Strategy’s STRC hits record trading volume after massive $1B Bitcoin purchase as market cap doubles since Friday

Strategy's perpetual preferred stock, STRC, played a key role in the company's Bitcoin strategy this week after it saw more than $1.1 billion in daily trading volume. In an X post , Strategy declared April 13 the record date for STRC. Michael Saylor also noted that the security closed at par with just “one penny of volatility” after $1.156 billion in liquidity moved through the market. STRC Record Trading Volume. (Source: Strategy) This trading surge came after Strategy revealed it had bought 13,927 Bitcoin for about $1 billion between April 6 and April 12. With this purchase, the company now holds 780,897 Bitcoin, bought for a total of $59.02 billion, averaging $75,577 per coin. The company stated that the purchase was fully funded through at-the-market (ATM) sales of 10.02 million STRC shares, generating approximately $1 billion in net proceeds. Meanwhile, that pairing of record trading activity in STRC and a weekly Bitcoin purchase funded exclusively through that preferred program marks a significant shift in emphasis for the company. For equity investors, this shift could significantly change the balance of potential gains and risks. Increased reliance on preferred stock may reduce immediate dilution for common shareholders, since fewer ordinary shares are issued right away. However, it brings more fixed claims ahead of equity in the capital structure, meaning holders of preferred stock have the right to receive dividends before common shareholders receive anything. In other words, preferred shareholders are prioritized for payments, so common shareholders only benefit if the company has enough profit left over after meeting these obligations. This approach could enhance returns if Bitcoin performs well, but it increases reliance on ongoing market access and disciplined dividend management. While the shift may boost short-term buying power and reduce equity dilution, it also raises financial leverage and execution risk for common shareholders over time. How STRC preferred stock took the lead for Strategy's Bitcoin purchases Launched in July 2025, STRC was designed to operate fundamentally differently from Strategy's MSTR common stock. Related Reading Strategy launches ANOTHER Bitcoin share class to lure capital from $7T traditional funds Strategy expands its Bitcoin-linked securities, offering innovative options for income-seeking investors to potentially outpace inflation. Jul 22, 2025 · Oluwapelumi Adejumo The preferred stock carries a variable annualized dividend rate, currently at 11.50% as of April. Its adjustable-rate structure is intended to incentivize trading near its $100 par value strongly. This stable price anchor enables Strategy to use its ATM issuance program efficiently. Issuing new STRC shares at a consistent price allows the company to quickly raise capital and convert it into Bitcoin, minimizing the friction and discounts typically seen with large secondary offerings. Market observers note that STRC aim s to provide investors with double-digit returns and minimal price volatility, combining high-yield income with capital stability. Essentially, Strategy's executive chairman, Michael Saylor , said : “STRC delivers money market–like stability with market-leading risk-adjusted returns.” Since its inception, STRC has financed the acquisition of nearly 70,000 Bitcoin, according to STRC.live. The recent $1 billion volume on April 13 could fund the purchase of over 6,000 additional BTC. Strategy's STRC Market Cap (Source: STRC.live) Unsurprisingly, STRC's market capitalization has ballooned alongside this utility, nearly doubling from $3.4 billion in February to $6.36 billion today. With $21.6 billion worth of STRC shares still authorized for future issuance, the runway for further BTC accumulation remains vast. Related Reading Strategy is using a high-yield funding engine to buy billions in Bitcoin and chase 1 million BTC Strategy’s path to 1 million Bitcoin hinges on a high-yield engine that could either supercharge growth or break it. Mar 17, 2026 · Oluwapelumi Adejumo Bears point to reserves, refinancing, and the growing preferred stack risks Despite market optimism, several analysts have raised concerns about the sustainability of this model, citing Strategy's own financial disclosures. Because Strategy's software business does not generate sufficient operating cash flow to meet its financial obligations, the company established a $2.25 billion reserve in early February. This reserve serves as a financial safety net, intended to cover nearly 2.5 years of dividend payments on preferred stock and interest payments on outstanding debt. The reserve is necessary because, without enough regular business income, the company relies on this set-aside cash to meet fixed payments. If this reserve is depleted before Strategy generates enough new income or finds additional sources of financing, the company could face pressure to sell assets or issue more shares, putting both preferred and common sha