Strategy’s STRC hits record $1.53B daily volume

Strategy’s Variable Rate Series A Perpetual Stretch preferred stock, ticker STRC, recorded one-day trading volume of $1.53 billion on Thursday. The STRC.live tracker estimated that level of liquidity could, in theory, raise about $735.4 million, enough to purchase roughly 9,066 Bitcoin.

Chairman Michael Saylor wrote on social media: “All-time high volume. $1.53B of liquidity.” Stretch pays an 11.5% dividend and is structured to avoid diluting common shareholders.

Strategy has not committed to using proceeds from Stretch to buy Bitcoin.

The company increased its Bitcoin holdings this year, adding 56,770 BTC since April and 101,147 BTC since March, holding the largest public Bitcoin treasury. Strategy holds 818,869 Bitcoin, valued at about $66.5 billion at current market prices. Bitcoin’s recent price near $81,000 is above Strategy’s average purchase price of $75,543, putting the holdings about 7.2% above that average cost.

Perpetual preferred stock instruments like STRC have been used by companies to raise capital without issuing new common equity or relying on senior convertible notes. During the May 5 quarterly earnings call, Saylor described an aim to grow Stretch into the “biggest credit instrument in the world.”

Other firms have launched similar perpetual preferred securities. Strive said investors in its Variable Rate Series A Perpetual Preferred Stock (SATA) will begin receiving daily dividends from June 16. Tokyo-based Metaplanet has used perpetual preferred securities such as MARS and MERCURY to fund Bitcoin purchases.

Market trackers and analysts note that high trading volume on STRC reflects investor demand for the shares but does not automatically lead to immediate Bitcoin buys. Nearly 200 public companies report holding Bitcoin on their balance sheets.