Strategy, the software company led by Michael Saylor, has achieved a remarkable pace in its Bitcoin accumulation strategy in 2026. The company reached a total of 738,731 BTC as of March 8. This represents a year-to-date purchase of 66,231 BTC, surpassing all net purchases in the last three years in almost two months.
Impact of STRC Issuances on Bitcoin Investments
The company has long maintained its Bitcoin investments primarily through traditional financing sources such as MSTR stock and convertible bonds. However, the infinite maturity preferred stock called STRC, which has come to the fore recently, has become decisive in the capital raising process. STRC shares offer an annual dividend yield of 11.50 percent and are targeted to be traded at a price close to their nominal value. In the week ending March 8, 3.78 million STRC shares were sold, generating more than $377 million; This was the highest weekly sales since its launch in July. STRC issues reached a third of the weekly capital of approximately $1.28 billion, showing its weight in the model.
Institutional Interest and Market Performance
During this period, when STRC issuance was strong, a significant part of its income was allocated to the company’s new Bitcoin purchases. According to STRC.live data, financing was provided for the purchase of approximately 1,420 BTC with the record STRC issuance on March 9. Since product launch, STRC has been used to finance over 33,976 BTC in Bitcoin. Portfolios such as Variance Capital, BlackRock’s iShares Preferred and Income Securities ETF (PFF) and large institutional investors such as Fidelity Capital & Income Fund have declared interest in STRC. Energy company Prevalon Energy and digital asset platform Anchorage Digital announced that they have split part of their company treasury into STRC.
In parallel with these developments, Strategy revised the sales agreement on March 9, allowing different representatives to sell STRC on the same day, and to make sales in after-hours sessions and bulk transactions. With this regulation, it aims to make Bitcoin conversion processes flexible by responding to investor demand faster during the day.
Cost and Sustainability of the STRC Model are Discussed
The high dividend income offered to STRC investors creates a monthly cash liability of approximately $36.8 million for the company. On an annual basis, this burden indicates a level of 442 million dollars. Critics question the sustainability of the model, especially with the statements of Peter Schiff, who has long been against Bitcoin and its derivative instruments. According to Schiff, with this growth rate, Strategy faces an ever-increasing cash burn.
While well-known short position investors such as James Chanos object to STRC being presented as a “digital loan”, they point out that these instruments are credit instruments in fiat money, only the collateral side is digital. The company emphasizes that STRC is a Bitcoin-collateralized, return-oriented structure that can generate continuous funds.
Examining market data, MSTR stock has lost approximately 8.3 percent of its value since the beginning of the year; This figure represents a more moderate performance compared to the 20 percent decline in Bitcoin. This has become an important factor for Strategy in maintaining a balance between equity and priority shares during the capital increase process.
