Stretch (STRC), the perpetual preferred security sold by Strategy (MSTR) to fund its bitcoin purchases, posted record trading volume on Monday, funding the largest single-day shopping splurge through the company’s at-the-market (ATM) program.
The world’s largest publicly traded bitcoin holder is estimated to have added 7,800 BTC, according to STRC.live, as STRC volume surged to $1.16 billion, more than four times the 30-day average of $278 million.
This comes after Strategy bought $1 billion worth of bitcoin last week, funded entirely by STRC, which offers an 11.5% annual dividend, paid monthly in cash. The stock maintained its face value of $100 throughout the trading session.
Historically, the trading day before the ex-dividend date, the cut-off date after which new buyers are no longer entitled to the next dividend payment, tends to see the highest trading volume. That’s Wednesday, so it’s possible that Tuesday’s trading could be even higher than Monday’s record.
STRC now has a market capitalization of $6.4 billion, surpassing the combined market capitalization of the company’s other preferred securities, including STRD at $1.1 billion, STRK at $1.0 billion and STRF at $1.2 billion, according to the MSTR panel.
The common stock rose 2.9% on Monday and was up 3.7% in premarket trading.
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