Surge in MicroStrategy's STRC volume hints at new BTC purchases

A significant increase in the trading volume of MicroStrategy's perpetual preferred stock (STRC) on March 3 suggests the company is actively using it to fund Bitcoin purchases, CoinDesk reported. On that day, STRC trading volume reached approximately $198.7 million, far exceeding its 30-day average of $123.3 million. Of this total, $177 million was traded above the stock's par value of $100, a level at which MicroStrategy can activate its at-the-market (ATM) program to issue and sell new shares. According to CoinDesk, this indicates the company could be selling additional STRC to raise capital for more Bitcoin buys, noting that a simple calculation suggests the funds raised could have been sufficient to purchase 1,000 BTC. MicroStrategy, the largest corporate holder of Bitcoin, announced the purchase of 3,015 BTC on March 2. On March 4, company founder Michael Saylor stated that he was currently buying BTC.