Strategy Shares Set Record Trading Volume of $1.53 Billion in a Single Day

Strategy’s perpetual preferred shares of the STRC series recorded a historic daily trading volume of $1.53 billion on May 15, becoming the company’s primary financing instrument for Bitcoin purchases in 2026.

“All-time record volume. $1.53 billion in liquidity,” top executive Michael Saylor wrote on X, referring to the Stretch Series A perpetual floating-rate preferred shares.

What Stretch Is and Why It Matters

Stretch offers investors an annual dividend yield of 11.5% without diluting the company’s common stock. Strategy has increasingly relied on this instrument to finance Bitcoin acquisitions over the past 12 months as raising capital through senior convertible notes and at-the-market share offerings became more difficult.

According to the STRC.live tracker, by the end of trading on May 15, the company could theoretically have raised approximately $735.4 million and allocated it toward purchasing 9,066 Bitcoin.

However, this remains only a theoretical estimate — there is no guarantee that Strategy will immediately convert the raised funds into Bitcoin.

Bitcoin Accumulation Is Accelerating

Since April, Strategy has acquired 56,770 Bitcoin, while purchases since March have already reached 101,147 BTC. This marks a significant acceleration following a relatively slower February.

During the company’s first-quarter earnings call on May 5, Saylor stated that Strategy intends to turn Stretch into “the largest credit instrument in the world.”

Perpetual preferred shares are increasingly becoming a preferred financing tool for corporate Bitcoin strategies, particularly in the current bear market environment where traditional fundraising mechanisms have become less effective.

Other companies are following a similar path. For example, Tokyo-based Metaplanet is also raising capital for Bitcoin purchases through perpetual preferred shares known as MARS and MERCURY.

Strategy’s Market Position

Today, nearly 200 public companies hold Bitcoin on their balance sheets. However, Strategy remains the undisputed leader among corporate Bitcoin holders, with 818,869 BTC worth approximately $66.5 billion at current market prices.

Bitcoin’s recent rise to the $81,000 level pushed the asset above Strategy’s average acquisition cost of $75,543. As a result, the company’s portfolio is now showing a positive unrealized gain of 7.2%.

AI Perspective

Analyzing corporate Bitcoin strategies through the historical lens of debt instruments reveals an interesting parallel: perpetual preferred shares are essentially a 19th-century financial tool historically used by banks and railway companies to raise capital without diluting corporate control.

Strategy has effectively adapted this classic financial mechanism for the digital asset era.

One critical technical nuance often overlooked is that the “perpetual” nature of STRC means the securities have no maturity date. This reduces balance-sheet pressure because the company is not obligated to redeem the shares during changing market cycles, although it may create a long-term supply overhang on secondary markets.

Whether a model offering an 11.5% dividend yield backed by a historically volatile asset can remain sustainable is still an open question for the market.

See also: "Italy’s Largest Bank Begins Major Push Into XRP and Ethereum!"

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