Strategy’s STRC perpetual preferred stock recorded $1.1 billion in daily trading volume on April 13.
This was 46.5% higher than its previous single-day record and more than four times its 300-day average of about $274 million.
A $100 Stock Moving Billions
The share price moved one cent, the total liquidity was $1.156 billion, and that gap between activity and price stability is, frankly, the whole point.
STRC, formally the Variable Rate Series A Perpetual Stretch Preferred Stock, listed on Nasdaq, pays 11.5% annually in monthly cash dividends. The rate adjusts monthly to keep the share price near $100 par, and it has climbed steadily from 9% at launch in July 2025, holding at 11.5% since April after seven straight increases.
There is no maturity date, and Strategy never has to return principal. What they do instead is keep paying dividends and issuing new shares whenever the stock trades at or above par, then take that capital straight into Bitcoin.
That mechanic is what made the Monday record so notable. According to four separate trackers cited by analyst Mark Harvey, the ATM program funded an estimated average of 9,894 BTC, with individual estimates ranging from about 6,100 to 12,500.
This came one day after Strategy had already confirmed a separate $1 billion purchase of 13,927 BTC at around $72,000 each. The buy brought its total to 780,897 BTC acquired for roughly $59 billion.
Analyst Adam Livingston did the arithmetic on Monday’s raise in a post on X, and according to him, at 11.5% annually, the amount raised carries about $98 million per year in dividend obligations. Over ten years, that totals less than $1 billion.
If Bitcoin compounds at 25% annually over the same period, the BTC purchased with that capital would theoretically be worth close to $8 billion, leaving a theoretical spread of nearly $7 billion after a decade of dividends paid, assuming the rate never drops.
“It is a machine that converts capital markets access into long-duration Bitcoin exposure,” Livingston wrote, “while the fixed claim gets smaller and smaller relative to the asset.”
How STRC Stacks Up
The volume record also generated a liquidity comparison worth noting. STRC’s 30-day average trading volume now runs at 4.8% of its market cap, according to data shared by Strategy President Phong Le. For comparison, Tesla sits at 1.8%, Meta and Nvidia are both at 0.7%, and Apple is at 0.3%.
So, essentially, a preferred stock with no voting rights and a $100 par value is now more liquid, relative to market cap, than every major tech company in America.
Livingston made a similar point about STRC’s relationship to MSTR itself: the preferred stock now accounts for roughly 90% of MSTR’s daily trading volume. Five months ago, that figure was 10%.
The broader crypto market was moving on Monday, too. Bitcoin climbed toward $75,000, its highest since mid-March, after reports of possible US-Iran de-escalation added about $100 billion to the total crypto market cap.
A rising BTC price matters for STRC holders because Strategy’s ability to cover dividend obligations indefinitely without issuing new MSTR shares depends on Bitcoin growing faster than its 2% breakeven ARR, a figure Executive Chairman Michael Saylor said the company tracks in real time.
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