Author: Nancy, PANews

Bitcoin has quietly recorded eight consecutive days of gains amidst the smoke of war in the Middle East, with the world's largest Bitcoin strategy, Strategy, fueling this round of Bitcoin rebound with real money.

Half a month ago, Strategy suddenly hit the accelerator, and Bitcoin positions finally turned profitable. In just one week, over 20,000 Bitcoins were acquired, costing more than 1.57 billion USD in total. The scale of this capital surpasses the net inflow of Bitcoin ETFs during the same period.

Behind Strategy's strong firepower, nearly half of the funding comes from perpetual preferred shares, STRC. This financing tool, which focuses on stable returns, successfully packages the highly volatile Bitcoin into a fixed income instrument favored by traditional finance, continuously attracting funds from Wall Street, and is becoming the new growth flywheel for Strategy.

Single-day purchasing volume exceeds five times the total network output, STRC becomes a new financing weapon

Having only been launched for a few months, STRC has transformed from an innovative tool into a powerful financing weapon in Strategy's hands.

According to data from STRC.live, since its launch in July 2025, STRC has conducted 10 ATM (At-The-Market) issuances, cumulatively selling more than 50.25 million shares, injecting 50,792 Bitcoins "ammunition" into Strategy's treasury over eight months, corresponding to a funding scale of approximately 4.74 billion USD.

Especially in the past week, STRC contributed about 22,000 Bitcoins, accounting for 43.5% of the overall increase during this period, corresponding to 54.8% of Strategy's incremental holdings. On March 9, it funded the purchase of 5,315 Bitcoins, which is equivalent to 1.7 times the total network mining output during that time; on March 16, it even reached 16,816 Bitcoins, equivalent to 5.3 times the network output.

In fact, during this year when Bitcoin prices were stagnant or even in decline, the demand for STRC has been rising.

As of March 18, STRC's market capitalization has surpassed 5.02 billion USD, an increase of 2.08 billion USD from the end of last year, with a growth rate of 58.5%. From a trading perspective, since the beginning of March, STRC's daily trading volume has rapidly expanded, at one point exceeding 740 million USD in a single day. From March 9 to 13 alone, the cumulative trading volume of STRC reached 2.3 billion USD, with about 86% of the transaction prices exceeding 100 USD.

STRC has significantly outperformed other similar products. Data from BitcoinQuant shows that in the past 30 days, STRC's trading volume has exceeded 150 million USD, far surpassing products like STRK, SATA, and STRF; its weekly trading volume share has risen from a low of 37.5% to 88.5%.

Strategy CEO Michael Saylor recently stated that STRC is currently the most liquid preferred stock in the market. The head of strategy, Chaitanya Jain, admitted that STRC along with MSTR will form the "ultimate Bitcoin accumulation machine."

This model has also attracted DAT (Crypto Treasury) companies and traditional financial institutions to "get on board," including DAT companies like Strive, Prevalon Energy, Anchorage Digital, and OranjeBTC, as well as funds under BlackRock, Fidelity, Virtus InfraCap, and John Hancock, all of which have allocated STRC.

From premium arbitrage to yield game, Strategy's dual ATM magic

The popularity of STRC essentially stems from Strategy packaging Bitcoin into a fixed income tool that is more aligned with traditional financial preferences.

This product, which is already listed on NASDAQ, can be traded directly through mainstream brokerages. Unlike the common stock MSTR, STRC is a floating rate perpetual preferred stock, whose core design goal is to stabilize as close to a 100 USD par value as possible.

The implementation method is not complicated, which is to anchor the price by dynamically adjusting the dividend rate each month. Specifically, when the STRC price is above or equal to 100 USD, Strategy triggers an ATM issuance, selling new shares and buying Bitcoin; when the price falls below 100 USD, the attractiveness is enhanced by increasing the dividend to pull the price back towards par value.

This mechanism significantly reduces volatility. Official data shows that STRC has a historical volatility of about 14%, while over the past 30 days, it has only been 1.5%, which is noticeably milder compared to Bitcoin or MSTR.

Meanwhile, monthly cash dividends are also one of STRC's biggest selling points, particularly suitable for investors who require stable returns.

To further enhance the attractiveness of STRC, Strategy has conducted eight dividend adjustments so far, increasing the annualized yield from 9.6% to 11.5%. Compared to traditional high-yield assets, such as high-yield bonds, deposits, and money market funds, which generally yield around 4% to 6%, the fixed income return of STRC is more competitive.

These features make STRC more appealing to buyers. For most traditional funds, Bitcoin is too volatile, lacks cash flow, and does not fit into asset allocation frameworks; meanwhile, MSTR adds premium and leveraged attributes, offering higher yield elasticity but also increasing risk. Previously, several public pension funds in the U.S. experienced notable accounting losses due to holding MSTR.

In contrast, STRC provides a more acceptable compromise, having Bitcoin as the underlying logic and a price anchor close to par value, while also offering stable, predictable monthly cash flows. Furthermore, the priority stock structure has a repayment order superior to that of common shares in liquidation, providing some safety margin for the funds.

The launch of STRC also reflects the change in Strategy's financing logic.

As the premium space for MSTR narrows, relying solely on the issuance of common stock to drive the Bitcoin flywheel model has encountered bottlenecks. Strategy had even promised not to lightly issue common stock when mNAV falls below 2.5 times.

STRC has thus become Strategy's "new magic" to maintain the accumulation speed of Bitcoin in a bear market. However, this brings the issue of rigid dividend payments that preferred stocks entail. If STRC's scale is expanded alone, it would directly raise leverage.

Therefore, Strategy adopted a dual ATM approach, one that is highly volatile but has high potential common stock, and another that is stable and high-yield preferred stock. By simultaneously issuing STRC and MSTR, they can raise funds to buy Bitcoin while supplementing equity capital, controlling leverage levels while expanding asset scales. When this financing mechanism operates continuously, STRC absorbs the liquidity of the fixed income market, providing Strategy with a continuous buy-in that is relatively independent of the crypto cycle.

However, the high dividends are not without cost; just the most recent issuance of STRC added about 135 million USD in annual dividend burden, and currently, Strategy's annual dividend expenditure has exceeded 1.08 billion USD. Although Strategy has reserved about 2.25 billion USD in cash reserves to cover at least two years of dividend needs, the pressure is still considerable.

If the Bitcoin price stagnates for a long time, while STRC still needs to maintain its attractiveness by continually increasing the yield, then the financing cost will keep rising, and the space will be gradually compressed. The multiple adjustments to STRC dividends by Strategy indicate a trend that requires continuous increases in incentives.

However, STRC will not experience a UST-style crash. It does not have on-chain automatic liquidation, flash loan squeezes, or instantaneous redemption mechanisms; it is fundamentally a traditional credit product issued by Strategy, with all adjustments (such as raising dividends or delaying payments) actively controlled by the company. At the same time, its underlying support is Bitcoin, rather than infinitely dilutable tokens. This means that even in extreme situations, its risk is more likely to manifest as chronic bleeding.

Overall, STRC has successfully opened a channel for converting traditional fixed income capital into Bitcoin spot demand, although the sustainability of the high-yield model still needs verification, this new flywheel has already started to turn.

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