Strategy (formerly MicroStrategy) filed an 8-K Thursday to repurchase $1.5 billion of its convertible notes due 2029, while its preferred stock STRC logged an all-time high daily trading volume of $1.53 billion. The moves come as the firm continues its aggressive Bitcoin accumulation, now holding 818,869 coins acquired at an average price of $75,537.
STRC volume hits $1.53 billion
STRC, the Variable Rate Series A Perpetual Stretch Preferred Stock, saw $1.53 billion change hands on Thursday, blowing past the prior record of $1.1 billion set on April 13. The stock pays an 11.5% annualized dividend and carries a market cap of roughly $8.5 billion, making it the world's largest preferred stock by that metric. At that volume, Strategy could theoretically raise about $735.4 million through its at-the-market issuance program — enough to buy roughly 9,066 Bitcoin at current prices.
Strategy moves to cut debt
The $1.5 billion note repurchase is part of a broader plan. Strategy intends to convert roughly $6 billion in convertible debt to equity over the next three to six years. Michael Saylor has said the company can withstand Bitcoin prices as low as $8,000 before its assets and debt reach parity.
Shareholders to vote on dividend change
STRC shareholders are voting through June 8 on a proposal to switch dividends from monthly to semi-monthly payments. If approved, the first semi-monthly payout is expected on July 15. The change would give holders more frequent income, though the annualized rate stays the same.
Bitcoin buying spree continues
Strategy has accumulated over 101,000 Bitcoin since March, with more than 56,770 of those purchases occurring after April. JPMorgan analysts project the company could buy up to $30 billion worth of Bitcoin in 2026 alone. With the note repurchase and the record STRC volume, the firm is showing no signs of slowing down.
