Strategy Spent $1.57 Billion on Bitcoin in One Week. The STRC Preferred Stock Made It Possible.

Between March 9 and March 15, 2026, Strategy (MSTR) bought 22,337 Bitcoin for approximately $1.57 billion at an average price of $70,194 per BTC.

Funding split two ways: Approximately $400 million from common stock ATM (at-the-market offering). Approximately $1.18 billion from preferred stock sales - specifically 11.9 million shares of STRC.

One week. $1.57 billion. 12 consecutive weeks of accumulation.

This was the biggest Bitcoin buy of 2026.

Total Position Now: $57.61 Billion

Strategy's aggregate Bitcoin holdings now stand at 761,068 BTC. Total capital deployed: approximately $57.61 billion.

That's more BTC than the US government has ever seized. More than most nations hold. Strategy is now the largest corporate holder of Bitcoin by wide margin.

The company isn't mining Bitcoin. It isn't running a validator. It's buying spot Bitcoin as treasury reserve asset and funding that purchase with debt and preferred equity.

The STRC Perpetual Preferred Stock Thesis

STRC is Strategy's perpetual preferred stock. Dividend: 11.50% annually, paid monthly in cash.

Claims that sound implausible on first read: Sharpe ratio above 3 (per CEO Michael Saylor's analysis). 30-day volatility: 3% for STRC vs 80% for MSTR, 53% for BTC, 33% for Gold, 12% for SPY. Trades near $100 par value.

The dividend rate resets monthly to anchor the stock near par. If STRC drifts above $100, dividend gets cut. If it drifts below, dividend rises. This mechanical adjustment creates negative feedback - stabilizing price.

Saylor calls it 'digital credit.' It's a fixed income instrument (perpetual, so no maturity) backed by Bitcoin volatility but insulated from it. Institutional investors get 11.50% yield on an instrument that behaves like a bond, not a stock.

How STRC Funds Bitcoin Accumulation

Strategy issues preferred stock, captures $1.18B in March alone, deploys capital directly into spot Bitcoin buys.

This is leverage without traditional debt. No interest rate risk. No debt covenants. No credit facility risk. Instead, dividend obligation indexed to keeping STRC near par.

Saylor's math: if BTC goes up, STRC dividend stays fixed at 11.50%. Holders get 11.50% yield plus potential upside if the stock trades above par. If BTC crashes, STRC still gets its 11.50% because the dividend mechanism stabilizes price.

That's the claim. The practice will test it if Bitcoin falls sharply.

Why This Matters

Traditional corporate treasury holds cash or bonds. Strategy is building a Bitcoin treasury. Funding that with preferred equity creates a new capital structure - part debt, part equity, all Bitcoin-backed.

If this works at $57.61B scale, it becomes a template. Other large corporations watch. Endowments watch. Insurance companies watch.

The STRC preferred stock is the engine. Every month it sells down, Strategy buys Bitcoin. The 11.50% dividend is the friction cost of that conversion.

12 consecutive weeks of buying. $1.57B in one week. This isn't trickling in. This is industrial-scale accumulation.

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