Strategy has made headlines with its significant move into the Bitcoin market, purchasing approximately 24,869 Bitcoin for $2 billion just as its flagship preferred stock, Stretch (STRC), crossed its ex-dividend date. This marks the company’s largest Bitcoin acquisition in nearly a month and comes amidst a strategic effort to leverage its preferred shares to enhance its crypto holdings.
Investors had until the previous Friday to buy into STRC, which currently offers an attractive 11.5% annual dividend, in order to qualify for the upcoming cash distribution. In response to heightened interest, Strategy successfully issued nearly $2 billion worth of preferred shares, enabling this recent major purchase.
With the acquisition, Strategy, based in Tysons Corner, Virginia, has bolstered its Bitcoin holdings to a staggering total of 843,738 Bitcoin, reflecting a total value of around $64.4 billion. However, this vigorous reliance on STRC for capital raises has attracted scrutiny, particularly as Bitcoin experienced significant fluctuations earlier this year, plunging to an 18-month low.
Despite the volatility, the latest acquisition indicates that utilizing the dividend-paying STRC product has become a more normalized practice for the company. The last substantial Bitcoin purchase came shortly after Strategy raised approximately $2.2 billion through STRC as well. The preferred stock is designed to remain close to its $100 par value, and when it trades above this threshold, Strategy can effectively increase its Bitcoin holdings by issuing additional shares. Currently, the company is exploring the possibility of transitioning STRC to a bimonthly dividend structure.
In terms of market performance, the company’s shares were recently trading at $163.58, reflecting a decline of over 7%. However, over the past month, its stock has increased nearly 2%, which exceeds Bitcoin’s marginal rise of 0.4% during the same timeframe. Bitcoin, the leading cryptocurrency by market capitalization, was recently valued at $76,361, having fallen by more than 2% in just one day, following a notable climb earlier this month that peaked at $82,500.
On the trading front, STRC was priced at $99.29 on Monday, after dipping to $99.02 in the previous session. In the lead-up to the ex-dividend date, STRC maintained a consistent value around the $100 mark for five consecutive days, coinciding with an increase in share issuance.
Strategy’s CEO, Phong Lee, underscored the company’s treasury operations, revealing a “BTC Gain” of $6.6 billion year-to-date. This figure quantifies the additional Bitcoin acquired by the firm after adjusting for share dilution from new issuances. In the 2025 fiscal year, Strategy recorded a BTC Gain of 101,873 Bitcoin, a value estimated at $7.8 billion. Lee also noted in a social media post that “digital credit is helping us deliver faster growth in 2026 than in 2025,” indicating the firm’s strategic focus on digital assets and innovative financial products.
