Michael Saylor’s Strategy may buy more Bitcoin (BTC) soon using proceeds from sales of its STRC preferred stock.
Key takeaways:
– Strategy’s STRC preferred stock functions as a yield-driven funding tool for Bitcoin purchases.
– This week’s STRC trading surge could translate to roughly $302 million in proceeds.
What is STRC stock?
Michael Saylor’s Strategy (MSTR) holds about $50 billion in Bitcoin, the largest position by any public company. STRC is Strategy’s income-focused preferred stock launched in July 2025 to raise capital for continued Bitcoin accumulation. In its IPO, Strategy raised about $2.521 billion gross ($2.474 billion net) and used the proceeds to acquire 21,021 BTC at an average price near $117,256.
On July 31, 2025, Strategy added a $4.2 billion STRC at-the-market (ATM) program to sell preferred shares gradually into market demand rather than all at once.
How does STRC work?
STRC is designed to trade near its $100 par value. Strategy pays a variable monthly yield and adjusts the rate to keep the stock close to par: higher yields can support price when it falls below par, while lower yields can cool demand when it rises above. For March 2026 the annualized STRC rate was 11.50%, about $0.958 per share monthly. In effect, STRC turns investor demand for yield into funding for more BTC purchases.
Examples of use:
– In January, Strategy sold roughly 1.19 million STRC shares for $119.1 million net, alongside $1.12 billion raised through MSTR sales, and used the combined capital to purchase 13,627 BTC for about $1.25 billion.
– In February, $78.4 million in STRC proceeds were used to acquire a net 2,486 BTC.
Saylor may have $302 million in STRC proceeds
BitcoinQuant’s estimates, based on STRC trading this week, suggest about $777 million in total volume, roughly $755 million (97%) traded above the $100 par value. Using a 40% capture rate, the model implies around $302 million in net proceeds, which could buy about 4,334 BTC at average intraday Bitcoin prices of $68,000–$73,000. Friday’s record $188 million STRC volume alone could imply proceeds sufficient to fund roughly 1,097 BTC, per the same model.
These figures are speculative. Strategy’s most recent SEC filing reported only $7.1 million in STRC sales contributing to a broader 3,015 BTC purchase. Whether this week’s surge results in a much larger BTC buy should become clearer in the company’s next SEC filing, due March 9.
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