Two-Day $2.7 Billion Inflow: Strategy's STRC ATM Mechanism Aggressively Accumulates Bitcoin
- Core View: Strategy (formerly MicroStrategy) is absorbing Bitcoin from the public market at an unprecedented pace and scale through the ATM (At-The-Market) mechanism of its variable-rate perpetual preferred stock, STRC. The purchase volume in the first two trading days of this week has already more than doubled that of the entire previous week, significantly accelerating the accumulation of its Bitcoin reserves.
- Key Elements:
- In the first two trading days this week, the STRC ATM mechanism generated approximately $2.74 billion in trading volume, estimated to have purchased about 29,914 BTC, far exceeding the 13,927 BTC purchased over the five trading days last week.
- On April 14th alone, the daily trading volume reached $1.57 billion, absorbing approximately 16,762 BTC, equivalent to 37 times the daily Bitcoin mining output.
- For two consecutive trading days, 100% of STRC's trades settled above its $100 par value, meeting the trigger conditions for the ATM mechanism, indicating sustained and strong market demand.
- The STRC ATM has now settled above par for 10 consecutive trading days. If the current pace continues, this week could see purchases of approximately 75,000 BTC.
- The core of this mechanism lies in directly and automatically converting market demand for the stock above its par value into purchasing power for Bitcoin. It is currently operating efficiently at the theoretically expected scale.
Original Author: Nick Ward
Original Compilation: AididaoJP, Foresight News
Strategy's STRC ATM generated over $2.7 billion in trading volume in just the first two trading days of this week, surpassing the total from the entire previous week. It absorbed approximately 29,914 BTC, with every share trading above its par value.
Note: Strategy (formerly MicroStrategy) is the publicly listed company holding the most Bitcoin globally. STRC is a variable-rate perpetual preferred stock it issued with a par value of $100, featuring a built-in ATM (At-The-Market) issuance mechanism. When the stock price exceeds par value, the company can sell new shares into the market and use the proceeds directly to acquire more Bitcoin. In the first two trading days of this week, the STRC ATM has already generated approximately $2.74 billion in trading volume, estimated to have purchased around 29,914 BTC.
Strategy's STRC ATM just recorded its first billion-dollar trading day, and today it did it again, on an even larger scale.
On Tuesday, April 14th, STRC trading volume is estimated to have closed at $1.57 billion, with 100% of trades executed above the $100 par value threshold. This implies a single-day absorption of approximately 16,762 BTC. This is 37 times the daily Bitcoin mining output, equivalent to removing over a month's worth of global new issuance from the market in one trading day.
Combined with Monday's $1.17 billion, STRC trading volume for just the first two days of this week has reached $2.74 billion—and through the ATM mechanism, it has acquired approximately 29,914 BTC.
For reference: According to Strategy's latest filed 8-K form, the total acquisition across five full trading days last week was 13,927 BTC.
This week has already more than doubled that number in just 48 hours. That's a 115% increase, with three trading days still remaining this week.
Every Day, Every Share
One data point should not be overlooked: On both Monday and Tuesday, 100% of STRC trades were executed above the $100 par value threshold. The STRC ATM 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's variable-rate perpetual preferred stock is to convert demand into Bitcoin purchases when the price is above par. For two consecutive trading days, every single trade has met this condition. Not 84%, not 95%, but every single share.
This is a level of sustained demand consistency not previously seen by the STRC ATM Tracker.
Quantifying the Acceleration
- Last Week (Confirmed, 5 trading days): $1.0 billion in capital · 13,927 BTC
- This Week (So far, 2 trading days): $2.18 billion in capital · 29,914 BTC
- Change: BTC acquisition increased by 115%, using only 40% of the trading time.
- Consecutive ATM Active Days: 10 consecutive trading days with trades above par value.
At the current pace, this week could see the acquisition of approximately 75,000 BTC across five trading days. If this materializes, this number would fundamentally redefine what constitutes a "large-scale Bitcoin treasury company."
It's almost certain this pace won't be sustained; Monday and Tuesday's figures are themselves outliers. But even with a significant slowdown in the latter part of the week, the rate of Bitcoin acquisition via Strategy's STRC ATM will still be multiples of any recorded week. You can observe the trend for the next three trading days in real-time here.
What Changed
Two things changed in the mechanism:
Price Discipline: STRC is firmly anchored at the $100 par value, yielding 11.5%, with zero deviation. Every single share traded at the trigger price.
Volume Expansion: From Monday's $1.17 billion to Tuesday's $1.57 billion, a 34% day-over-day increase on an already record-breaking base. Demand not only didn't fade but accelerated during the trading day.
The model Strategy has been executing—building the tool, maintaining it at par, and letting the market perform the conversion—is now operating at a scale that was theoretical just last year.
The Bigger Picture
In the 10 trading days since the ATM mechanism was activated, the amount of BTC absorbed by the market is already comparable to the treasury strategies accumulated over years by some corporate Bitcoin buyers. And this tool has only one job: to keep buying.
Today's number is not a one-day spike; it's the second day of a pattern. And this pattern, so far, looks like this:
Consecutive weeks absorbing billions of dollars. Consecutive days absorbing billions of dollars, with every share trading above par, and three trading days still left this week.
