Written by: Nick Ward

Translated by: AididaoJP, Foresight News

Strategy's STRC ATM generated over 2.7 billion dollars in trading volume in just two trading days this week, more than the total for the entire previous week, accumulating approximately 29,914 BTC, with each share trading above its par value.

Note: Strategy (formerly MicroStrategy) is the publicly traded company with the largest holdings of bitcoin globally. STRC is a variable-rate perpetual preferred share issued at a par value of 100 dollars, featuring an ATM issuance mechanism—when the share price exceeds its par value, the company can sell new shares to the market and directly use the raised funds to increase its bitcoin holdings. In the first two trading days of this week, STRC ATM has accumulated about 2.74 billion dollars in trading volume, estimating the purchase of about 29,914 BTC.

Strategy's STRC ATM just set its first billion-dollar trading day, and today it did it again, at an even larger scale.

On Tuesday, April 14, STRC's trading volume is estimated to reach 1.57 billion dollars, with 100% of the trading price above the 100 dollar par value threshold, meaning it absorbed approximately 16,762 BTC in a single day. This is 37 times the daily bitcoin mining output, equivalent to pulling more than a month's worth of global issuance out of the market in a single trading day.

Adding Monday's 1.17 billion dollars, STRC's trading volume has reached 2.74 billion dollars in just two trading days this week—and acquired approximately 29,914 BTC through the ATM mechanism.

As a reference: according to the latest 8-K filing submitted by Strategy, last week, the total acquisition over the five complete trading days was 13,927 BTC.

This week has already exceeded that number in just 48 hours. An increase of 115%, with three trading days remaining this week.

Every day, every share is traded

One piece of data should not be overlooked: whether on Monday or Tuesday, 100% of STRC's trading prices were above the 100 dollar par value threshold. The STRC ATM real-time tracker is the best way to observe this process in real time.

This is the trigger condition for the ATM mechanism. The design intention of Strategy's variable-rate perpetual preferred shares is to convert demand into bitcoin purchases when the share price exceeds par value. And for two consecutive trading days, every transaction met the condition. Not 84%, not 95%, but every share.

This is a level of demand sustainability that the STRC ATM tracker has never witnessed before.

Looking at the acceleration with numbers

• Last week (confirmed, 5 trading days): 1 billion dollars · 13,927 BTC
• This week (as of now, 2 trading days): 2.18 billion dollars · 29,914 BTC
• Change: BTC acquisition amount increased by 115%, with only 40% of the trading time used
• Consecutive active days for the ATM: 10 consecutive trading days of prices above par value

At the current pace, there is a possibility of acquiring about 75,000 BTC within five trading days this week. If this happens, this number will completely redefine the term "large bitcoin treasury company."

It is almost certain that this pace will not continue, as the numbers from Monday and Tuesday are themselves outliers. But even if there is a significant slowdown in the latter half of this week, Strategy's STRC ATM will still acquire bitcoins at a rate several times greater than any week on record. You can observe the trends of the next three trading days in real time here.

What has changed

There are two changes in the mechanism:

Price discipline: STRC remains firmly at exactly 100 dollars, with a yield of 11.5%, and zero deviation. Every share transaction occurs at the trigger price.

Increased trading volume: from 1.17 billion dollars on Monday to 1.57 billion dollars on Tuesday, achieving a week-over-week growth of 34% on a record-setting basis. Demand has not only not diminished but has accelerated during trading.

The model that Strategy has been executing—creating tools to maintain their par value, allowing the market to complete the conversion itself—is now functioning on a scale that was still theoretical last year.

A larger picture

In the ten trading days since the activation of the ATM mechanism, the number of BTC absorbed by the market has reached levels comparable to the treasury strategies accumulated by some corporate bitcoin buyers over many years. And this set of tools has only one task: to keep buying.

Today's numbers are not a single-day pulse; they represent the second day of a certain pattern. And this pattern, so far, appears to be as follows:

Billions of dollars absorbed for several consecutive weeks. Billions of dollars absorbed for several consecutive days, with every share trading price above par value, and three trading days remaining this week.