Strategy's Bitcoin treasury strategy has once again attracted market attention. Company disclosures show that its STRC perpetual preferred stock saw a single-day trading volume of $1.53 billion, a new high since the product's launch. According to third-party tracking data, this trading activity could theoretically support the company raising approximately $735.4 million to continue buying Bitcoin, but as of now, the company has not announced any new Bitcoin purchase plans.
STRC sets a new single-day trading record
STRC, short for Variable Rate Series A Perpetual Stretch Preferred Stock, is one of Strategy's key financing tools in recent months. Michael Thaler stated on social media that the product recorded $1.53 billion in liquidity on Thursday, a record high.
The company previously stated that these preferred shares pay investors an 11.5% dividend without directly diluting common stock equity. For this reason, STRC is considered an important supplement to Strategy's traditional financing channels.
- STRC daily trading volume: US$1.53 billion
- Theoretically, the amount of funds that can be raised is approximately US$735.4 million.
- Corresponding Bitcoin size: Approximately 9,066 coins
The pace of cryptocurrency buying has accelerated since March.
The article states that after a brief slowdown in February, Strategy has accelerated its Bitcoin accumulation since March. Company data shows that it has purchased a total of 101,147 Bitcoins since March, with 56,770 of those purchases occurring after April.
Currently, Strategy remains the largest publicly traded company in terms of cryptocurrency holdings. According to the data in the article, the company holds a total of 818,869 Bitcoins, worth approximately $66.5 billion at current prices.
Bitcoin's recent rebound above $81,000 has brought its holdings back into profit territory. The article states that Strategy's average purchase cost was approximately $75,543, and its current unrealized profit is about 7.2%.
Similar financing instruments began to spread.
In the current crypto market environment, traditional financing methods for Bitcoin treasury companies have become less attractive, prompting more companies to turn to structured instruments with yield-based returns. The article mentions that Strategy management stated in its Q1 earnings call earlier this month that it plans to continue using its Stretch product to support Bitcoin acquisitions.
A report by K33 Research on May 14 stated that STRC's dividend and ex-dividend arrangements may have begun to affect Bitcoin liquidity around mid-month. The report also noted that buying activity linked to this mechanism rose from 4,467 Bitcoins in January to nearly 46,872 Bitcoins in April, but the recent pace at which the instrument returns to its $100 face value has slowed, indicating potentially cooling investor demand.
Besides Strategy, other companies are also experimenting with similar structures. Strive announced on Thursday that its SATA perpetual preferred stock investors will receive daily dividends starting June 16; Tokyo-listed Metaplanet has also raised funds for its Bitcoin acquisition through perpetual preferred stock products such as MARS and MERCURY.
Additional information:The article states that nearly 200 listed companies have included Bitcoin in their balance sheets, but Strategy still maintains the largest corporate holding.
