STRC, a perpetual preferred stock issued under the firm’s at-the-market program, is increasingly acting as the primary conduit for raising cash that Strategy then deploys into its mostly weekly bitcoin treasury purchases.

Michael Saylor highlighted the scale of the move in an X post, writing that STRC saw "$1.156B of liquidity" with minimal price movement, closing at par.

As reported Monday, the company bought 13,927 bitcoin for about $1 billion, lifting total holdings to 780,897 BTC. Those acquisitions were funded through the sale of more than 10 million STRC shares.

$84 billion for bitcoin

Under the firm’s broader capital plan, STRC sits alongside other preferred instruments such as STRK, STRF and STRD, as well as common stock issuance. Together, these programs form part of Strategy’s "42/42" plan to raise $84 billion for bitcoin purchases through 2027.

The latest trading spike suggests STRC is becoming the dominant piece of that puzzle. Lyn Alden, an American investment strategist who previously pointed to strong demand for the product’s yield and structure, said earlier this week that STRC is now larger than all of Strategy’s other preferred stocks combined.

Market observers are also beginning to translate that trading activity into implied bitcoin demand, though estimates vary.

Data circulated by STRC.live suggested that roughly 10.6 million shares traded above key thresholds could correspond to about 7,130 BTC. Other analysts offered different figures, depending on pricing assumptions and execution timing.

Those estimates should be treated cautiously. Strategy does not convert trading volume directly into bitcoin purchases on a one-to-one basis, and actual acquisitions depend on issuance timing, pricing and capital allocation decisions.

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source: https://www.tradingview.com/news/the_block:4ce14eaa8094b:0-strategy-s-strc-hits-1-1-billion-volume-as-preferred-stock-drives-saylor-s-bitcoin-buying-engine/