Saylor hinted on April 19 with the phrase “Think Even ₿igger” that the next purchase would exceed the 13,927 Bitcoin that Strategy bought for $1 billion from April 6 to 12. On June 7, he again signaled further buying by posting a chart of the company’s holdings. STRC dividend payments have been changed to the 15th and last day of each month, with voting on the proposal closing June 8.

MicroStrategy, now known as Strategy and trading under the ticker MSTR, holds more bitcoin than any other publicly listed company worldwide. It has long funded its purchases through debt issuance and stock sales. The company had added to its holdings for 13 consecutive weeks since late December last year, making its activity a closely watched indicator of corporate bitcoin demand and MSTR’s share price.

Strategy appeared to make no bitcoin purchases last week and also paused stock sales, potentially ending its 13-week accumulation streak. Executive Chairman Michael Saylor did not issue his customary hint of an impending purchase and instead only reposted information about STRC preferred stock. The company currently holds about 762,099 bitcoin, and the market is watching to see whether buying resumes around its first-quarter earnings report.

MicroStrategy, now known as Strategy, has long used its corporate balance sheet and fundraising proceeds to buy Bitcoin, making it one of the most prominent corporate holders of the cryptocurrency. The accumulation strategy led by founder Michael Saylor has closely tied the company’s share price and financing capacity to Bitcoin’s performance. Its large holdings could also affect market supply and demand and institutional investor sentiment.

In early April, Strategy spent about $1 billion to acquire 13,927 Bitcoin at an average price of roughly $71,900 each, raising its total holdings to 780,897 Bitcoin, or more than 3.7% of the cryptocurrency’s maximum supply of 21 million. The purchase was financed primarily through the issuance of STRC perpetual preferred stock. Saylor said around the same time that Bitcoin may have bottomed near $60,000.

Strategy, formerly MicroStrategy, has held bitcoin on its corporate balance sheet since 2020 and has continued raising capital through equity and debt instruments to buy more. STRC is a variable-rate perpetual preferred stock designed to offer lower volatility and cash dividends. It gives institutions constrained by fixed-income mandates indirect exposure to bitcoin and complements spot ETFs.

As of April 10, 2026, market models estimated that Strategy had raised enough through STRC that week to buy about 8,000 bitcoin, with proceeds from the first two days sufficient to fund 5,895. If the pace continued through the final trading day, the weekly total could reach 10,000 bitcoin. The company is targeting the roughly $145 trillion global fixed-income market, in which STRC currently accounts for just 0.002%.

Strategy, formerly known as MicroStrategy, has become the world's largest corporate Bitcoin holder under co-founder Michael Saylor, financing long-term purchases through debt issuance and high-dividend preferred shares. Its financial performance and stock price are therefore closely tied to cryptocurrency markets, while the size of its holdings is large enough to influence market confidence.

Strategy spent about $330 million last week to buy 4,871 Bitcoin at an average price of $67,718 each, lifting its total holdings to 766,970 BTC, or about 3.8% of the circulating supply. The company recorded a first-quarter paper loss of about $14.46 billion and still has about $5 billion in unrealized losses.

Strategy, formerly MicroStrategy (Nasdaq: MSTR), has pursued a Bitcoin treasury strategy led by co-founder Michael Saylor, steadily accumulating BTC through stock issuance and other fundraising. Its vast holdings have closely linked the company's share price to Bitcoin's performance, making it a key gauge of corporate cryptocurrency adoption.

In the week ended July 19, 2026, Strategy spent $76.6 million to buy 1,031 Bitcoin, a notably smaller purchase than in the previous two weeks. The acquisition was funded primarily through common-stock sales. The company's holdings rose to 762,099 BTC, acquired at an average cost of about $75,694 per Bitcoin.

Strategy, formerly known as MicroStrategy, added Bitcoin to its corporate balance sheet in August 2020 and has continued to finance purchases through stock and bond offerings. Its holdings rank among the largest of any publicly traded company, making the pace of its purchases and its funding methods important indicators of corporate Bitcoin adoption.

In a March 16, 2026 filing with the U.S. Securities and Exchange Commission, Strategy said it spent $1.57 billion to acquire 22,337 Bitcoin from March 9 through March 15 at an average price of $70,194. The purchases lifted its total holdings to 761,068 Bitcoin, acquired for about $57.61 billion in aggregate. The funds came primarily from an offering of STRC preferred stock.

Strategy, formerly known as MicroStrategy, is a key bellwether for corporate crypto treasury strategies, raising funds through common and preferred stock offerings to acquire Bitcoin. STRC is a preferred stock that pays monthly dividends. Changes to its dividend affect investor returns and reflect the company’s financing costs and capital needs amid Bitcoin volatility.

Strategy raised STRC’s annualized dividend rate by 25 basis points to 11.5% in March 2026 and has now kept it at that level for a fourth consecutive month. Meanwhile, Bitcoin fell 20% in February, dragging MSTR down 14% for the month and marking its eighth consecutive monthly decline, underscoring the divergence between preferred-stock yields and the risk profile of the common shares.