Written by: Nick Ward
Compiled by AididaoJP, Foresight News
Strategy's STRC ATM generated over $2.7 billion in trading volume across just two trading days this week—exceeding last week's full-week total—absorbing approximately 29,914 BTC, with all trades executed above par value.
Note: Strategy (formerly MicroStrategy) is the publicly traded company with the largest holding of Bitcoin globally. STRC is a variable-rate perpetual preferred stock with a $100 par value issued by the company, featuring an ATM issuance mechanism—when the stock price exceeds par value, the company may issue new shares to the market and directly use the proceeds to acquire additional Bitcoin. Over the first two trading days of this week, the STRC ATM mechanism generated approximately $2.74 billion in trading volume, estimated to have purchased around 29,914 BTC.
Strategy's STRC ATM just recorded its first $1 billion trading day, and today it achieved it again—with even greater volume.
On Tuesday, April 14, STRC's trading volume is estimated to have closed at $1.57 billion, with 100% of trades occurring above the $100 face value threshold, indicating that approximately 16,762 BTC were absorbed in a single day. This represents 37 times the daily Bitcoin mining output and equates to removing more than a month's worth of global new issuance from the market within one trading day.
Adding Monday’s $1.17 billion, STRC’s trading volume has reached $2.74 billion over just two trading days this week—and has acquired approximately 29,914 BTC through the ATM mechanism.
For reference: According to Strategy's most recently filed 8-K form, a total of 13,927 BTC were acquired over the five full trading days last week.
This week, it surpassed that number by more than double within 48 hours, rising 115%, with three trading days still remaining in the week.
Every share is traded daily.
An important data point shouldn’t be overlooked: whether on Monday or Tuesday, STRC’s trading price consistently remained above the $100 face value threshold. The STRC ATM Real-Time Tracker is the best way to observe this process in real time.
This is the trigger condition for the ATM mechanism. The design intent of Strategy, this floating-rate perpetual preferred stock, is to convert demand into Bitcoin purchases when the share price exceeds par value. For two consecutive trading days, every single trade met this condition—not 84%, not 95%, but every share.
This is a level of demand persistence never before seen by the STRC ATM tracker.
Measure the acceleration with numbers
- Last week (confirmed, 5 trading days): $1 billion in funds · 13,927 BTC
- This week (so far, 2 trading days): $2.18 billion in funds · 29,914 BTC
- Change: BTC acquisition volume increased by 115%, while the transaction time used was only 40%.
- ATM consecutive active days: 10 consecutive trading days with closing prices above par value
At the current pace, approximately 75,000 BTC could be acquired within five trading days this week. If true, this figure would completely redefine the concept of a "large Bitcoin treasury company."
This pace is almost certainly unsustainable, as the numbers from Monday and Tuesday themselves are outliers. Even if the rate slows significantly in the second half of this week, Strategy’s STRC ATM will still acquire Bitcoin at several times the rate of any other week on record. You can observe the next three trading days’ movement in real time here.
What has changed?
There are two changes in the mechanism:
Price discipline: STRC remains firmly at $100.00, yielding 11.5% with zero deviation. Every share traded occurred at the trigger price.
Trading volume increased: from $1.17 billion on Monday to $1.57 billion on Tuesday, a 34% day-over-day growth on an already record-setting baseline. Demand not only persisted but accelerated during the session.
The strategy—building tools, maintaining them at par value, and allowing the market to complete the conversion—is now operating at a scale that was still theoretical last year.
The bigger picture
Within the 10 trading days since the ATM mechanism was activated, the amount of BTC absorbed by the market has matched the treasury accumulation strategies of certain corporate Bitcoin buyers over many years. And this tool has one single mission: keep buying.
Today's numbers are not a one-day spike; they are the second day of a pattern. And so far, this pattern looks like this:
Has attracted billions of dollars for weeks in a row. Has attracted billions of dollars for multiple consecutive days, with each share trading above par value, and there are still three trading days left this week.