Strategy Inc. (NASDAQ: MSTR), the world’s largest corporate Bitcoin treasury firm, appears to have sold significant shares of its “Stretch” (STRC) perpetual preferred equity in a single day to fund more bitcoin purchases than ever before.
Data suggests that the company’s bitcoin buys this week were partly funded by the issuance of its Variable Rate Series A Preferred Stock, which came after Strategy amended its at-the-market (ATM) sales program on Monday.
Strategy’s Multi-Agent ATM Pivot Drives Record STRC Volume
According to STRC.live, by the end of the New York trading session on Thursday, the Michael Saylor co-founded firm managed to raise enough capital through Stretch preferred to acquire about 4,300 BTC ($303 million) – marking the largest single-day bitcoin purchase funded through the instrument since it was launched last year.
Until this transaction, the record was 1,420 BTC, bought after selling roughly 2.4 million STRC shares through Strategy’s at-the-market (ATM) program on March 10, surpassing the previous record of 1,069 BTC.
On Wednesday, STRC posted a record $409 million in daily trading volume while maintaining roughly 3% in 30-day volatility and a one-month volume-weighted average price near $99.78. This activity apparently facilitated the purchase of more than 2,000 BTC, which was easily beaten by Thursday’s performance.
Early this week, Strategy announced a major rule change to its ATM share sales program, allowing multiple agents to sell STRC shares simultaneously before the U.S. market opens and after it closes. The move eased a prior restriction that limited such sales to one agent per trading day, increasing liquidity in the instrument, while making it easier for the company to raise large amounts of capital quickly, with proceeds directed towards bitcoin purchases.
A recent filing with the U.S. Securities and Exchange Commission (SEC) disclosed that the company purchased 17,994 BTC for approximately $1.28 billion between March 2 and March 8. That purchase took its total holdings to about 738,731 BTC, representing roughly 3.5% of bitcoin’s circulating supply of 20 million coins.
The filing also showed the purchase was funded through a combination of $377.1 million in STRC sales and $899.5 million raised through the issuance of its MSTR common stock. Based on those figures, STRC accounted for about 29.5% of the funding during that five-day accumulation period, equivalent to roughly 5,300 BTC that was acquired through the preferred share sales.
However, these estimates are unofficial, as Strategy typically confirms its purchases later through SEC filings or public disclosures. If they prove to be true, then Thursday’s purchase alone could exceed the average daily bitcoin acquisition pace seen during that earlier buying window.
How Does “Stretch” Preferred Work?
STRC is one of several securities that Strategy launched to help fund its Bitcoin treasury strategy. The instrument acts as a bridge between traditional income investors and the company’s bitcoin balance sheet. Income investors typically seek steady payouts, while Strategy’s BTC stack brings long-term upside along with short-term price swings. The variable-rate perpetual preferred stock is designed to help connect both parties.
The security maintains demand near its $100 par value while paying a monthly dividend that yields about 11.5% annually. It essentially converts the economics of a bitcoin treasury firm into one that appeals to investors who prioritize regular income. Strong liquidity and relatively low volatility suggest that investors are increasingly shifting toward income-focused instruments. Rather than relying on marketing or hype, that structure appears to meet a clear demand among investors seeking yield tied to bitcoin exposure.
Strategy also offers ATM programs for other preferred shares such as Stride (STRD), Strife (STRF), Strike (STRK), and the MSTR common stock.
At the time of writing, Bitcoin (BTC) is trading at $71,815 – up 2.97% in 24 hours. Strategy Inc. (MSTR) closed Thursday’s session at $137.34, and is priced at $140.67 in pre-market trading – up 2.42%.
