Strategy’s STRC Hits Record $3.4 Billion Weekly Trading Volume
Strategy’s STRC perpetual preferred stock recorded approximately $3.41 billion in trading volume this week marking its highest trading volume day on record.
According to data shared by BitcoinQuant, the surge in trading activity helped support the company’s latest purchase of 17,753 bitcoin through Strategy’s at-the-market (ATM) equity program.
The ATM program allows the company to issue and sell newly created shares to raise capital for additional bitcoin acquisitions.
STRC also hit a daily record volume of $1.5 billion on May 14th, the day before the STRC ex-dividend date.
Most STRC shares traded at or above their $100 par value during Thursday’s session. Trading volume reached more than four times the preferred stock’s 30-day average daily volume of approximately $331 million. STRC currently pays an annualized 11.5% dividend distributed through monthly cash payments.
Volume in dividend-paying securities often increases ahead of the ex-dividend date, which is the final day investors can purchase shares and still qualify for the upcoming dividend payment.
With Friday serving as STRC’s ex-dividend date, shares of Strategy’s preferred stock declined nearly 1% in pre-market trading to around $99.12. The move is typical for dividend-paying securities, which often fall by roughly the amount of the dividend once they begin trading ex-dividend.
