by Coinstrooper Crypto Articles
Quick Take
  • MicroStrategy’s STRC perpetual preferred stock has funded the purchase of 10 times more bitcoin (BTC) than all US spot ETFs combined so far in 2026.
  • The figures, sourced from bitcointreasuries.net, show STRC-linked acquisitions totaling roughly 77,000 BTC year-to-date.
  • Spot Bitcoin (BTC) ETF net purchases sit at approximately 8,000 BTC over the same period.
  • Data highlighted by Bitcoin financial services firm River indicated the difference, noting that STRC has bought 10X more Bitcoin than all ETFs so far in 2026.

What Happened

Meanwhile, US spot Bitcoin ETFs recorded $238 million in net inflows on April 20, according to data on Farside Investors. That marked the fifth consecutive day of positive flows.

Market Context

STRC is Strategy’s Variable Rate Series A Perpetual Preferred Stock, trading near its $100 par value on Nasdaq. The instrument pays a variable annual dividend currently set at 11.5%, distributed monthly in cash.

This avoids diluting MSTR common stock while converting credit market demand into BTC on the balance sheet.

Why It Matters

If MicroStrategy continues issuing STRC at its current pace, projections from bitcointreasuries.net suggest the firm could cross 1 million BTC by late 2026.

Details

MicroStrategy’s STRC perpetual preferred stock has funded the purchase of 10 times more bitcoin (BTC) than all US spot ETFs combined so far in 2026.

The figures, sourced from bitcointreasuries.net, show STRC-linked acquisitions totaling roughly 77,000 BTC year-to-date. Spot Bitcoin (BTC) ETF net purchases sit at approximately 8,000 BTC over the same period.

How STRC Fuels Strategy’s Bitcoin Accumulation

Data highlighted by Bitcoin financial services firm River indicated the difference, noting that STRC has bought 10X more Bitcoin than all ETFs so far in 2026.

The mechanic is straightforward. When STRC trades at or above par, Strategy issues new shares and channels the proceeds directly into bitcoin purchases.

MicroStrategy purchased 34,164 BTC for $2.54 billion during the week ending April 19, bringing total holdings to 815,061 bitcoin.

That figure now surpasses BlackRock’s iShares Bitcoin Trust (IBIT), which holds approximately 806,178 BTC.

ETF Flows Still Positive but Comparatively Modest

However, the cumulative net new bitcoin entering ETFs this year remains a fraction of what a single corporate instrument has absorbed.

The gap highlights how yield-focused preferred equity has created a distinct accumulation channel that currently outpaces passive fund demand.

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