Strategy tapped a preferred-stock issuance to bankroll its biggest Bitcoin purchase in about a month, scooping up 24,869 BTC for roughly $2 billion as demand for its dividend product spiked.
How the buy was funded
Investors had until last Friday to buy Stretch (STRC) and qualify for the product’s next monthly cash distribution—STRC currently carries an 11.5% annual dividend. With STRC sitting around its $100 par threshold in the days before the ex-dividend date, Strategy issued nearly $2 billion of preferred shares and funneled the proceeds into Bitcoin purchases.
Position and scale
The acquisition raises Strategy’s total holdings to 843,738 BTC, a stash the company recently valued at $64.4 billion. This $2 billion buy is the firm’s largest in roughly a month; the prior similarly sized purchase followed a roughly $2.2 billion STRC raise.
Why STRC matters
STRC is engineered to trade near its $100 par value; when it trades above par, Strategy can augment its treasury by issuing fresh shares. The company is also pursuing a shift from monthly to bimonthly dividend payments for STRC. In the run-up to the ex-dividend date, STRC hovered at about $100 for five consecutive days while issuance ticked up. On Monday STRC was priced at $99.29, having dropped as low as $99.02 the previous trading day.
Market and corporate context
Strategy’s common stock recently traded at $163.58—a move the report described as a more than 7% decrease—though the share price is up nearly 2% over the past month, outpacing Bitcoin’s 0.4% monthly gain. Bitcoin itself was trading around $76,361 (down more than 2% over the past day), after hitting about $82,500 earlier this month—the highest since February’s declines.
Company metrics and commentary
CEO Phong Lee highlighted the firm’s treasury results, citing a year-to-date “BTC Gain” of $6.6 billion—a metric Strategy uses to show net additional Bitcoin acquired after accounting for dilution from new share issuance. In its 2025 fiscal year the company reported a BTC Gain of 101,873 BTC, recently valued at $7.8 billion. Lee added on X that “Digital credit is helping us deliver faster growth in 2026 than in 2025.”
What this means
The transaction underscores how Strategy is increasingly using STRC’s dividend mechanics and investor demand for yield to fund large Bitcoin purchases—an approach that has drawn scrutiny in volatile markets but has become a recurring tool in the firm’s treasury playbook.
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