This article is for informational purposes only and does not constitute investment advice. Always do your own research (DYOR) before making any financial decisions.

According to Cointelegraph, Strategy sold approximately 2.4 million STRC shares on Monday, March 10, 2026. The sales funded an estimated single-day purchase of 1,420 Bitcoin. The prior single-day record stood at 1,069 BTC.

Strategy filed an 8-K with the SEC on Monday, disclosing roughly $378 million in STRC proceeds. The company simultaneously amended its at-the-market (ATM) program rules. The amendment permits a second agent to sell STRC shares before the US market opens and after it closes. Prior rules restricted such sales to one agent per trading day.

STRC, branded "Stretch," is Strategy's variable-rate perpetual preferred stock. The stock launched in July 2025 and pays monthly cash dividends. The annualized rate for March 2026 is set at 11.5%. Strategy also uses common stock MSTR, plus preferred instruments STRD, STRF, and STRK, to fund its Bitcoin treasury program.

The ATM rule change allows capital raising outside normal US exchange hours for the first time. Market observer Ragnar wrote on X that the change would result in more capital raised and more Bitcoin purchased per day. Some analysts interpreted the structural shift as a way to reduce friction in share issuance tied to Bitcoin accumulation.

STRC proceeds last week were initially projected to fund approximately 4,300 BTC at around $303 million. The actual $378 million in Monday's sales exceeded those projections by roughly 25%. Those results came alongside a separately reported $1.3 billion BTC acquisition by Strategy — one of its largest single purchases on record. Common stock MSTR generated nearly $900 million of those total proceeds.

Strategy's reported average Bitcoin cost basis currently stands at $75,862 per coin. Current market prices remain below that level. Despite this gap, investor demand for STRC continued to grow. The record issuance day arrived even as the Bitcoin price traded under Strategy's acquisition average.

We previously analyzed 100 reasons supporting Bitcoin as a national and institutional reserve asset, a framework that now applies directly to the corporate treasury model Strategy has built. Its preferred stock program has become the most active example of capital markets-funded Bitcoin accumulation in the public equity space.

According to River, public company Bitcoin holdings grew 2.5 times in 2025, with 194 publicly traded firms now holding BTC on their balance sheets. Strategy holds approximately 712,647 BTC, representing over 3% of Bitcoin's total supply. Corporate entities collectively hold approximately 809,100 BTC as of early March 2026 — valued at roughly $85 billion at current prices.

Critics have raised concerns about equity dilution tied to preferred stock issuance at scale. Strategy raised $25.3 billion in capital in 2025 alone, expanding its diluted share count throughout the year. Preferred stock dividend obligations now exceed the company's operating cash flows, according to several analysts. Whether smaller companies can replicate this model without taking on comparable structural risks remains an open question in the industry.