The Strategy Inc. (formerly MicroStrategy) perpetual preferred stock, STRC, recorded approximately $1.1 billion in daily trading volume on April 13, 2026, setting a new all-time high and surpassing the previous record by about 46.5%. This metric not only highlights the market's appetite for high-yield preferred shares but also underscores the capital machinery behind Michael Saylor's relentless Bitcoin accumulation strategy.
STRC Record Volume Activates ATM Engine
STRC (Series A Perpetual Floating Rate Preferred Stock) was launched in July 2025 with a $2.521 billion IPO and, as of April 14, 2026, had roughly $6.36 billion in notional value outstanding. The instrument currently yields approximately 11.50% annually, paid monthly in cash. When STRC trades at or above its $100 par value, Strategy can issue new shares through its "at-the-market" (ATM) program, converting investor demand directly into fresh capital for Bitcoin purchases.
On April 13, STRC volume surged from a 30-day average of around $279 million to $1.1 billion, with the majority of trades settling above par. This fully activated the ATM facility. Estimates suggest the day's trading could have generated between $796 million and over $1 billion in potential proceeds—enough to finance the acquisition of roughly 7,800 to 10,834 BTC, depending on capture rates and prevailing Bitcoin prices. STRC closed near $100, indicating deep liquidity and stable absorption.
Strategy Adds 13,927 Bitcoin; Total Holdings Reach 780,897
On the same day, Strategy disclosed the purchase of 13,927 BTC at an average price of $71,902, totaling approximately $1.001 billion. This brings the company's total Bitcoin holdings to 780,897 BTC, with an aggregate cost of roughly $59 billion and a reserve value between $57 billion and $59 billion (based on spot prices). Year-to-date 2026, Strategy's BTC yield has reached 5.6%.
As the world’s largest corporate Bitcoin holder, Strategy's single-day purchases can exceed post-halving miner production (about 450 BTC per day) by 20 to 24 times. Critics view this scale as a risk, but proponents argue that STRC's design—variable dividend, senior to common equity but subordinate to debt, and not directly backed by Bitcoin—offers income-focused investors low volatility while providing the company with a stable funding channel.
Strategy's "42/42" fundraising plan, targeting 2027, leverages STRC, STRK, STRF, and common equity. The STRC ATM program now has an aggregate capacity of up to $21 billion. Analysts suggest that if investor demand persists and STRC remains near par, the company could experience consecutive weeks of billion-dollar Bitcoin buys.
Critics Warn of Structural Vulnerabilities
Longtime gold advocate Peter Schiff has repeatedly criticized the model, arguing that STRC's ~11.50% annual dividend relies on continuous issuance rather than operational cash flow, resembling a Ponzi-like structure. He warns that if Bitcoin prices decline or risk appetite fades, new issuance could dry up, forcing Strategy to face dividend pressure, deeper dilution, or even sell Bitcoin at a loss to maintain its layered capital structure.
Despite the controversy, STRC's record volume demonstrates that the market currently bets on the continued operation of this "Bitcoin buying machine." Whether one is bullish or bearish, Strategy has tied itself to Bitcoin through preferred stock futures, and the April 13 data shows the machine is becoming more efficient and harder to ignore.