Strategy’s Bitcoin-focused preferred stock STRC recorded a historic $1.53 billion in daily trading volume on Thursday, marking the highest single-day liquidity level ever for the company’s flagship “Digital Credit” instrument.
The surge in activity fueled speculation that Strategy could soon announce another major Bitcoin acquisition, as analysts estimate the trading volume could theoretically support purchases of more than 9,000 BTC through the company’s at-the-market financing program.
Michael Saylor, chairman of Strategy, celebrated the milestone on social media, calling it an “all-time high volume” for the Variable Rate Series A Perpetual Stretch Preferred Stock, known by its ticker STRC.
STRC Becomes Key Engine Behind Strategy’s Bitcoin Purchases
STRC has rapidly evolved into Strategy’s primary funding mechanism for acquiring Bitcoin in 2026. The company issues new preferred shares through an at-the-market (ATM) program whenever the stock trades near or above its $100 par value, then uses the proceeds to purchase BTC.
According to STRC.live tracker data cited by Cointelegraph, Thursday’s record liquidity could theoretically generate approximately $735 million in fresh capital — enough to purchase around 9,066 Bitcoin at current market prices.
However, analysts caution that high trading volume does not automatically guarantee immediate Bitcoin purchases, since Strategy’s management ultimately decides how much capital to deploy.
The latest activity continues a broader acceleration in Strategy’s Bitcoin accumulation efforts. Since March 2026, the company has reportedly purchased more than 100,000 BTC, dramatically increasing its already industry-leading crypto treasury.
Preferred Stock Model Reshapes Bitcoin Treasury Strategy
Unlike traditional stock issuance, STRC allows Strategy to raise large amounts of capital without immediately diluting common shareholders. The preferred shares currently offer investors an annualized dividend yield of approximately 11.5%, paid in cash.
During the company’s May earnings call, Saylor said Strategy aims to turn STRC into the “largest preferred stock in the world” and potentially the “biggest credit instrument in the world.”
Strategy reported that STRC had already generated approximately $5.6 billion in gross proceeds year-to-date as of early May. The company also disclosed that average daily trading volume for the instrument had climbed to roughly $375 million before Thursday’s latest record spike.
The financing structure has attracted growing interest from institutional investors and other Bitcoin treasury companies seeking alternative methods to gain exposure to BTC while maintaining more stable income-oriented securities.
Bitcoin Treasury Competition Intensifies
Strategy’s success with STRC has inspired other firms to launch similar perpetual preferred-stock structures tied to Bitcoin treasury strategies. Companies including Strive and Japan-based Metaplanet have recently introduced their own Bitcoin-linked financing vehicles.
Public-company Bitcoin treasury adoption has accelerated significantly during 2026 despite ongoing volatility in crypto markets. Industry estimates suggest nearly 200 publicly traded firms now hold Bitcoin on their balance sheets.
Strategy remains the dominant corporate Bitcoin holder globally, with more than 818,000 BTC valued at over $66 billion based on current market prices.
Analysts Debate Sustainability of Strategy’s Funding Model
While supporters argue the STRC structure creates a powerful “Bitcoin accumulation flywheel,” critics have warned that the growing dividend obligations tied to preferred shares could eventually pressure the company financially if Bitcoin prices weaken.
Strategy currently pays nearly $1 billion annually in dividends related to outstanding STRC shares, according to company disclosures and analyst estimates.
Some analysts also note that the company’s aggressive leverage strategy depends heavily on continued investor demand for preferred shares and rising Bitcoin valuations.
Still, investor appetite for Bitcoin-linked yield products remains strong, especially as traditional fixed-income markets continue offering lower returns relative to high-yield crypto-related instruments.
Bitcoin Rally Supports Strategy’s Expansion
Bitcoin’s recent rebound above $80,000 has further strengthened Strategy’s financing position and improved investor confidence around the company’s treasury model.
The rally has pushed the value of Strategy’s Bitcoin holdings above the company’s average acquisition cost, helping offset concerns surrounding its expanding debt and preferred-share obligations.
Market watchers are now closely monitoring whether Strategy announces another large Bitcoin purchase following Thursday’s unprecedented STRC trading activity, which could once again reinforce the company’s influence on institutional Bitcoin demand.
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