Strategy Inc. formerly known as MicroStrategy, ticker MSTR has shattered records with its STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) program.
STRC achieved an extraordinary trading session, with 7.3 million shares traded—all clearing the activation threshold for the at-the-market (ATM) offering. This represented 471% of the average daily volume and nearly doubled the previous day’s already massive activity. The surge extended the program’s streak to nine consecutive days of ATM activity.
Estimates from real-time trackers such as STRC.live and community dashboards indicate that the proceeds generated approximately $283 million in net capital based on shares traded near the $100 par value. At the day’s average Bitcoin price of around $70,100, this funded the purchase of roughly 4,038 BTC—the largest single-day Bitcoin accumulation via the STRC program to date.
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This nearly doubled the prior daily record and highlights the flywheel effect: STRC attracts yield-seeking investors drawn to its lower volatility compared to MSTR common stock, while proceeds fuel aggressive Bitcoin buys for Strategy’s treasury. As of the latest filings, Strategy held 738,731 BTC valued at billions, with this event pushing accumulation further.
The program, launched in mid-2025, continues to scale rapidly as a key tool in corporate Bitcoin strategy. This milestone has sparked widespread discussion in crypto and finance circles, with many viewing it as uncharted territory for institutional Bitcoin adoption. It’s a key tool in their Bitcoin accumulation strategy, attracting yield-focused investors who want lower volatility than common stock (MSTR) but indirect exposure to the company’s Bitcoin treasury growth.
Dividends are calculated on the $100 stated amount per share, not the current market price. The annualized rate applies to this $100 base. At the current rate of 11.50%, the annual dividend is $11.50 per share, paid monthly as approximately $0.9583 per share (11.50% / 12).
The rate resets monthly at Strategy’s discretion. The company publicly states its intention to adjust the rate to encourage trading around $100 and minimize price volatility.If STRC trades below $100 (e.g., due to selling pressure or rising market yields elsewhere), Strategy typically increases the rate often in 25 basis point increments to attract buyers and pull the price back toward par.
If it trades above $100, the rate may stay stable or decrease modestly, though downward adjustments are limited. Reductions are capped: no more than 25 bps plus any excess decline in one-month term SOFR over the prior period, and never below the prevailing one-month SOFR rate. Dividends can’t be reduced if prior accumulated dividends remain unpaid.
Monthly in cash typically at the end of each month. They are cumulative: unpaid dividends compound at the current rate until paid. This is the quoted dividend rate divided by the current market price. At exactly $100 ? Effective yield = stated rate (e.g., 11.50%). At $99.56 (recent example) ? Effective yield ? 11.55% (higher because you’re buying below par).
At a discount ? Effective yield rises further, creating a natural pull toward par as income seekers buy in.
How the Mechanism Works in PracticeThe variable rate acts like an inverse bond pricing dynamic:Bond prices fall when yields rise (to make them competitive).
STRC yield rises when the price falls (to make it attractive and restore demand near $100).
This “flywheel” helps keep historical volatility low often ~2-3% over 30 days, far below MSTR’s equity swings. The company has hiked the rate multiple times from 11.25% in February 2026 to 11.50% in March 2026 in response to minor drifts below par.
STRC is perpetual and ranks as preferred equity. It’s not collateralized by Bitcoin holdings — value ultimately ties to Strategy’s overall financial health and Bitcoin treasury performance. The high yield reflects compensation for credit risk, Bitcoin exposure volatility, and issuer discretion over rates.
STRC delivers a high monthly cash yield currently ~11.5% on par engineered for price stability around $100 through active dividend management. This appeals to income investors while letting Strategy raise capital efficiently for Bitcoin purchases via ATM offerings when trading near/at par.