Strategy's STRC perpetual preferred stock recorded a new trading volume high of $1.53 billion on Thursday, marking the largest volume recorded for the instrument since launch. According to reports from STRC.live, the company could theoretically raise approximately $735.4 million through its at-the-market issuance structure, sufficient to acquire about 9,066 Bitcoin at current prices. As reported by TradingView News, chairman Michael Saylor confirmed the all-time high volume milestone, emphasizing the $1.53 billion of liquidity generated through the preferred stock mechanism. The Variable Rate Series A Perpetual Stretch Preferred Stock pays investors an 11.5% dividend without diluting Strategy's common equity, making it the company's primary vehicle for funding Bitcoin purchases in 2026. Since launching less than nine months ago, the instrument has reportedly grown to around $8.5 billion in market capitalization, making it the world's largest preferred stock by market cap. At press time, STRC posted its biggest volume day ever with 15.3 million total shares traded, topping the prior April 14 record.
Strategy has announced plans to repurchase approximately $1.5 billion in aggregate principal amount of its 2029 convertible senior notes for an estimated cash payment of around $1.38 billion. The company filed a Form 8-K on Friday announcing the repurchase, with the company having entered privately negotiated agreements with holders of its outstanding 0% Convertible Senior Notes due 2029. The deal is expected to close around May 19, 2026, with the 2029 convertible notes originally issued in November 2024 as part of a $3 billion offering carrying a 0% coupon rate, with a conversion price of $672.40 per share. Following completion of the transaction, the repurchased notes will be canceled, leaving roughly $1.5 billion of the 2029 notes still outstanding. The company stated that funding may come from a mix of existing cash reserves, proceeds from its at the market equity offering program, and possibly Bitcoin sales, signaling financial flexibility as it manages its balance sheet. The convertible note repurchase adds another dimension to Strategy's ongoing effort to restructure its capital stack, with the company having publicly stated its intent to convert roughly $6 billion in convertible debt to equity over the next three to six years.
A new competitor has emerged in the Bitcoin treasury space as Strive positions its SATA preferred stock as a daily-dividend alternative to Strategy's STRC. According to Strive, SATA will begin paying cash dividends every business day from June 16, 2026, while maintaining a 13.00% annualized dividend rate for monthly periods beginning on or after May 16. Strive CIO Ben Werkman emphasized that SATA will have about 250 daily cash-flow events per year versus 12 monthly events, stating "No more waiting. This marks a major step forward in aligning dividend paying securities with the speed of modern markets." Strive reported that as of May 12, it held $87.6 million in cash and cash equivalents and a $50.5 million fair-value position in Strategy's STRC, with the company having previously allocated $50 million to STRC. Strive's Bitcoin treasury has grown to 15,009 BTC, after acquiring 6,001 BTC in the first quarter and another 1,381 BTC between April 1 and May 12. The company emphasized it is debt-free with zero margin requirements and zero encumbered Bitcoin, positioning itself as having a balance sheet purpose-built to thrive through Bitcoin volatility.
Since March, Strategy has significantly accelerated its Bitcoin accumulation campaign after a relatively quiet February period. According to company disclosures, the firm has acquired 101,147 Bitcoin since March, including 56,770 Bitcoin purchased after April alone. As reported by K33 Research, Strategy-linked purchases through STRC climbed from 4,467 Bitcoin in January to nearly 46,872 Bitcoin in April. The company has continued purchasing Bitcoin at a rapid pace, acquiring 535 BTC for approximately $43 million earlier this week. Strategy now holds 818,869 Bitcoin purchased for roughly $61.81 billion at an average acquisition price of $75,537 per coin. During Strategy's Q1 earnings call on May 5, Saylor stated the company is aiming to build Stretch into the "biggest credit instrument in the world," while other Bitcoin treasuries have adopted similar strategies. The recent rally to around $81,000 has pushed Bitcoin's price above Strategy's average purchase price, putting the company's holdings up 7%. JPMorgan analysts have projected Strategy's total Bitcoin purchases for 2026 could reach $30 billion.
STRC and MSTR shareholders are being asked to vote on a separate but related proposal: amending the STRC dividend structure from monthly to semi-monthly payments. Voting on the amendment opened on April 28 and closes June 8, with the first semi-monthly payment expected on July 15 if approved. Chairman Michael Saylor has framed the change as a way to "stabilize price, dampen cyclicality, drive liquidity, and grow demand" — and ultimately to position STRC as what he has called the "biggest credit instrument in the world." The enhanced dividend schedule could potentially increase liquidity and trading activity around the middle of each month, with the preferred stock's dividend schedule and ex-dividend timing creating recurring periods for share issuance above par value. Other companies are following similar strategies, with Strive announcing daily dividend payments for its SATA preferred stock starting June 16, offering a more frequent payout schedule than Strategy's monthly distributions. The emerging contest between STRC's scale and liquidity versus SATA's higher stated rate and daily payout design represents a significant development in the Bitcoin treasury space.
