High yield structure keeps STRC pinned at par while enabling large scale bitcoin purchases.

What to know:

• STRC recorded its seventh highest trading volume since launch, while staying anchored at $100, highlighting strong liquidity with near zero volatility.
• At-the-market issuance tied to STRC may have funded over 2,000 BTC purchases on Wednesday.

Strategy’s (MSTR) perpetual preferred stock “Stretch” (STRC) traded roughly $333 million in volume on Wednesday, marking its seventh highest daily volume since debuting in July 2025.

Despite the heavy activity, STRC remained tightly anchored around its $100 par value throughout the session. This stability prompted executive chairman Michael Saylor to remark, “one penny of volatility, $330 million of liquidity, closed at par.”

STRC is designed to function as a short-duration, high-yield credit instrument, offering an 11.5% annual dividend paid monthly. Its structure incentivises trading close to par, allowing Strategy to efficiently utilise its at the market (ATM) issuance program to raise capital for additional bitcoin purchases.

The company may have acquired more than 2,000 BTC on Wednesday via the STRC ATM, according to STRC.live estimates.

The broader objective of STRC is to deliver double-digit returns with minimal price volatility, effectively combining income generation with capital stability.

In pre-market trading, Strategy shares were slightly lower at around $127, while STRC continued to trade at par near $100.