STRC is quietly becoming one of the most important instruments in the entire Bitcoin capital markets stack. I pulled STRC trading volume as a % of MSTR trading volume for STRC’s full public history. The result is insane. Jul 2025: 22.0% partial launch month Aug 2025: 9.4% Sep 2025: 3.2% Oct 2025: 6.2% Nov 2025: 8.3% Dec 2025: 2.8% Jan 2026: 5.5% Feb 2026: 4.7% Mar 2026: 12.3% Apr 2026: 19.9% May 2026: 16.0% month-to-date That is the signal. After the launch noise faded, STRC spent months trading like a small satellite around the MSTR mothership. Then March hit. Then April hit. We still have the best two days for STRC yet to come for May and it's at 16%. That is adoption. STRC is a $100 preferred instrument that Wall Street could have easily ignored like some dusty fixed-income goblin stuffed into a filing cabinet next to municipal bond PDFs and asbestos litigation. Instead, it is starting to trade like real Bitcoin credit infrastructure. More STRC liquidity means deeper institutional demand for Strategy’s preferred stack. Deeper demand means more capacity to raise capital. More capital raised means more BTC acquired. More BTC acquired means higher NAV. Higher NAV supports the common. The entire machine gets more liquid, more reflexive, and more terrifying for every bear. STRC volume reaching double-digit percentages of MSTR volume is a signal that the market is beginning to understand the capital stack. MSTR is digital equity. STRC is digital credit. Bitcoin is the collateral.