48 Hours, $2.7 Billion: Strategy’s STRC ATM Mechanism Is Accumulating Bitcoin at an Unprecedented Pace
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48 Hours, $2.7 Billion: Strategy’s STRC ATM Mechanism Is Accumulating Bitcoin at an Unprecedented Pace
STRC preferred shares under Strategy traded over $1 billion for two consecutive days, accumulating nearly 30,000 bitcoins over the two days.
Navigating Web3 tides with focused insightsBy Nick Ward
Translated by AididaoJP, Foresight News
Strategy’s STRC ATM generated over $2.7 billion in trading volume in just two trading days this week—exceeding last week’s total volume—and absorbed approximately 29,914 BTC, with every share traded above its $100 par value.
Note: Strategy (formerly MicroStrategy) is the world’s largest publicly listed company by Bitcoin holdings. STRC is a variable-rate perpetual preferred stock issued by Strategy with a $100 par value and an embedded ATM (At-The-Market) issuance mechanism—when the stock price trades above par, the company may issue new shares into the market and use the proceeds directly to purchase Bitcoin. In the first two trading days of this week, the STRC ATM generated approximately $2.74 billion in trading volume, estimated to have acquired roughly 29,914 BTC.
Strategy’s STRC ATM just recorded its first $1 billion single-day volume—and today it did it again, at an even larger scale.
On Tuesday, April 14, STRC’s estimated trading volume reached $1.57 billion, with 100% of trades executed above the $100 par value threshold—meaning it absorbed approximately 16,762 BTC that day alone. That equals 37 times the daily Bitcoin mining output, effectively removing over one month’s worth of newly minted Bitcoin from the market in a single trading session.
Combined with Monday’s $1.17 billion, STRC’s trading volume for the first two days of this week has already reached $2.74 billion—and acquired approximately 29,914 BTC via the ATM mechanism.
For context: According to Strategy’s most recently filed 8-K, the company acquired 13,927 BTC across last week’s five full trading days.
This week, it surpassed that figure by more than double—in just 48 hours. That represents a 115% increase—and three trading days remain.
Trades Happening Daily—And Per Share
One critical detail must not be overlooked: On both Monday and Tuesday, 100% of STRC trades occurred above the $100 par value threshold. The STRC ATM tracker offers the best real-time view of this process.
That is precisely the trigger condition for the ATM mechanism. Strategy designed this variable-rate perpetual preferred stock specifically to convert investor demand into Bitcoin purchases whenever the share price trades above par. And for two consecutive trading days, every single trade met that condition—not 84%, not 95%, but literally every share.
This level of sustained demand continuity is unprecedented in the history of the STRC ATM tracker.
Quantifying the Acceleration
- Last week (confirmed, 5 trading days): $1 billion raised · 13,927 BTC acquired
- This week (so far, 2 trading days): $2.18 billion raised · 29,914 BTC acquired
- Change: BTC acquisition increased by 115%, while trading time used was only 40%
- Consecutive days of ATM activity: 10 consecutive trading days with all trades above par
At the current pace, Strategy could acquire approximately 75,000 BTC within this week’s five trading days. If realized, that figure would fundamentally redefine the concept of “large-scale corporate Bitcoin treasury.”
It is almost certain this pace will not persist—the figures for Monday and Tuesday are themselves outliers. Yet even if the second half of this week sees a sharp slowdown, Strategy’s STRC ATM will still acquire Bitcoin at several times the weekly rate ever recorded. You can monitor developments over the next three trading days in real time here.
What Changed
Two key mechanical shifts occurred:
Price discipline: STRC has stabilized precisely at $100, offering an 11.5% yield—with zero deviation. Every share traded occurs exactly at the trigger price.
Volume expansion: Volume grew 34% day-on-day—from $1.17 billion on Monday to $1.57 billion on Tuesday—setting yet another record. Demand isn’t fading; it’s accelerating intraday.
The pattern Strategy has consistently executed—building tools, maintaining them at par, and letting the market drive the conversion—is now operating at a scale previously confined to theory just a year ago.
The Bigger Picture
Over the past 10 trading days since the ATM mechanism went live, the market has absorbed a quantity of Bitcoin comparable to multi-year treasury strategies deployed by some enterprise Bitcoin buyers. And this tool has only one job: keep buying.
Today’s numbers are not a one-off pulse—they’re Day Two of an emerging pattern. So far, that pattern looks like this:
Billion-dollar inflows for multiple consecutive weeks. Billion-dollar inflows for multiple consecutive days—with every share traded above par—and three trading days still remaining this week.
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