Overview
- Stretch, Strategy’s variable‑rate perpetual preferred (ticker STRC), logged its highest single‑day trading volume this week at about $1.53 billion, with tracker estimates showing capacity to raise roughly $735 million for around 9,066 bitcoin, though the company has not announced a new purchase.
- STRC, which recovered to its $100 par on Monday, enabled an at‑the‑market sale of about 2.12 million shares for roughly $206 million, a raise that Bitcoin Treasuries’ data indicates could fund about 2,536 bitcoin.
- Strategy disclosed a one‑day buy of 2,543 bitcoin this week and now reports holdings of about 818,869 bitcoin, a stash approaching 4% of the asset’s 21 million‑coin cap.
- K33 Research links recurring mid‑month bitcoin surges to STRC’s schedule, noting an ex‑dividend date on the 15th that pulls the preferred back toward par and opens issuance; STRC‑funded buys rose from 4,467 bitcoin in January to about 46,872 in April, while May’s conversion so far has been minimal.
- A JPMorgan client note said Strategy could purchase roughly $30 billion of bitcoin in 2026 if the pace holds, even as analysts flag risks from an 11.5% preferred dividend, a reported ~$8.2 billion in convertibles, and the chance issuance slows if STRC trades below par.