STRC could be funding more Strategy bitcoin buys than ever

A community-built dashboard that tracks Strategy’s STRC sales in real time suggests that today could produce the largest single-day STRC-funded bitcoin (BTC) purchase in history.

By 11am New York time, the unofficial tracking system estimated that 2.7 million shares of STRC had traded, all at or above its $100 par, also known as its “stated amount” or “quasi-peg.”

This morning’s trading range was $100-100.07.

Because Strategy has previously provided guidance that the company might sell STRC when the stock price is above its stated amount, it’s possible to estimate the number of STRC that Strategy is adding to the circulating supply.

By default, the dashboard speculates that 40% of that volume might involve Strategy itself as the seller. Overall STRC volume figures include both corporate as well as secondary sales and the site allows users to adjust that percentage via a user-configurable slider.

At its default 40%, the site’s model estimated that Strategy had sold over 1 million shares of STRC, funding the purchase of up to 1,500 BTC.

That was, of course, barely 90 minutes into the regular session.

Over 700,000 shares had already traded in pre-market, accumulating an estimated 394 BTC before the opening bell. By 1pm, total volume over $100 per share exceeded 4.6 million shares.

STRC pays a lavish, 11.5% annualized dividend and tries to hold a $100 quasi-peg. It competes with high yield junk bonds and other risky yield products with retail-focused advertisements focusing on its monthly dividends and disclaiming its many risks in fine print.

One user on X noted 1.2 million shares had traded within eight minutes of the open. Another marveled as it made 60% of the previous day’s record-breaking volume in just 90 minutes.

Probably another all-time record week for STRC

Today’s figure already dwarfs the best confirmed daily average from Strategy’s own SEC filing last week.

Specifically, Strategy’s March 9 SEC Form 8-K disclosed 17,994 BTC purchased between March 2 and 8, 2026. It was the company’s largest STRC at-the-market (ATM) sale in history.

The company funded those purchases through $377.1 million in STRC sales and $899.5 million in MSTR common stock sales.

Mathematically, STRC accounted for 29.5% of those combined proceeds, implying about 5,314 BTC funded by STRC across five trading days.

That works out to roughly 1,063 BTC per day. No further, daily granularity is available. 

Therefore, by the best data available, a 40% volume capture estimate forecasts 1,500 BTC in STRC-funded purchases today, with five trading hours left.

It’s certainly possible that today is the largest ATM in STRC history.

Read more: Strategy is paying credit card rates to keep STRC at $100

The 40% capture estimate

Again, the dashboard assumes 40% of volume above $100 represents ATM issuance. It deducts a 2.5% broker commission and divides by the current BTC price. Strategy’s actual capture rate could differ on any given day.

The percentage could actually be as low as 0%, or in fact be the vast majority. The company usually discloses realized ATM figures weekly, which is the only formal, post-trading verification method.

Still, the 40% model has tracked reasonably close to confirmed data. Last week, the dashboard estimated 4,295 BTC for March 2-8. The actual filing was for 5,314 BTC.

That particular gap might have narrowed even more had it adjusted for Strategy’s recently-introduced, extended hours trading.

Indeed, the site now tracks pre-9:30am and post-4pm New York trades.

Strategy amended its STRC ATM agreement on March 9, assigning a second agent with the right to sell STRC before 9:30am and after 4:00pm.

The STRC-for-BTC machine

This week’s pace has been extraordinary. The dashboard estimates 1,863 BTC on Monday, 2,500 on Tuesday, 2,568 on Wednesday, and over 2,500 on Thursday by 1pm New York time.

The four-day running estimate sits above 9,500 BTC from STRC raises this week alone.

For context, Strategy sold zero STRC through its ATM from July through October last year. The entire $4.2 billion program sat untouched for months.

Now, over $1 billion has probably been issued through it. “The second century begins,” Michael Saylor posted on X after last week’s purchase.

There is, of course, a cost of tapping the ATM. Strategy has guided to pay monthly dividends on every share of STRC outstanding at a variable rate that is currently 11.5%.

Strategy has hiked that rate seven times since its 9% launch to encourage its share price to stay near the $100 par.

Tomorrow is the shareholder snapshot date for STRC’s monthly dividend, so its tight parity at $100 is unsurprising given the near-term ex-dividend date.

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