STRC trading volume jumped 471%, generating capital for roughly 4,000 BTC, according to BitcoinTreasuries.

On March 12, Strategy’s STRC preferred stock program set a single-day record, generating enough capital to fund the purchase of 4,000 BTC.

According to data from BitcoinTreasuries, the week’s total was already enough to buy more than 10,000 BTC, a pace that is drawing the attention of investors who are watching how aggressively the world’s largest corporate Bitcoin holder is building its treasury.

Record Trading Volume for STRC

In a post on X, BitcoinTreasuries revealed that there were about 7.3 million shares traded during the March 12 session, a figure 471% higher than the stock’s average daily volume.

The platform uses a model that analyzes 1-minute STRC candles during the entire trading day, including pre-market and after-hours sessions. For any bar that closed at or above $99.92, considering STRC’s $100 par value, the model attributed 40% of the volume to at-the-market (ATM) issuance. It then subtracted a 2.5% underwriter commission and divided the net proceeds by the session-average Bitcoin price to get an estimated BTC total.

March 12th’s 7.3 million share volume yielded just over $283 million in net proceeds using the formula, and when divided by Bitcoin’s average price near $70,000, it was found that the money could buy 4,000 BTC, which was a first in the program’s history.

The amount of trading reached an estimated $743 million, exciting observers enough that one of them, Mark Harvey, suggested that the day could become STRC’s first $1 billion trading day, given that at the time there were still two hours left before the market closed.

Stock Structure Draws Attention

STRC pays a variable monthly dividend currently annualized at 11.5%, and it has built-in rate adjustments designed to keep the stock trading near par. The instrument channels investor capital directly into Bitcoin purchases while providing a yield-focused product that tends to move less than Strategy’s common MSTR stock.

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Essentially, the fixed dividend remains perpetual with no principal repayment required, unlike debt. Harvey recently gave an example of how it works, using a hypothetical scenario where the company issues $100,000 of STRC at the stated 11.5% yield to buy BTC.

According to him, it would create a yearly dividend obligation of $11,500, which would be fixed, meaning that even if BTC’s value were to shoot up 10 times in five years, Strategy’s dividend obligation would be just $57,500, while its BTC holding grows by $1,000,000, delivering a net $842,500 gain to shareholders.

As of its most recent filing dated March 9, Strategy held 738,731 BTC, boosted by recent purchases, including 3,015 BTC bought on March 2 and a bigger announcement of 17,994 BTC on March 9 acquired for $1.28 billion.

At current prices, the stash is valued at about $53.1 billion, with the company having acquired it for just over $56 billion.