Strategy Inc.'s Series A Variable Rate Perpetual Preferred Stock (STRC) surged to a new all-time high daily trading volume of $1.1 billion on April 13, 2026, marking a roughly 46.5% increase over the previous record. Trades on the Nasdaq-listed instrument remained near its $100 par value, with estimates ranging from $1.06 billion to $1.156 billion across different trackers.
At-the-Market Program in Full Swing
STRC serves as a high-yield funding vehicle for Strategy's Bitcoin acquisition strategy. When priced at or above $100 par, the company can issue additional shares through its “at-the-market” (ATM) program. Nearly all April 13 volume traded above par, fully activating the ATM. Analysts estimate the day's transactions could have generated between $796 million and over $1 billion in potential proceeds, enough to finance the purchase of 7,800 to 10,834 Bitcoin, depending on the capture rate and prevailing BTC price.
The instrument, launched in July 2025 via a $2.521 billion IPO, now has approximately $6.36 billion in notional value outstanding as of April 14, 2026. Strategy has repeatedly expanded the ATM program, citing an aggregate offering capacity of up to $21 billion in its March 2026 equity prospectus supplement. STRC offers an annual yield of around 11.50%, paid monthly in cash, appealing to income-focused investors seeking low volatility and seniority in the capital structure (subordinated to debt but senior to common equity).
Latest Bitcoin Purchase and Holdings
On April 13, Strategy disclosed it had acquired 13,927 BTC for approximately $1.001 billion at an average price of $71,902 per coin, bringing total holdings to 780,897 Bitcoin. The company's total cost basis now stands at roughly $59 billion, with a reserve value between $57 billion and $59 billion depending on spot price. This cements Strategy's position as the world's largest corporate Bitcoin holder. In a single day, its purchasing power can exceed post-halving mining output (about 450 BTC per day) by a factor of 20 to 24.
Liquidity and Stability
Remarkably, STRC's price remained stable near par despite volume surging more than four times its 30-day average of about $278-$279 million. This signals deep liquidity and steady absorption by a market that increasingly understands the instrument's intended role: to remain “boring” enough to fund something decidedly less boring. The company designs the dividend rate to adjust within bounds to help maintain the $100 price, supporting capital-raising efficiency.
Critics Sound Alarms
Not everyone is convinced. Bitcoin skeptic Peter Schiff has labeled Strategy's “digital credit” instruments as a “Ponzi scheme,” arguing that the 11.50% yield depends entirely on persistent investor demand, not on operating cash flow or revenue from Bitcoin positions. If BTC prices collapse or market stress curbs demand for new STRC or MSTR issuance, the buying machine could stall, leading to dividend pressure, deeper dilution, or even forced Bitcoin sales at a loss. However, analysts note that as long as investor appetite holds and STRC trades near par, Strategy's Bitcoin accumulation could continue in billion-dollar weekly chunks.
The April 13 record volume underscores that Strategy's capital structure is now built for industrial-scale Bitcoin stacking—and it's only getting more efficient.