On March 3, trading volume for MicroStrategy's perpetual preferred stock STRC surged significantly, with a single-day transaction amount reaching $198.7 million, far exceeding the average of $123.3 million over the past 30 days. This unusually active trading behavior is seen as the company raising funds through capital market instruments for a new round of Bitcoin acquisitions.
Data shows that approximately $177 million of trading occurred above a par value of $100 per share, a price range that triggered MicroStrategy's At-the-Market (ATM) issuance mechanism, allowing the company to issue new shares at current market prices to quickly obtain liquidity. According to market estimates, the funds raised through STRC financing could theoretically support the acquisition of about 1,000 Bitcoins.
The day before, MicroStrategy publicly announced the purchase of 3,015 BTC, setting a record for the largest single-day buy. Company founder Michael Saylor further revealed on March 4 that their Bitcoin acquisition efforts are ongoing.
As the world's largest institutional holder of Bitcoin, MicroStrategy is gradually incorporating equity financing into its core strategy for accumulating crypto assets. Market observers point out that utilizing capital tools like STRC for low-cost fundraising has become a key pathway for the company to steadily expand its Bitcoin holdings, rather than relying on traditional debt or cash reserves.