Written by: Nick Ward
Compiled by: AididaoJP, Foresight News
Strategy's STRC ATM generated over $2.7 billion in trading volume in just the first two trading days this week, more than the total for the entire previous week, absorbing approximately 29,914 BTC, with every share traded above par value.
Note: Strategy (formerly MicroStrategy) is the publicly traded 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 is above par, the company can sell new shares to the market and use the raised funds directly to accumulate more Bitcoin. In the first two trading days this week, the STRC ATM has generated approximately $2.74 billion in trading volume, estimated to have purchased about 29,914 BTC.
Strategy's STRC ATM just had its first billion-dollar trading day, and today it did it again, on an even larger scale.
On Tuesday, April 14th, STRC volume is estimated to have closed at $1.57 billion, with 100% of the trades executed above the $100 par value threshold, meaning it absorbed approximately 16,762 BTC in a single day. This is 37 times the daily Bitcoin mining output, equivalent to removing over a month's worth of newly issued supply from the market in one trading day.
Combined with Monday's $1.17 billion, the STRC volume for the first two days of the week reached $2.74 billion—and through the ATM mechanism, acquired approximately 29,914 BTC.
For reference: According to Strategy's latest filed 8-K form, it confirmed acquiring 13,927 BTC over the five full trading days last week.
This week, that number was more than doubled in just 48 hours. A 115% increase, with three trading days still remaining this week.
Every Day, Every Share Traded
One data point should not be overlooked: Both on Monday and Tuesday, 100% of STRC trades occurred 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 share price is above par. For two consecutive trading days, every single trade met this condition. Not 84%, not 95%, but every single share.
This is a level of demand persistence previously unseen by the STRC ATM Tracker.
Quantifying the Acceleration
- Last Week (Confirmed, 5 trading days): $1 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 Active Days for ATM: 10 consecutive trading days with trades above par value
At the current pace, this week is on track to acquire approximately 75,000 BTC over five trading days. If this holds, this number would fundamentally redefine the term "large corporate Bitcoin treasury."
It's almost certain this pace won't be sustained; Monday and Tuesday's figures are themselves outliers. But even if it slows down significantly in the latter part of the week, the rate of Bitcoin acquisition through 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 Has Changed
Two mechanistic changes:
Price Discipline: STRC is firmly anchored at $100 flat, yielding 11.5%, with zero deviation. Every share traded at the trigger price.
Volume Expansion: From $1.17 billion on Monday to $1.57 billion on Tuesday, a 34% day-over-day growth on an already record-breaking base. Demand not only not subsided but accelerated during the trading day.
The pattern Strategy has been executing—building the tool, maintaining it at par, letting the market do the conversion—is working 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 task: to keep buying.
Today's numbers are not a one-day pulse; it's the second day of a pattern. And this pattern, so far, looks like this:
Consecutive weeks of absorbing billions of dollars. Consecutive days of absorbing billions of dollars, with every share traded above par, and three trading days still remaining this week.
