Stretch (STRC), the perpetual preferred security sold by Strategy (MSTR) to fund its bitcoin purchases, posted record trading volume on Monday, funding the biggest single-day buying 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 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 purchased $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 $100 par value throughout the entire trading session.
Historically, the trading day preceding the ex-dividend date, the cutoff 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 trading on Tuesday may be even higher than Monday’s record.
STRC now has a market capitalization of $6.4 billion, exceeding the combined market cap of the company’s other preferred securities, including STRD at $1.1 billion, STRK at $1 billion, and STRF at $1.2 billion, according to the MSTR dashboard.
The common stock rose 2.9% on Monday and was 3.7% higher in pre-market trading.
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