MicroStrategy has taken a distinctive approach to Bitcoin treasury strategy by issuing its Stretch (STRC) preferred stock, which raised $1.56 billion in March 2026. This capital enabled MicroStrategy to fund roughly half of its Bitcoin purchases for the month, setting it apart from other Digital Asset Treasury (DAT) companies that moved to liquidate holdings amid market challenges.
MicroStrategy expands Bitcoin reserves as sector peers unload assets
MicroStrategy, a publicly traded business intelligence and analytics firm led by Michael Saylor, has positioned itself as one of the largest corporate holders of Bitcoin. By 2026, the company’s Bitcoin holdings reached nearly 90,000 BTC, calculated at around $7.25 billion. This amount accounts for a significant portion of its recent yearly purchases and is substantially higher than its accumulation during earlier bear market periods.
The company’s strategy relies on its STRC preferred stock, offering investors a cumulative annual dividend of 11.5%. This dividend, paid out monthly and managed to maintain its $100 par value, has driven solid demand and kept volatility relatively low. As a result, STRC has attracted both equity and fixed-income investors looking for exposure to MicroStrategy’s Bitcoin activity.
According to data from Binance Research, March trading volume for STRC reached $4.35 billion—a 95% increase compared to the previous month. This surge underlines the strong market appetite for the instrument during a period when sector peers were under financial pressure.
Meanwhile, several DAT sector participants significantly reduced their Bitcoin reserves. MARA Holdings sold 15,133 BTC for approximately $1.1 billion to clear convertible debt. Riot Platforms liquidated 3,778 BTC, worth $289.5 million, during the first quarter of 2026, while Core Scientific sold 1,900 BTC in January. Genius Group entirely liquidated its 84.15 BTC treasury, and Nakamoto Holdings offloaded approximately 284 BTC in March, securing around $20 million.
Binance Research highlighted this widening gap with the observation:
“While the broader Digital Asset Treasury (DAT) sector faces liquidity constraints amid suppressed BTC price action and shrinking mNAV premiums, MicroStrategy is aggressively distancing itself from peers.”
These moves have left some DAT firms managing debt and operating costs by selling core assets at a time when prices remain pressured, in stark contrast to MicroStrategy’s capital-raising and acquisition-focused approach.
Preferred equity model sees wider adoption across industry
MicroStrategy’s method seems to be influencing a broader shift within the sector. Strive, another digital asset company, has launched SATA—a preferred equity instrument shaped similarly to STRC—and raised over $250 million by offering a 12.75% dividend structure.
Binance Research suggested the sector could see rapid adoption of preferred equity vehicles if MicroStrategy’s model continues to produce favorable outcomes:
“If the STRC model proves continuously successful, sector-wide replication is imminent.”
Preferred equity instruments give companies a path to raise funds without selling Bitcoin at disadvantageous prices. The ability to issue yield-bearing assets lets firms attract fresh capital and preserve exposure to Bitcoin rather than reduce it.
Binance Research also pointed out that this growing trend could signal the beginning of a new structural demand for Bitcoin driven by institutional corporate strategies. However, the approach comes with risks. Continued STRC issuance could quickly deplete MicroStrategy’s $2 billion cash reserve, and there is no guaranteed support for STRC’s value if broader market conditions shift unfavorably:
“However, aggressive issuance of STRC could quickly consume MicroStrategy’s US$2B cash reserve, especially during unfavorable BTC price action. Critically, there is no baked-in structural floor for STRC if market conditions severely deteriorate.”
As long as market conditions permit, MicroStrategy continues buying Bitcoin through its preferred stock strategy, while competitors rely on asset liquidation. The future success of the model depends on its resilience during potential market downturns.
