{"id":570180,"date":"2026-10-09T10:40:38","date_gmt":"2026-10-09T09:40:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=570180"},"modified":"2026-10-09T09:33:33","modified_gmt":"2026-10-09T08:33:33","slug":"strategys-150-million-a-day-strc-market-has-a-hidden-dependency-on-its-own-buybacks","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/strategys-150-million-a-day-strc-market-has-a-hidden-dependency-on-its-own-buybacks\/","title":{"rendered":"Strategy’s $150 million-a-day STRC market has a hidden dependency on its own buybacks"},"content":{"rendered":"

Strategy's<\/a> $1.45 billion preferred-share buyback program is supporting a substantial share of trading in one of its key Bitcoin<\/a> financing instruments.<\/p>\n

According to a Keyrock research report<\/a>, Strategy's repurchases accounted for more than 20% of weekly trading volume in its variable-rate preferred stock, STRC, during almost every week of September.<\/p>\n

The company's share reached about 28% the week of Sept. 8 before falling to just under 20% in early October.<\/p>\n

The findings raise questions about how much of STRC's market liquidity comes from independent investors and how trading conditions might change if Strategy reduces its purchases.<\/p>\n

That question is becoming increasingly relevant as the Michael Saylor-founded company approaches the limit of its repurchase authorization.<\/p>\n

Strategy had spent approximately $1.45 billion<\/a> of its $2 billion authorization as of Oct. 4, leaving $547.2 million available. The program has helped support STRC as its shares recovered from the mid-$70s in June to approximately $99.50, approaching the security's $100 reference price.<\/p>\n

However, the repurchases are discretionary, and Strategy can modify, suspend, or terminate the program.<\/p>\n

For a company seeking to establish preferred securities as a recurring funding channel for Bitcoin accumulation, the concern is whether those instruments can sustain investor demand without continued intervention from their issuer.<\/p>\n

Strategy's buying accounts for a fifth of STRC trading<\/h2>\n

STRC is already among the most actively traded preferred securities in the market, averaging approximately $150 million in daily volume.<\/p>\n

\"Strategy's
STRC trades about $152 million daily, exceeding major preferred benchmarks but remaining far below Treasury-market liquidity. (Source: Keyrock)<\/figcaption><\/figure>\n

Keyrock found that the instrument can typically absorb about $28 million in trading before its price moves 10 basis points, or 0.1%.<\/p>\n

That puts it well ahead of Strive's SATA and Strategy's fixed-rate preferred securities, each with less than $3 million in comparable market depth.<\/p>\n

For institutional investors, that difference has practical consequences.<\/p>\n

Using an illustrative execution rate equivalent to 20% of daily trading volume, Keyrock estimated that a $50 million STRC position could be liquidated in less than two trading days.<\/p>\n

The same transaction would take approximately five days in SATA and six to eight weeks across Strategy's fixed-rate preferred instruments.<\/p>\n

However, those estimates become less reassuring once Strategy's repurchases are considered.<\/p>\n

Removing the company's buying activity reduces estimated trading capacity to approximately 80% of reported volume, implying that a $50 million exit could take longer than headline turnover suggests.<\/p>\n

Keyrock cautioned that the calculation does not establish how much liquidity would disappear if Strategy stopped buying. Other market participants could also change their behavior in response.<\/p>\n

A preferred-income manager interviewed for the report suggested that some trading around STRC's $100 reference price<\/a> comes from arbitrage firms and high-frequency traders responding to the issuer's activity.<\/p>\n

Such participants could reduce their involvement if Strategy withdraws, potentially leaving the market more dependent on longer-term investors and opportunistic buyers.<\/p>\n

STRC liquidity weakens when prices fall below $100<\/h2>\n

The risk extends beyond the company's direct contribution to trading volume.<\/p>\n

Keyrock found that STRC's market depth<\/a> deteriorates sharply when the security moves away from its $100 reference price.<\/p>\n

On the worst 10% of trading days, estimated depth within a 10-basis-point price move falls from about $28 million to $6.5 million.<\/p>\n

The deterioration becomes more pronounced as the price discount widens.<\/p>\n

STRC is approximately four times less liquid when trading 1% to 3% away from par and roughly eight times less liquid when the deviation exceeds 6%, according to the report.<\/p>\n

That creates a potential problem for investors expecting to exit large positions without accepting significant price discounts.<\/p>\n

The relationship between STRC's distance from par and market illiquidity had a correlation of 0.43, compared with 0.10 for the magnitude of Bitcoin's daily price movements<\/a>.<\/p>\n

The findings suggest that STRC's tradability is more closely tied to how far its price has moved from $100 than to Bitcoin's immediate direction.<\/p>\n

\"STRC's
STRC becomes up to eight times less liquid beyond 6% from par, far more than Bitcoin\u2019s daily move explains. (Source: Keyrock)<\/figcaption><\/figure>\n

Keyrock also found that a typical decline from par represented approximately seven months of dividend income, while STRC's June drop toward the mid-$70s<\/a> amounted to roughly two years of coupon payments.<\/p>\n

Those discounts illustrate how quickly capital losses can outweigh the income investors expect to collect from the security.<\/p>\n

Still, the research does not establish that Strategy's repurchases caused the observed relationship. Keyrock found a similar pattern before the buyback program began, and STRC remains substantially more liquid than competing preferred securities.<\/p>\n

The unresolved concern is whether that advantage can persist under stress without significant support from Strategy.<\/p>\n

Strategy faces a new test as its buyback capacity shrinks<\/h2>\n

The findings come as Strategy increasingly allocates capital to maintain its preferred-stock market<\/a>.<\/p>\n

Between Sept. 28 and Oct. 4, the company repurchased approximately $176.3 million of STRC, including $102.6 million during the final three days of September and $73.7 million in early October.<\/p>\n

During the same reporting period, Strategy acquired 334 Bitcoin for approximately $28.7 million.<\/p>\n

Of the preferred repurchases, $154.1 million came from the company's cash reserves, compared with $13 million used for Bitcoin purchases.<\/p>\n

That allocation highlights growing tension between supporting the securities that finance Strategy's operations and deploying capital directly into Bitcoin.<\/p>\n

If the company maintained its recent weekly repurchase pace, its remaining $547.2 million authorization would last approximately three weeks.<\/p>\n

However, that is an illustrative estimate rather than a fixed deadline. Strategy previously doubled the authorization in September and could adjust the program again.<\/p>\n

The company is also pursuing a separate measure intended to strengthen demand for its preferred securities.<\/p>\n

Shareholders are scheduled to vote on Oct. 28 on amendments that would introduce daily dividends across Strategy's US-listed preferred stocks.<\/p>\n\n

\n \n
\n Related Reading<\/span>\n

Strategy's daily dividend proposal puts Bitcoin funding back in investors' hands<\/h3>\n <\/div>\n \n <\/i>\n <\/span>\n <\/a>\n<\/div>\n\n

If approved and implemented, STRC would begin making payments under the new schedule on Nov. 2.<\/p>\n

Strategy argues that more frequent distributions could improve price stability, reduce trading disruptions around dividend dates, and broaden institutional interest without increasing total regular dividend obligations.<\/p>\n

However, the experience of Strive's SATA<\/a>, which already uses a near-continuous payment structure, suggests that dividend frequency alone may not guarantee deeper liquidity.<\/p>\n

Keyrock identified family offices, private-bank discretionary accounts and specialist credit funds as the most promising sources of larger allocations.<\/p>\n

Those investors can commit tens of millions of dollars without necessarily facing the restrictions that prevent some pension and insurance funds from purchasing unrated perpetual preferred securities with deferrable dividends.<\/p>\n

Their participation could determine whether STRC develops enough independent demand to support larger institutional positions.<\/p>\n

For Strategy, the next disclosures will provide an indication of whether that transition is occurring.<\/p>\n

A sustained decline in the company's share of STRC trading<\/a>, alongside stable market depth and prices near $100, would suggest that independent investors are absorbing more activity.<\/p>\n

If issuer participation remains elevated as the authorization approaches its limit, Strategy would face another capital allocation decision: extend the repurchase program, tolerate a potentially wider discount or redirect resources toward preferred dividends, debt obligations and Bitcoin accumulation.<\/p>\n

The Oct. 28 vote and subsequent weekly repurchase disclosures will offer the first evidence of whether changes to STRC's dividend structure can attract sufficient demand to reduce that dependence.<\/p>\n","protected":false},"excerpt":{"rendered":"

Strategy’s $1.45 billion preferred-share buyback program is supporting a substantial share of trading in one of its key Bitcoin financing instruments. According to a Keyrock research report, Strategy’s repurchases accounted for more than 20% of weekly trading volume in its variable-rate preferred stock, STRC, during almost every week of September. The company’s share reached about […]<\/p>\n","protected":false},"author":1511,"featured_media":570341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77928,79911,80573,77968],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nStrategy's $150 million-a-day STRC market has a hidden dependency on its own buybacks<\/title>\n<meta name=\"description\" content=\"Strategy's repurchases account for a substantial share of STRC trading, raising concerns about market liquidity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/strategys-150-million-a-day-strc-market-has-a-hidden-dependency-on-its-own-buybacks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strategy's $150 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