MicroStrategy purchased 811 BTC for $65.5M and now holds 849,327 BTC valued at approximately $64.08B.
Macro & Markets ·
MicroStrategy acquired 811 bitcoin for $65.5 million and concurrently repurchased $208.2 million of its preferred stock. The company's preferred shares, known as STRC and listed on Nasdaq under the "Stretch" brand, represent a variable-rate perpetual instrument designed to pay adjustable cash dividends funded by the firm's Bitcoin holdings, with a soft $100 par target rather than typical equity volatility characteristics.
STRC exemplifies the emerging "digital credit" category—yield-bearing securities issued by Bitcoin-rich firms that aim to monetize substantial BTC reserves while preserving long-term holdings at the corporate level. The structure layers high, adjustable dividend income on top of Bitcoin collateral, offering investors double-digit annual returns marketed as relatively low-volatility credit-like products. Recent activity around STRC has included tokenization efforts, such as Apyx's conversion of $50 million into STRCx for onchain transparency, and the listing of a Strategy Yield STRC exchange-traded note on the London Stock Exchange to broaden investor access.
However, STRC's track record reveals structural vulnerabilities. The preferred stock has experienced depegging episodes and leverage-driven selloffs during periods of heightened Bitcoin volatility and market stress, most notably during forced liquidations that participants described as among the most difficult moments in digital credit history. The mechanics that support STRC's income proposition—its reliance on Bitcoin price stability and the interplay between leverage, liquidity, and macro conditions—remain points of ongoing debate within crypto markets regarding how traditional securities can effectively serve as yield layers atop digital assets.