Strategy Inc.’s perpetual preferred stock STRC recorded its busiest trading day on April 13, 2026, with daily volume surpassing $1.1 billion. Depending on the tracker, estimates ranged from roughly $1.06 billion to $1.156 billion, while the security continued to trade close to its $100 par value. The significance goes beyond headline volume: the trading activity highlighted how Strategy’s capital structure is helping power further Bitcoin purchases at scale.
Why STRC matters to Strategy
STRC is not just another Nasdaq-listed preferred share. It is a core financing instrument in Strategy’s broader Bitcoin treasury play. Structured as a perpetual variable-rate preferred stock, it currently offers an annualized yield of about 11.50% with monthly cash dividends. As long as STRC trades at or above par, Strategy can issue additional shares through its at-the-market, or ATM, program and convert investor demand into fresh capital.
According to the source material, nearly all of the April 13 trading took place above par, effectively keeping the ATM mechanism open. Estimates suggest that day’s activity could translate into roughly $796 million to more than $1 billion in potential proceeds. Based on Bitcoin prices at the time, that amount could theoretically finance the purchase of around 7,800 to 10,834 BTC.
Volume surge aligns with latest Bitcoin buy
The spike in STRC activity came alongside Strategy’s latest disclosed Bitcoin acquisition. On April 13, the company reported that it had purchased 13,927 BTC for approximately $1.001 billion, at an average price of about $71,902 per coin. That transaction lifted Strategy’s total holdings to 780,897 BTC, further cementing its position as the world’s largest corporate Bitcoin holder.
The article said Strategy’s aggregate Bitcoin cost basis is now close to $59 billion, while the estimated market value of its reserve fluctuates in the range of roughly $57 billion to $59 billion, depending on spot prices. It also noted that post-halving miner issuance is around 450 BTC per day, meaning Strategy’s buying bursts on active funding days can exceed daily new supply by roughly 20 to 24 times.
Deep liquidity with limited price movement
One of the more notable takeaways was the stability of STRC’s price despite the massive turnover. The source noted that daily volume surged well above its 30-day average of roughly $278 million to $279 million, yet the stock remained tightly anchored near par. That suggests deep liquidity and a market that increasingly understands STRC’s role: a relatively steady income instrument that helps fund a far more volatile asset accumulation strategy.
For yield-focused investors, the appeal is straightforward. STRC offers variable monthly income, relatively subdued recent price volatility, and a position senior to common equity in the capital stack, though still below debt and not directly backed by Bitcoin. Strategy has also structured the security to support trading stability around the $100 level, using dividend-rate adjustments within certain limits to reinforce that behavior.
A larger funding machine, with risks still in view
That structure helps explain why STRC has emerged as a leading tool within Strategy’s broader capital plan. The company’s “42/42” fundraising framework through 2027 relies on instruments including STRC, STRK, STRF, and common stock, but the combination of yield, lower volatility, and issuance efficiency has made STRC especially important. After launching in July 2025 with a $2.521 billion initial offering, STRC had grown to roughly $6.36 billion in par value outstanding by April 14, 2026. Strategy has also expanded its ATM capacity multiple times, with a March 2026 filing referencing cumulative issuance capacity of up to $21 billion.
Still, the model remains controversial. Critics cited in the source, including Peter Schiff, argue that STRC’s roughly 11.50% yield ultimately depends on continued investor appetite rather than meaningful operating cash flow or income generated directly from Strategy’s Bitcoin holdings. If demand for new STRC or related securities weakens during a Bitcoin downturn or broader market stress, the company’s acquisition engine could slow, exposing it to greater dividend pressure, deeper dilution, and in a severe scenario, the possibility of selling Bitcoin into weakness to support its layered capital structure.
In that sense, the record trading day was about more than a preferred stock attracting attention. It underscored that Strategy has built a capital-market pipeline capable of feeding its Bitcoin treasury on an industrial scale. As long as investor demand remains in place and STRC stays near par, that pipeline may continue to support further large-scale accumulation.