Stretch (STRC), the perpetual preferred security sold by Strategy (MSTR) to fund Bitcoin purchases, posted record trading volume on Monday and raised the largest single-day splurge funding through the company’s At the Market (ATM) program.
According to STRC.live, the world’s largest public Bitcoin holder is estimated to have added 7,800 BTC, and STRC’s transaction value soared to $1.16 billion, more than four times the 30-day average of $278 million.
This comes after Strategies purchased $1 billion worth of Bitcoin last week. Fully funded by STRC, the annual dividend is 11.5%, paid monthly in cash. The stock maintained its $100 par value throughout the trading session.
Historically, the trading day before the ex-dividend date (the date after which new buyers are no longer entitled to receive the next dividend) tends to have the highest trading volume. Since this is Wednesday, Tuesday’s trading could be even higher than Monday’s record.
According to the MSTR Dashboard, STRC’s market capitalization is now $6.4 billion, greater than the combined market cap of the company’s other preferred securities, including STRD’s $1.1 billion, STRK’s $1.0 billion and STRF’s $1.2 billion.
The common stock rose 2.9% on Monday and was up 3.7% in premarket trading.
Read more: The one metric investors are overlooking in Michael Saylor’s strategy
