Strategy’s STRC Trading Volume Hits Record, With 7,800-Bitcoin Purchase Initially Expected

Strategy, formerly known as MicroStrategy, has made Bitcoin the centerpiece of its treasury strategy, funding the position through common stock, preferred securities and other capital-market instruments. Its U.S. dollar reserve is intended to help cover preferred dividends and debt-related obligations while preserving flexibility during volatile markets. The approach gives investors leveraged exposure to Bitcoin, though repeated equity issuance can dilute existing shareholders.

The company sold 2,732,318 MSTR shares through its at-the-market program from July 13 to July 19, 2026, generating $263.5 million in net proceeds. Strategy added $225 million to its dollar reserve, lifting the balance to $3.225 billion as of July 19. It neither bought nor sold Bitcoin during the week, marking a second consecutive pause, and retained 843,775 BTC acquired for about $63.69 billion, or an average $75,476 per coin.

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 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, 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 (MSTR) uses its perpetual preferred stock, Stretch (STRC), as a long-term financing vehicle, attracting capital through a relatively stable share price and dividend mechanism before deploying the proceeds into Bitcoin. The model can reduce the dilution pressure associated with frequent common-stock issuance while giving investors a gauge of whether the company can continue expanding its crypto holdings.

STRC recorded $333 million in trading value on Wednesday, its seventh-highest single-day volume since issuance, while moving by just $0.01 intraday, indicating stability despite heavy trading. Based on the amount raised that day, Strategy may have used the proceeds to buy more than 2,000 additional Bitcoin.

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.

Strategy (MSTR) launched its floating-rate perpetual preferred stock, Stretch (STRC), in July 2025, using at-the-market issuance to raise funds for additional Bitcoin purchases while paying monthly dividends. The instrument converts capital-market demand into crypto-asset reserves, helping make Strategy the world’s largest publicly traded corporate holder of Bitcoin.

On March 3, 2026, STRC trading volume reached $198.7 million, with about $177 million transacted above its $100 par value, enough to fund an estimated purchase of about 1,000 BTC. On March 9, the company sold another roughly 2.4 million STRC shares, financing an estimated purchase of 1,420 BTC and setting a single-day record.

Strategy, formerly known as MicroStrategy, has treated Bitcoin as a core treasury asset since 2020 and has long financed purchases through sales of common and preferred stock. The strategy has made it the world’s largest corporate holder of Bitcoin, but its high-interest financing costs and exposure to cryptocurrency price swings remain under market scrutiny.

Strategy raised funds by selling Class A common stock and preferred stock from March 2 to March 8, 2026, then spent about $1.28 billion to buy 17,994 Bitcoin at an average price of $70,946 each. The transaction increased its total holdings to 738,731 Bitcoin, continuing its long-term Bitcoin treasury strategy.