MicroStrategy’s STRC perpetual preferred shares have funded roughly 77,000 BTC purchases in 2026, roughly ten times the ~8,000 BTC net bought by all U.S. spot Bitcoin ETFs so far this year. STRC trades near its $100 par and pays a variable dividend (~11.5% annually); when at/above par MicroStrategy issues new STRC and uses proceeds to buy BTC, avoiding dilution of MSTR common stock. In the week ending April 19 MicroStrategy acquired 34,164 BTC for $2.54B, bringing total holdings to ~815,061 BTC — surpassing BlackRock’s IBIT (~806,178 BTC). If issuance and buying continue at the current pace, MicroStrategy could exceed 1 million BTC by late 2026.

STRC-funded purchases are concrete: ~77,000 BTC bought in 2026 and 34,164 BTC bought in the week ending April 19 for $2.54B, bringing holdings to ~815,061 BTC (surpassing IBIT’s ~806,178). STRC issuance mechanics (near-par trading and proceeds used to buy BTC) create a direct, repeatable source of demand; projections to >1M BTC if pace continues indicate sustained buying pressure. ETF net purchases (~8,000 BTC YTD) are small by comparison.