Strategy's STRC preferred stock is converting fixed-income capital into spot Bitcoin demand at an accelerating rate.

STRC is a variable-rate perpetual preferred stock with a $100 par value. Strategy adjusts the dividend monthly to keep it pinned near par. When it trades at or above $100, Strategy sells new shares through its ATM program and uses the proceeds to buy spot BTC.

Yield investors buying STRC don't care about Bitcoin sentiment. They care about getting 11.5% on a low-volatility credit instrument. But every dollar they put in becomes a dollar of spot BTC demand on the back end.

STRC funded $119M in BTC purchases in January. By the first week of March that hit $377M in a single week. Since July 2025 STRC has funded 33,976 BTC worth $3.56B across 8 ATM filings.

To put the scale in perspective, daily mining output runs about $30-35M in new supply. During the March 1-7 filing period STRC funded 5,315 BTC. That's 1.7x total mining output over the same window.

STRC is competing directly with treasuries and money market funds for income capital, and that's a massive market to be pulling from.

Annual dividend obligations are now running around $442M and seven consecutive hikes show the cost of maintaining this flow is going up.

But if income capital keeps entering STRC at this pace, Bitcoin picks up a durable bid that compounds independently of the crypto cycle.

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