Stretch (STRC), the perennial favorite security sold by Strategy (MSTR) to fund its bitcoin purchase, posted record revenue on Monday, financing the largest single-day purchase price through the company’s at-the-market (ATM) program.
The world’s largest listed bitcoin holder is estimated to have added 7,800 BTC, according to STRC.live, as STRC volume rose to $1.16 billion, more than four times the 30-day average of $278 million.
This comes after Strategy bought $1 billion worth of bitcoin last week, funded entirely by STRC, which offers an 11.5% annual dividend paid monthly in cash. The stock maintained its par value of $100 throughout the trading session.
Historically, the trading day prior to the ex-dividend date, the cut-off date after which new buyers are no longer eligible for the next dividend payment, tends to see the highest trading volume. It is Wednesday, so it is possible that trading on Tuesday could be even higher than Monday’s record.
STRC now has a market capitalization of $6.4 billion, which exceeds the combined market capitalization of the company’s other preferred securities, including STRD at $1.1 billion, STRK at $1 billion and STRF at $1.2 billion, according to the MSTR Dashboard.
The common stock rose 2.9% on Monday and was 3.7% higher in premarket trading.
Read more: The metric investors overlook in Michael Saylor’s strategy
