Key Takeaways
- Strategy’s STRC preferred stock hit $1.53 billion in daily volume on May 14, a new all-time high.
- STRC has grown to $8.5 billion in under nine months, making it the world’s largest preferred stock by market cap.
- River data shows STRC funded ~77,000 BTC in purchases in 2026, dwarfing all U.S. spot bitcoin ETF net inflows combined.
The Record and What It Means
STRC, Strategy’s variable rate perpetual preferred stock, hit $1.53 billion in daily volume with Saylor framing the milestone as a sign of growing institutional confidence in the instrument, noting its near-zero intraday volatility and clean close at its $100 par value.
As Bitcoin.com News reported recently, STRC launched in late July 2025 and grew to $8.5 billion in under nine months, making it the largest preferred stock by market cap in the world. The instrument pays an 11.50% annual dividend in monthly cash installments, with the rate adjusting each month to anchor trading near par and dampen price swings, a feature Saylor has promoted as a lower-volatility entry point into the bitcoin ecosystem for institutional buyers.
STRC as Bitcoin’s Funding Engine
The significance of Thursday’s volume record extends well beyond a stock market milestone. STRC is Strategy’s primary mechanism for raising capital to fund bitcoin purchases. According to data from bitcoin-only financial services company River, STRC proceeds funded approximately 77,000 BTC in purchases in 2026 alone, compared to just 8,000 BTC in net inflows across all U.S. spot bitcoin ETFs over the same period.
Moreover, STRC’s role in Strategy’s accumulation engine has been expanding, with the company currently holding 818,869 bitcoin. At its current daily acquisition pace of approximately 774 BTC, River projects Strategy will reach 1,000,000 bitcoin by December 15, 2026.
Why Par Closing Matters
Saylor’s emphasis on STRC closing “at par” with only “two cents of volatility” is important to highlight, given STRC’s monthly adjustable dividend rate is specifically engineered to anchor trading near $100, making large-scale capital raising efficient. High- volume, low- volatility trading days validate the mechanism as investors can move in and out at predictable prices, making STRC attractive to institutional buyers who need price stability in their preferred stock positions.
The framework Saylor has built positions bitcoin as digital capital, STRC as digital credit and MSTR shares as digital equity. Thursday’s volume record suggests the credit layer of that stack is gaining significant traction with institutional markets.
