On March 15, Strategy (formerly MicroStrategy) Chairman Michael Saylor signaled that the Bitcoin-holding firm is preparing to expand its massive treasury.
The announcement, delivered via social media platform X, featured the firm’s signature “SaylorTracker” chart with the directive to “Stretch the Orange Dots.” Notably, this kind of phrase has become a reliable precursor to a multi-million-dollar BTC buy order over the past months.
Strategy’s STRC Eclipses Blue-Chip Rivals as Most Liquid Preferred Stock
The move comes as Strategy’s “Stretch” preferred stock (STRC) cements its position as a dominant force in the credit markets.
Launched in 2025, STRC has rapidly become the most liquid preferred stock on the market, with an average daily trading volume of approximately $295.9 million.
According to data shared by Saylor, STRC’s liquidity now dwarfs traditional blue-chip preferred issues.
Notably, the instrument’s volume exceeds the combined average daily trading volume of its seven closest competitors. This includes the preferred shares from Boeing (BA), KKR & Co., and Four Corners Property Trust (FOUR), which range from $27.6 million to $35.8 million.
The STRC product offers investors a variable dividend yield of 11.5%, with market analysts arguing the product has significant potential.
“None of you are bullish enough on what STRC means for Bitcoin. IBIT is the most successful ETF launch in history. STRC has a total addressable market that is orders of magnitude bigger than IBIT… [because] the amount of trapped capital out there is IMMENSE,” Bitcoin analyst Adam Livingston argued.
Already, this structure has successfully attracted institutional heavyweights such as Anchorage and Strive, an asset management firm. These firms value the product’s unique blend of fixed-income characteristics and direct crypto exposure.
As of March 15, Strategy’s total holdings stand at 738,731 BTC, valued at roughly $53.07 billion.
Meanwhile, data from STRC.live suggests the preferred stock’s performance during the week ending March 13 has generated enough capital to fund the purchase of an additional 11,042 BTC.
Since its inception, the STRC program has successfully financed the acquisition of nearly 34,000 BTC.
If the current acquisition is executed at prevailing market prices, it would further solidify Strategy’s status as the world’s largest corporate holder of BTC, even as critics warn that the firm’s growing dividend obligations increase its sensitivity to market downturns.
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