MicroStrategy kept increasing its Bitcoin reserves while other corporate treasury players moved the other way. By 2026, the company led by Michael Saylor held nearly 90,000 BTC, valued in the article at about $7.25 billion. The report says this amount makes up a large share of its recent annual buying and stands well above what it accumulated during earlier bear-market periods.
STRC preferred stock is funding the buying
The company’s approach centers on its STRC preferred stock. The instrument offers investors an 11.5% cumulative annual dividend, paid monthly, with management aimed at maintaining its $100 par value. That structure has supported demand and kept volatility relatively contained, drawing interest from both equity investors and fixed-income buyers seeking exposure to MicroStrategy’s Bitcoin activity.
According to Binance Research, STRC trading volume reached $4.35 billion in March, up 95% from the prior month. The jump came during a period when several firms in the digital asset treasury space were dealing with tighter finances. Binance Research said that with BTC price action still pressured, mNAV premiums shrinking, and liquidity constraints building across the sector, MicroStrategy was pulling away from its peers.
Other DAT firms are selling BTC to raise cash
Several companies in the DAT sector took the opposite route and reduced reserves. MARA Holdings sold 15,133 BTC for about $1.1 billion to clear convertible debt. Riot Platforms liquidated 3,778 BTC, worth roughly $289.5 million, during the first quarter of 2026. Core Scientific also sold 1,900 BTC in January.
Smaller treasury holders made similar moves. Genius Group fully liquidated its 84.15 BTC treasury, while Nakamoto Holdings sold around 284 BTC in March, raising about $20 million. Based on the article, these sales were tied to debt management and operating expenses, showing how some firms are relying on core asset sales while prices remain under pressure.
The model is starting to spread
MicroStrategy’s structure is beginning to influence the wider market. Strive, another digital asset company, launched SATA, a preferred equity instrument modeled in a similar way to STRC, and raised more than $250 million through a 12.75% dividend structure. Binance Research said that if the STRC model keeps delivering favorable results, replication across the sector could come quickly.
Preferred equity gives companies a way to raise capital without selling Bitcoin into weak pricing. By issuing yield-bearing instruments, firms can bring in new money and maintain BTC exposure instead of cutting it. Binance Research also said the trend may point to a new source of structural Bitcoin demand driven by institutional corporate strategies.
Cash burn and market stress remain key risks
The report also outlined the limits of the model. Binance Research warned that aggressive STRC issuance could rapidly eat into MicroStrategy’s $2 billion cash reserve, especially if BTC price action turns unfavorable. It also noted that STRC has no built-in structural floor if market conditions deteriorate sharply. For now, the article says MicroStrategy is still buying Bitcoin through preferred stock financing, while rivals are leaning on asset liquidation to manage their balance sheets.