MicroStrategy Wrote the Corporate Bitcoin Playbook Once: Can It Do It Again With STRC?

MicroStrategy raised $1.56 billion through its Stretch (STRC) preferred stock in March 2026, funding roughly half of the month’s Bitcoin (BTC) purchases. Meanwhile, some peers across the Digital Asset Treasury (DAT) sector liquidated holdings.

The divergence highlights a widening gap between Strategy and a growing list of DAT firms forced to sell BTC amid suppressed prices and thinning margins. It also raises a key question for the sector. Could preferred equity instruments be the primary capital-raising tool for BTC-focused companies?

Strategy’s STRC Playbook Funds Billions in BTC as Rivals Sell

Strategy has accumulated nearly 90,000 BTC worth approximately $7.25 billion in 2026. That figure already equals 40% of its total 2025 purchases and represents 10 times the BTC it accumulated during the entire 2022 bear market.

STRC offers a cumulative dividend of 11.5% annually, paid monthly and adjusted to keep the instrument trading near its $100 par value. The yield and low volatility have driven significant demand. 

Binance Research noted that trading volume in March hit a record $4.35 billion, up 95% from the prior month.

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Meanwhile, some firms are heading in the opposite direction. For instance, MARA Holdings sold 15,133 BTC for roughly $1.1 billion to retire convertible debt. Riot Platforms offloaded 3,778 BTC worth $289.5 million in Q1 2026. Core Scientific sold 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 price action and shrinking mNAV premiums, Strategy is aggressively distancing itself from peers,” Binance Research wrote.

The contrast is stark. DAT firms are burning through BTC reserves to fund operations and manage debt while also battling heavy stock losses. Strategy, through STRC stock, has built an alternative funding channel that allows it to keep buying.

Preferred Equity Contagion Has Begun

Strategy is no longer alone in this approach. Strive has raised over $250 million through SATA, a similarly structured preferred equity instrument with a 12.75% dividend. 

“If the STRC model proves continuously successful, sector-wide replication is imminent,” Binance Research suggested.

For DAT firms currently forced to sell BTC to cover operating costs and service debt, a preferred equity vehicle could offer an alternative. Rather than liquidating reserves at suppressed prices, companies could issue yield-bearing instruments that attract fixed-income capital and convert it into BTC purchases.

If this model gains broader adoption, it could establish what Binance Research describes as a “new sector-wide structural bid for Bitcoin.”

“However, aggressive issuance of STRC could quickly consume Strategy’s US$2B cash reserve, especially during unfavorable BTC price action. Critically, there is no baked-in structural floor for STRC if market conditions severely deteriorate,” the report added.

Whether this model spreads further may depend on how it performs through a sustained downturn. For now, MicroStrategy is buying while others sell, and the preferred stock playbook is at the center of it.

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