TLDR
- Strategy’s preferred stock STRC hit a record $1.53 billion in trading volume Thursday, over four times its 30-day average.
- The surge helped fund the purchase of 11,707 bitcoin through Strategy’s ATM offering program.
- STRC fell nearly 1% in pre-market Friday as it began trading ex-dividend, settling around $99.12.
- Strategy also announced it will repurchase approximately $1.50 billion of its 0% convertible senior notes due 2029 for roughly $1.38 billion in cash.
- MSTR common stock dropped 2% to $182.50 in pre-market Friday, with bitcoin slipping to $80,500.
Strategy’s preferred stock STRC recorded its highest-ever trading volume on Thursday, pulling in $1.53 billion in a single session. That’s more than four times its 30-day average of around $331 million.
MSTR common stock fell 2% to $182.50 in pre-market trading Friday. Bitcoin slipped to $80,500 around the same time.
The volume spike came a day before STRC’s ex-dividend date. It’s a familiar pattern — dividend-paying securities typically see a rush of activity in the final session before buyers lose eligibility for the next payout.
STRC offers an 11.5% annual dividend, paid monthly in cash. Most of Thursday’s trades cleared at or above the stock’s $100 par value.
By Friday pre-market, STRC had pulled back to $99.12, down just under 1%. That kind of dip is pretty standard ex-dividend behavior — the price tends to drop by roughly the size of the upcoming payout.
Bitcoin Purchase Funded by the Volume Surge
According to data from BitcoinQuant, the record trading activity helped Strategy fund the purchase of 11,707 bitcoin. The buying was executed through the company’s at-the-market program, which lets Strategy sell newly issued securities to raise capital for bitcoin purchases.
Strategy is the largest public corporate holder of bitcoin in the world. These ATM-funded buys are a core part of how it keeps adding to that position.
$1.5 Billion Note Repurchase Announced
Separately, Strategy said it plans to repurchase approximately $1.50 billion of its outstanding 0% convertible senior notes due 2029. The estimated cash price for the buyback is around $1.38 billion.
The repurchase price is tied in part to the daily volume-weighted average price of Strategy’s Class A common stock. Settlement is expected on or about May 19.
Funding for the buyback will come from available cash reserves, proceeds from its ATM offering program, and potentially from the sale of bitcoin.
After the cancellation of the repurchased notes, approximately $1.50 billion in principal amount of the 2029 notes will still remain outstanding.
The two moves — record preferred stock volume and a large convertible note repurchase — landed on the same day, putting Strategy’s capital structure in the spotlight heading into the weekend.
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