MicroStrategy Wrote the Corporate Bitcoin Playbook Once: Can It Do It Again With STRC?
MicroStrategy raised $1.56 billion by means of its Stretch (STRC) most popular inventory in March 2026, funding roughly half of the month’s Bitcoin (BTC) purchases. Meanwhile, some friends throughout the Digital Asset Treasury (DAT) sector liquidated holdings.
The divergence highlights a widening hole between Strategy and a rising record of DAT companies compelled to promote BTC amid suppressed costs and thinning margins. It additionally raises a key query for the sector. Could most popular fairness devices be the main capital-raising device for BTC-focused firms?
Strategy’s STRC Playbook Funds Billions in BTC as Rivals Sell
Strategy has accumulated nearly 90,000 BTC price roughly $7.25 billion in 2026. That determine already equals 40% of its complete 2025 purchases and represents 10 instances the BTC it collected throughout the whole 2022 bear market.
STRC presents a cumulative dividend of 11.5% yearly, paid month-to-month and adjusted to maintain the instrument buying and selling close to its $100 par worth. The yield and low volatility have driven significant demand.
Binance Research famous that buying and selling quantity in March hit a report $4.35 billion, up 95% from the prior month.
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Meanwhile, some companies are heading in the wrong way. For occasion, MARA Holdings bought 15,133 BTC for roughly $1.1 billion to retire convertible debt. Riot Platforms offloaded 3,778 BTC price $289.5 million in Q1 2026. Core Scientific bought 1,900 BTC in January.
Genius Group liquidated its entire 84.15 BTC treasury on April 1. Nakamoto Holdings trimmed its reserves by approximately 284 BTC in March for about $20 million.
“While the broader Digital Asset Treasury (DAT) sector faces liquidity constraints amid suppressed BTC value motion and shrinking mNAV premiums, Strategy is aggressively distancing itself from friends,” Binance Research wrote.
The distinction is stark. DAT companies are burning by means of BTC reserves to fund operations and handle debt whereas additionally battling heavy inventory losses. Strategy, by means of STRC inventory, has constructed an alternate funding channel that permits it to maintain shopping for.
Preferred Equity Contagion Has Begun
Strategy is not alone on this method. Strive has raised over $250 million by means of SATA, a equally structured most popular fairness instrument with a 12.75% dividend.
“If the STRC mannequin proves constantly profitable, sector-wide replication is imminent,” Binance Research urged.
For DAT companies at present compelled to promote BTC to cowl working prices and repair debt, a most popular fairness car might supply an alternate. Rather than liquidating reserves at suppressed costs, firms might concern yield-bearing devices that entice fixed-income capital and convert it into BTC purchases.
If this mannequin positive aspects broader adoption, it might set up what Binance Research describes as a “new sector-wide structural bid for Bitcoin.”
“However, aggressive issuance of STRC might shortly devour Strategy’s US$2B money reserve, particularly throughout unfavorable BTC value motion. Critically, there isn’t any baked-in structural flooring for STRC if market situations severely deteriorate,” the report added.
Whether this mannequin spreads additional might rely upon how it performs through a sustained downturn. For now, MicroStrategy is shopping for whereas others promote, and the most popular inventory playbook is at the middle of it.
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