Strategy now holds 818,869 Bitcoin, worth about $66 billion at current prices. That makes it the largest corporate Bitcoin reserve in the world. And the pile keeps growing. The main tool behind all this buying just hit a new record.
A New Kind of Funding Tool
STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, saw $1.53 billion in trading volume on Thursday — its highest single-day total ever. Chairman Michael Saylor shared the news on social media, calling it an all-time high for liquidity. This preferred stock, nicknamed Stretch, has become Strategy’s main way to raise money for buying Bitcoin in 2026, as other funding options have become harder to use. Senior convertible notes and at-the-market equity offerings have both tightened over the past year, pushing the company toward preferred stock as its primary source of capital.
All-time high volume. $1.53B of liquidity. Two cents of volatility. Closed at par. $STRC pic.twitter.com/aS0dSlkm7d — Michael Saylor (@saylor) May 14, 2026
Stretch works by paying investors an 11.5% dividend without affecting the company’s common shares. This structure keeps existing shareholders from being diluted while still bringing in fresh capital. According to data from the STRC.live tracker, Thursday’s trading performance could allow Strategy to raise an estimated $735 million — enough, in theory, to buy about 9,066 Bitcoin. Whether the company will actually make a purchase with those funds is still unclear.
The Broader Bitcoin Buying Spree
Strategy has been buying Bitcoin much faster lately. The company has purchased 56,770 Bitcoin since April and over 101,000 since March, bouncing back after a slow February. Bitcoin’s own price movement has helped: the recent rally to around $81,000 pushed above Strategy’s average purchase price of $75,543, putting its holdings up 7%.
During a first-quarter earnings call on May 5, Saylor said he wants Stretch to become the largest credit instrument in the world. Reports show the company posted a $1.25 billion net loss in Q1 as Bitcoin fell during that period, though the situation has since improved with the price recovery.
Strategy isn’t the only one using this kind of structure. Strive announced Thursday that holders of its own preferred stock, SATA, would start receiving daily dividends on June 16 — a faster payout schedule than the monthly distributions Stretch offers. Tokyo-based Metaplanet has also raised funds through preferred stock instruments called MARS and MERCURY to buy Bitcoin.
A Crowded Field With One Giant
Nearly 200 public companies now hold Bitcoin on their balance sheets. But Strategy is still far ahead of all of them. Its 818,869-coin position dwarfs every other corporate holder, and the company shows no signs of slowing down. For now, preferred stock is the engine making that possible.
Featured image from Free3D, chart from TradingView
Frequently Asked Questions
Here is a list of FAQs about the recent 15 billion surge in Strategys Bitcoin buying tool
General Beginner Questions
Q What is Strategys main Bitcoin buying tool
A It refers to the companys AttheMarket equity offering program This allows Strategy to sell new shares of its own stock to raise cash which it then uses to buy more Bitcoin
Q Why did this tool see a huge surge in trading
A The company activated the program aggressively to capitalize on a recent dip in Bitcoins price Investors bought up the new shares quickly allowing Strategy to raise 15 billion in a short time to buy Bitcoin
Q Does this mean Strategy is selling its Bitcoin
A No They are selling their own stock to raise money not selling their Bitcoin The goal is to use that cash to buy more Bitcoin
Q Is this a good thing for Bitcoin investors
A Its generally seen as bullish A major company raising billions specifically to buy Bitcoin signals strong institutional demand which can support or increase Bitcoins price
Advanced Strategic Questions
Q How does the ATM tool work exactly
A Instead of announcing one big stock sale Strategy uses an ATM program to sell shares gradually into the market at current prices The surge means they sold a massive volume of shares over a few days likely using an algorithm to avoid crashing the stock price
Q Why use an ATM instead of a traditional bond offering or loan
A Its faster and simpler An ATM doesnt require roadshows fixed interest rates or debt repayment It gives Strategy immediate access to cash by diluting existing shareholders slightly rather than taking on debt
Q What is the risk for Strategys stock holders
A The main risk is dilution Every time Strategy sells new shares the value of existing shares is slightly reduced However the company argues that the Bitcoin they buy with that cash will increase in value more than the dilution cost
Q How does this affect the Bitcoin yield metric Strategy uses