Strategy’s STRC perpetual preferred shares recorded a daily trading volume of $1.53 billion on May 15, marking a new record for the instrument and reinforcing its growing role in the company’s Bitcoin acquisition strategy. The instrument has become one of the company’s primary funding vehicles as traditional fundraising methods, including convertible debt offerings, become harder to execute in the current market environment. Why STRC Has Become Central to Strategy’s Bitcoin Plan STRC offers investors an annual dividend yield of 11.5% while allowing Strategy to raise capital without diluting its common shares. Over the past year, the company has increasingly relied on the instrument to fund additional Bitcoin purchases. According to data from STRC.live, the May 15 trading activity could theoretically translate into roughly $735.4 million in fresh capital: enough to acquire approximately 9,066 BTC at current prices. However, the company has not confirmed whether all newly raised funds will immediately be used for Bitcoin purchases. The pace of accumulation has accelerated sharply in recent months. Since April, Strategy has acquired 56,770 BTC, while total purchases since March have surpassed 101,000 BTC. During the company’s Q1 earnings call on May 5, Saylor said Strategy aims to turn STRC into “the largest lending instrument in the world.” A Traditional Financial Tool Meets Bitcoin Perpetual preferred shares have historically been used by banks and industrial giants to raise long-term capital without giving up control. Strategy has adapted the same mechanism to finance large-scale Bitcoin accumulation. Unlike conventional debt, perpetual preferred shares do not have a maturity date, reducing repayment pressure during market downturns. However, analysts note that the structure may also create long-term risks if investor demand weakens or Bitcoin volatility increases. Other Companies Are Following Strategy’s Playbook Strategy remains the largest corporate Bitcoin holder in the market, with 818,869 BTC valued at approximately $66.5 billion at current prices. Bitcoin’s recent rise above $81,000 has pushed the asset beyond Strategy’s average purchase price of $75,543, leaving the company with an unrealized gain of roughly 7.2%. The broader corporate Bitcoin trend is also gaining momentum. Nearly 200 public companies now hold Bitcoin on their balance sheets, while firms such as Tokyo-based Metaplanet are increasingly turning to perpetual preferred shares to fund additional purchases. For now, investors are watching closely to see whether high-yield instruments like STRC can continue supporting aggressive Bitcoin accumulation without creating new risks for the market.
