Summary
Michael Saylor’s Strategy (MSTR) can use proceeds from its STRC preferred shares to acquire additional Bitcoin. Recent heavy STRC trading has led analysts to estimate meaningful funding capacity — but the figures are provisional and subject to confirmation in Strategy’s next SEC filing.
What STRC is and why it matters
Strategy, which holds roughly $50 billion in Bitcoin (the largest public-company position), launched the STRC preferred stock in July 2025 as an income-focused capital-raising mechanism for continued BTC accumulation. The initial offering generated about $2.521 billion gross (roughly $2.474 billion net), which Strategy used to buy 21,021 BTC at an average price near $117,256 per coin.
On July 31, 2025, Strategy also established a $4.2 billion at-the-market (ATM) program for STRC so it can sell preferred shares gradually into market demand rather than all at once.
How STRC works
STRC is structured to trade close to its $100 par value. Strategy adjusts the preferred’s variable monthly yield to keep market price near par: raising the yield can support the share price if it falls below $100; lowering the yield can temper demand if it rises above $100. In March 2026 the annualized yield was 11.50% (about $0.958 per share per month). In practice, investor demand for STRC’s yield becomes a funding source Strategy can convert into BTC purchases.
Recent examples of use
– January: Strategy sold roughly 1.19 million STRC shares, delivering about $119.1 million net. Combined with about $1.12 billion raised through MSTR sales that month, the firm bought roughly 13,627 BTC for about $1.25 billion in total capital deployed.
– February: Approximately $78.4 million of STRC proceeds went toward acquiring a net 2,486 BTC.
Analyst estimate of potential proceeds from this week’s STRC trading
BitcoinQuant’s model, based on this week’s STRC trading, estimates total STRC volume near $777 million and notes roughly $755 million (about 97%) traded above par. Applying a 40% capture rate to volume above par, the model implies around $302 million in net proceeds. At average intraday Bitcoin prices between $68,000 and $73,000, that amount could purchase roughly 4,334 BTC. A single trading day with $188 million in STRC volume could, under the same assumptions, equate to proceeds sufficient to buy about 1,097 BTC.
Caveats and next steps
These calculations are model-driven and speculative. Strategy’s most recent SEC filing reported only $7.1 million in STRC sales tied to a broader 3,015 BTC purchase. Whether this week’s trading translates into materially larger BTC buys will be clarified in Strategy’s next SEC filing, due March 9.
No investment advice
This rewrite is informational only and not investment advice. All trading and investment decisions carry risk; readers should conduct their own research or consult a professional. Information here may be forward-looking and subject to change; accuracy is not guaranteed and no liability is assumed for reliance on these estimates.