Key Takeaways
Trading volume for Strategy’s STRC perpetual preferred stock hit a record $1.53 billion on Thursday, with the company using the proceeds to purchase another 11,707 bitcoin for its corporate treasury.
"The surge helped fund the purchase of some 11,707 bitcoin through the company’s at-the-market (ATM) program," according to data from BitcoinQuant cited by news reports. The ATM program allows Strategy to sell newly issued shares to raise capital for its primary mission of acquiring more bitcoin.
Thursday's record volume was more than four times the stock's 30-day daily average of approximately $331 million. The activity spike occurred on the session before the ex-dividend date, after which new buyers are ineligible for the upcoming 11.5 percent annualized dividend. Following the typical pattern, STRC shares fell nearly 1 percent in pre-market trading Friday to $99.12.
The aggressive use of the STRC vehicle, which Executive Chairman Michael Saylor aims to build into the “biggest credit instrument in the world,” allows Strategy to accelerate its Bitcoin accumulation. The company’s total holdings now stand at 818,869 BTC, worth an estimated $66.5 billion. The strategy persists despite criticism from skeptics like Peter Schiff and increasing competition from rivals like Strive, which is shifting its own preferred stock to daily dividend payments in June.
The move coincided with a broader dip in related assets. Strategy's common stock (MSTR) fell 2 percent in pre-market trading, while Bitcoin itself slipped to around $80,500. The company's average purchase price for its Bitcoin holdings is $75,543.
In a separate development, Strategy also announced plans to repurchase approximately $1.50 billion of its 0 percent convertible senior notes due in 2029, a move it will finance with existing cash, its ATM program, and potentially sales of its bitcoin holdings.
This article is for informational purposes only and does not constitute investment advice.
