Strategy’s STRC Preferred Stock Trading Volume Hits Record High, Providing Steady Funding for Bitcoin Purchases

Strategy, the world’s largest corporate holder of bitcoin, has built its treasury through sales of common and preferred shares, making its capital allocation closely watched by equity and crypto investors. On June 29, the company adopted a Digital Credit Capital Framework that created a US dollar reserve and authorized repurchases. STRC is its variable-rate perpetual preferred stock. Funding a STRC buyback while issuing MSTR common shares highlights the trade-off between dilution, preferred-dividend support and preserving long-term bitcoin exposure.

In a July 27 filing with the US Securities and Exchange Commission, Strategy said it sold 5,429,160 MSTR shares through its at-the-market program from July 20 through July 26, generating $544.5 million in net proceeds. It repurchased 288,930 STRC shares for $25 million, its first activity under the $1 billion preferred-securities buyback authorization. Bitcoin holdings stayed unchanged at 843,775, while the dollar reserve rose by $525 million to $3.75 billion, enough for about 2.1 years of dividends. A day earlier, Executive Chairman Michael Saylor posted, “We’re gonna need another color,” fueling speculation about Strategy’s next move.

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 launched STRC, a floating-rate perpetual preferred stock, in July 2025 with a par value of $100 to raise funds for expanding its Bitcoin holdings. Its dividend rate is adjusted monthly to keep the market price close to par. Although STRC ranks ahead of common stock for repayment, it remains exposed to risks tied to Strategy’s Bitcoin holdings, financing and dividend coverage. Its sharp discount to par is now testing its positioning as a stable income investment.

STRC closed at $91.79 on June 16, 2026, an 8.2% discount to its $100 par value and its third-lowest close since listing in July 2025, implying an annualized yield of 12.53%. Bitcoin was trading at about $65,000 at the time. After Strategy repaid $1.5 billion of convertible debt, its cash dividend coverage fell from 24 months to seven months. The same day, Strive’s SATA began paying daily dividends at a 13% annual rate while trading at $99.99, further drawing income-focused capital away from STRC.

Strategy, formerly MicroStrategy (Nasdaq: MSTR), has treated Bitcoin as a core asset since 2020 and has continued accumulating it by raising funds through stock issuance. It is the world’s largest publicly traded corporate holder of Bitcoin, and its transactions are widely viewed as key indicators of corporate adoption and market liquidity.

Strategy disclosed on June 8, 2026, that it spent $101 million to buy 1,550 Bitcoin between June 1 and June 7 at an average price of about $65,332 each, increasing its holdings to 845,256 Bitcoin. It had previously sold 32 Bitcoin between May 26 and May 31 to pay preferred-stock dividends but resumed accumulating immediately afterward.

Strategy (MSTR), one of the world's largest corporate holders of bitcoin, raises money to buy the cryptocurrency by issuing common and preferred shares. STRC is a floating-rate perpetual preferred stock with a par value of $100 per share. Its annualized dividend rate was 11.5% in June 2026, making it an important funding vehicle for expanding the company's bitcoin holdings.

Strategy secured approval from common and STRC shareholders at its annual meeting on June 8, 2026, to shift dividend payments from monthly to twice a month, with record dates on the 15th and final day of each month. The first record date under the new schedule is June 30, with payment on July 15. The change only shortens the payment cycle and, at the time, did not alter the annual dividend rate or the company's total annual payment obligation.

Strategy has long raised funds through stock and debt offerings to accumulate Bitcoin. Its perpetual STRC preferred stock attracts capital with a high dividend, with the proceeds then used to buy Bitcoin. The instrument has no maturity date, but its sustainability could be undermined by the dividend burden, Bitcoin price volatility and a breakdown in financing markets.

In the week ending July 19, 2026, Strategy was estimated to have added about 7,000 Bitcoin after raising funds through STRC, though the actual amount raised has not been disclosed. Alexander Blume, CEO of investment adviser Two Prime, said investors may be underpricing the risk of a major market dislocation given STRC's 11.5% annualized yield, warning that there is “no free lunch” behind the high return.

Strategy uses its STRC perpetual preferred stock to raise capital, creating an ongoing funding channel for Bitcoin purchases. Its at-the-market program allows the company to issue additional shares depending on market conditions. STRC’s liquidity and market demand will directly affect Strategy’s ability to expand its Bitcoin holdings, as well as investors’ assessment of its financing ceiling and dilution risks.

The latest reports revised STRC’s Monday trading volume to $1.5 billion from an initial estimate of $1.16 billion and said it funded Strategy’s purchase of 11,707 Bitcoin, above the earlier estimate of 7,800. Trading volume could set another record on Tuesday, while Delphi Digital warned that the STRC financing model faces a $28 billion scale ceiling.

Strategy, formerly known as MicroStrategy, has continued raising funds through equity and debt instruments to buy Bitcoin under Michael Saylor, making BTC a core asset. The company recently raised capital through STRC perpetual preferred stock carrying an 11.5% dividend rate. Saylor said an annual Bitcoin gain of more than 2% would be enough to cover the dividend, underscoring the company's highly leveraged capital strategy.

Strategy added 3,468 Bitcoin on April 10, according to the latest report, which did not disclose the dollar value or average purchase price of the transaction. The purchase brought the company's total Bitcoin holdings close to 770,000 BTC. As proceeds raised through STRC continue to be converted into Bitcoin, the company's holdings are moving toward a new milestone.

Strategy, the world's largest corporate holder of Bitcoin, launched perpetual preferred stock STRC in July 2025 to raise U.S. dollar funding through share issuance and buy more Bitcoin. STRC targets a price near its $100 par value, with its high dividend designed to attract income-focused investors while allowing the company to continue expanding its crypto holdings.

Strategy said STRC's annualized dividend rate would remain at 11.5% in April 2026, ending a run of seven consecutive increases since the product's launch. With STRC's market price gradually stabilizing and approaching its $100 par value, the company will not raise the rate this month but will continue using the stock as a fundraising vehicle for future Bitcoin purchases.

Strategy, formerly MicroStrategy (Nasdaq: MSTR), has continued to expand its Bitcoin holdings through equity issuance and debt since adding the cryptocurrency to its corporate treasury in 2020. At-the-market, or ATM, programs allow shares to be sold in tranches as market conditions permit. The new capacity could support further purchases but also brings common-stock dilution and preferred-share dividend obligations.

On March 23, 2026, Strategy filed for separate ATM programs covering $21 billion of MSTR common stock and $21 billion of STRC preferred stock, for a combined $42 billion. Including its STRK capacity, the total reaches $44.1 billion. The company also disclosed that it spent $76.6 million to buy 1,031 Bitcoin from March 16 to 22, increasing its holdings to 762,099 Bitcoin.