From a relatively quiet start to the week, Strategy’s Stretch preferred stock (STRC) has delivered a blockbuster finish. Over the past several trading days, the company is estimated to have acquired 25,128 Bitcoin through its ATM program, with yesterday alone accounting for a staggering 14,439.1 BTC.
Net ATM proceeds for the week reached approximately $2.03 billion on 20.82 million shares issued, backed by robust total trading volume of $2.88 billion. Yesterday’s session stood out dramatically: STRC generated $1.17 billion in net ATM proceeds from 12.01 million shares issued, with daily volume hitting $1.54 billion. The average Bitcoin purchase price came in at $81,111, and STRC closed at $99.99, just one cent below par.
This marks Strategy’s strongest weekly haul in recent memory. Yesterday delivered the second-highest single-day Bitcoin purchase on record according to BitcoinTreasuries.net data, with the 14,439 BTC stacked in one session coming extremely close to prior peaks. Total daily volume reached $1.54 billion, exceptionally close to the all-time high of $1.55 billion set on April 14 last month. Despite Strategy Chairman Michael Saylor calling it an all-time high volume day in his post, the data shows it was very nearly but not quite the record.
STRC has absolutely rocketed, delivering incredible performance with over $1.54 billion in trading volume and more than $1.17 billion in net ATM proceeds funneled directly into Bitcoin. Notably, volatility actually dropped to just 1.4% even amid the massive $1.5 billion trading day, underscoring the remarkable stability and efficiency of the instrument.
Buying activity is now expected to pause for the next couple of weeks because today marks the ex-dividend date for STRC. On ex-dividend, the preferred stock typically trades below par as new buyers forgo the upcoming dividend payout, leading to a natural cooldown in ATM issuance and a rotation of capital. Significant volume is likely to remain muted until the next cycle begins.
The total brought in by STRC this week exceeds $2.88 billion in cumulative daily volume and over $2.03 billion in net ATM proceeds. Saylor proved everyone wrong with the explosive last-day surge. The first three days of the week had delivered solid but not spectacular performance. Many observers did not anticipate such a powerful finish. This cycle, STRC was actually a bit slow to reach par (one week later than usual), making the late-week acceleration all the more impressive.
If our estimation is correct, and historically BitcoinTreasuries.net has tended to underestimate rather than overestimate the buys, by Monday Strategy will own 4% of all Bitcoin that will ever exist, reaching a total of around 844,000 Bitcoin. That is absolutely remarkable. The company remains firmly on track toward 1 million Bitcoin this year and could possibly surpass even Satoshi Nakamoto’s estimated holdings next year, cementing its position not only as the largest public holder of Bitcoin but the largest Bitcoin holder overall.
In the broader digital credit space, Strive announced yesterday that it will launch daily dividend payments on SATA starting in July. The company had previously hinted at semi-monthly dividends in line with Strategy’s own plans. This new announcement caught the market off guard, but the reaction was overwhelmingly positive, with SATA briefly reaching par yesterday shortly after the news broke. As of writing, SATA sits at $99.99.
What will be interesting to watch is how the rotation dynamic evolves. Previously, SATA usually picked up meaningful demand after STRC’s ex-dividend period. Now, with daily dividends on the horizon, the incentive to rotate back into SATA post-ex-dividend may diminish, potentially giving SATA a structural advantage and tighter trading around par going forward.
The digital credit market remains in its early stages, yet the speed and scale of capital deployment into Bitcoin via instruments like STRC and SATA are nothing short of extraordinary. Strategy continues to showcase the power of its preferred stock program as an efficient bridge between traditional yield-seeking capital and Bitcoin’s scarcity. With semi-monthly (and now potentially daily) dividends on the table across the sector, these vehicles are only becoming more capital-efficient and attractive to investors.
Official figures will be confirmed in upcoming regulatory filings and Strategy’s regular updates, but the momentum on display this week sends a clear message: the digital credit flywheel is spinning faster than ever.
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