Strategy’s perpetual preferred stock, STRC, the company’s primary vehicle for funding its Bitcoin purchases in 2026, hit a new daily trading volume record of $1.5 billion on Thursday.
“All-time high volume. $1.53B of liquidity,” chairman Michael Saylor said, referring to Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock.
Stretch offers investors an 11.5% dividend without requiring the company to dilute common shares.
Source: Michael Saylor
According to the STRC.live tracker, the company could, in theory, raise an estimated $735.4 million from Thursday’s performance to purchase 9,066 Bitcoin (BTC).
However, there’s no guarantee that Strategy will make a Bitcoin purchase based on the funds raised by Stretch.
Strategy has now purchased 56,770 Bitcoin since April and 101,147 Bitcoin since March, accelerating its pace after a slower-than-usual February.
Estimated amount of Bitcoin that Strategy could accumulate from capital raised through STRC on Thursday. Source: STRC.Live
Perpetual preferred stocks have become a popular tool for Bitcoin treasuries to purchase more Bitcoin, particularly during the current bear market, when raising capital via senior convertible notes and at-the-market equity offerings has become more difficult.
During Strategy’s Q1 earnings call on May 5, Saylor said the company is aiming to build Stretch into the “biggest credit instrument in the world,” while other Bitcoin treasuries have adopted similar strategies.
One of those companies is Strive, which announced on Thursday that investors of its Variable Rate Series A Perpetual Preferred Stock (SATA) would earn daily dividends from June 16, a more frequent payout schedule than the monthly distributions offered by Strategy’s Stretch.
In recent months, the Tokyo-based Metaplanet has also raised capital to fund Bitcoin purchases through perpetual preferred stocks, such as MARS and MERCURY.
Related: Bitcoin trades at a ‘discount’ on Coinbase: Is a $76K retest next?
Nearly 200 public companies still hold Bitcoin on their balance sheets.
Strategy remains by far the largest corporate Bitcoin treasury, holding 818,869 Bitcoin worth $66.5 billion at current market prices.
Bitcoin’s recent rally to $81,000 has also pushed above Strategy’s average purchase price of $75,543, putting its Bitcoin holdings up 7.2%.
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