Stretch (STRC), the preferred perpetual security sold by Strategy (MSTR) to finance its bitcoin purchases, recorded record trading volume on Monday, financing the largest single-day buying spree through the company’s Marketplace (ATM) program.
According to STRC.live, the world’s largest publicly traded bitcoin holder added 7,800 BTC as STRC volume jumped to $1.16 billion, more than four times the 30-day average of $278 million.
This comes after Strategy last week purchased $1 billion worth of bitcoin, entirely funded by STRC, which offers an 11.5% annual dividend, paid monthly in cash. The stock maintained its par value of $100 throughout the trading session.
Historically, the trading day before the ex-dividend date, the cutoff date after which new buyers are no longer eligible for the next dividend payment, tends to see the highest trading volume. It’s Wednesday, so it’s possible that Tuesday’s trading could be even higher than Monday’s record.
STRC now has a market cap of $6.4 billion, surpassing the combined market cap of the company’s other preferred stocks, including STRD at $1.1 billion, STRK at $1 billion and STRF at $1.2 billion, according to the MSTR dashboard.
The common stock rose 2.9% Monday and was 3.7% higher in premarket trading.
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