Strategy Steps Up Bitcoin Buying, Targets Fixed-Income Market With STRC

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 (Nasdaq: MSTR), has long raised funds through stock and debt issuance to buy Bitcoin and has become the world's largest publicly traded corporate holder of the cryptocurrency. Its asset allocation and financing capacity affect investors in MSTR common and preferred shares, while its U.S. dollar reserve is an important safeguard for the company's continued payment of preferred-stock dividends.

In the week ended July 19, 2026, Strategy raised funds by selling common stock and purchased 520 Bitcoin for about $34.9 million, bringing its total holdings to 847,363 BTC. The company also added $300 million to its U.S. dollar reserve, lifting its cash holdings to $1.4 billion to strengthen its capacity to pay preferred-stock dividends.

Strategy, formerly known as MicroStrategy, has treated Bitcoin as a core treasury asset since August 2020 and has continued adding to its holdings through equity and debt financing. The strategy, led by Michael Saylor, has made it the world’s largest publicly traded corporate holder of Bitcoin while closely tying its share price to cryptocurrency market movements.

Strategy disclosed in a Form 8-K filed on July 13, 2026, that it had raised funds through its at-the-market equity offering programs during the previous week and purchased 1,587 Bitcoin for about $100 million. The transaction increased its total holdings to 846,842 Bitcoin, with cumulative acquisition costs exceeding $64 billion.

Strategy has long raised funds through debt and equity issuance to buy Bitcoin, making BTC a core treasury asset. The company now holds more than 840,000 BTC worth about $64.45 billion, the largest corporate reserve worldwide. Markets therefore often view its financing and Bitcoin purchase cadence as an indicator of institutional demand.

During the week of July 20, 2026, Strategy co-founder Michael Saylor said the company had not added to its Bitcoin holdings that week and had instead bought bonds, although it did not disclose the amount or type of bonds purchased. Describing the situation as the “BitVac,” or Bitcoin vacuum, “charging,” he suggested the move could be building up funds in preparation for the next round of Bitcoin allocation.

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 (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, formerly known as MicroStrategy, has long raised funds through stock and debt offerings to buy Bitcoin, becoming one of the world's largest corporate holders of the cryptocurrency. In July 2025, it launched its “Stretch” perpetual preferred stock (STRC), designed to offer low volatility and a high yield. The product gives investors who are bullish on Bitcoin but unwilling to bear its sharp price swings a way to participate in the company's Bitcoin strategy.

Strategy Executive Chairman Michael Saylor most recently said retail investors account for about 80% of STRC holders, showing that the product has primarily attracted ordinary individual investors. Since launching STRC in 2025, the company has used proceeds from the offering to purchase more than $1 billion worth of Bitcoin, using the preferred stock's dividend and price-stability mechanisms to expand capital-markets demand for Bitcoin.

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, 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.