On April 13, Strategy’s STRC perpetual preferred stock surged to a daily trading volume of $1.1 billion, marking a 46.5% increase over its previous single-day record and exceeding its 300-day average of approximately $274 million by more than four times. The share price saw a modest rise of one cent, with total liquidity reaching $1.156 billion—a notable discrepancy between trading activity and price stability, which is a key aspect of its strategy. STRC, officially known as the Variable Rate Series A Perpetual Stretch Preferred Stock, is traded on Nasdaq and offers an annual dividend yield of 11.5%, paid monthly. This rate adjusts monthly to maintain the share price near its $100 par value and has steadily increased from 9% since its launch in July 2025, holding steady at 11.5% since April after a series of increases. Unlike traditional stocks, it has no maturity date, allowing Strategy to continuously pay dividends and issue new shares whenever the stock trades at or above par, using the capital to invest directly in Bitcoin. Analyst Mark Harvey reported that the average trading mechanics resulted in the ATM program funding around 9,894 BTC, with estimates between 6,100 and 12,500 BTC. This follows Strategy’s recent confirmation of a $1 billion acquisition of 13,927 BTC at around $72,000 each, bringing the total Bitcoin holdings to 780,897 BTC, valued at approximately $59 billion. Analyst Adam Livingston estimated the annual dividend obligations at about $98 million at the 11.5% rate, suggesting that over ten years, that could total less than $1 billion. If Bitcoin appreciates at an annual rate of 25%, the BTC purchased could potentially reach nearly $8 billion, resulting in a theoretical margin of almost $7 billion after a decade of dividend payments, under the condition that the yield remains unchanged. This model effectively converts access to capital markets into long-term exposure to Bitcoin, with the fixed claim diminishing relative to the asset. Furthermore, the record volume highlights STRC’s liquidity position relative to its market capitalization, which now sits at 4.8%, outpacing prominent tech companies such as Tesla at 1.8%, Meta and Nvidia at 0.7%, and Apple at 0.3%. STRC currently constitutes approximately 90% of MSTR’s daily trading volume, a significant increase from 10% five months ago. The broader crypto market also experienced movement, with Bitcoin nearing $75,000—its highest level since mid-March—following news of potential US-Iran de-escalation, which boosted the total crypto market cap by around $100 billion. A rise in BTC prices is crucial for STRC stockholders as Strategy’s ability to indefinitely cover dividend obligations without diluting MSTR shares relies on Bitcoin’s appreciation outpacing its breakeven annual rate of return, a metric tracked in real-time by Executive Chairman Michael Saylor.
