Strategy's STRC ATM has generated over $2.7 billion in trading volume in just two trading days this week, surpassing the total for the entire last week, absorbing approximately 29,914 BTC, with each share trading above face value.

Note: Strategy (formerly MicroStrategy) is the world's largest publicly traded company holding Bitcoin. STRC is a $100 face value variable-rate perpetual preferred stock issued by it, with an embedded ATM issuance mechanism—when the stock price exceeds face value, the company can sell new shares to the market and use the proceeds directly to buy more Bitcoin. In the first two trading days this week, the STRC ATM has accumulated about $2.74 billion in trading volume, estimated to have purchased around 29,914 BTC.

Strategy's STRC ATM just set its first $1 billion trading day, and today it did so again, with an even larger scale.

On Tuesday, April 14, the estimated trading volume of STRC reached $1.57 billion, with 100% of the trades priced above the $100 face value threshold, meaning approximately 16,762 BTC were absorbed in a single day. This is 37 times the daily Bitcoin mining output, equivalent to removing over a month’s worth of new issuance from the global market in one trading day.

Including Monday’s $1.17 billion, the total trading volume for just two days this week has reached $2.74 billion—and about 29,914 BTC have been acquired through the ATM mechanism.

For comparison: According to the latest Strategy 8-K filing, the total BTC acquired over the five full trading days last week was 13,927 BTC.

In just 48 hours this week, that number has more than doubled. Growth of 115%, with three trading days remaining.

Every day, every share is trading

One data point should not be overlooked: whether on Monday or Tuesday, 100% of STRC trades occurred at prices above the $100 face value threshold. And 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 intention of this variable-rate perpetual preferred stock from Strategy is to convert demand into Bitcoin purchases when the stock price exceeds face value. And for two consecutive trading days, every single trade has met this condition. Not 84%, not 95%, but every share.

This is a level of sustained demand that the STRC ATM tracker has never seen before.

Seeing the acceleration in numbers

Last week (confirmed, 5 trading days): $1 billion in funds · 13,927 BTC

This week (so far, 2 trading days): $2.18 billion in funds · 29,914 BTC

Change: BTC acquisition volume increased by 115%, with only 40% of the trading time used

Continuous active ATM days: 10 consecutive trading days with prices above face value

At the current pace, this week could see approximately 75,000 BTC acquired within five trading days. If that happens, it will fundamentally redefine the "large Bitcoin treasury company" label.

It’s almost certain this speed will not be sustained; the figures for Monday and Tuesday are likely outliers. But even if the pace slows significantly in the second half of the week, Strategy’s STRC ATM Bitcoin acquisition rate will still be several times higher than any previous week on record. You can monitor the upcoming three trading days’ trends here in real time.

What has changed

There are two mechanism adjustments:

Price discipline: STRC remains steadily at $100, with an 11.5% yield, zero deviation. Every trade occurs exactly at the trigger price.

Volume expansion: From $1.17 billion on Monday to $1.57 billion on Tuesday, a 34% daily increase on a record-breaking baseline. Demand has not waned; instead, it accelerated during the trading day.

Strategy’s ongoing model—building tools to keep the stock at face value, allowing the market to complete the conversion—has been operating at a scale that last year was still theoretical.

The bigger picture

In the 10 trading days since the ATM mechanism was activated, the amount of BTC absorbed by the market is comparable to the accumulated treasury strategies of some corporate Bitcoin buyers over many years. And this tool has only one task: keep buying.

Today’s figures are not a one-day spike; they represent a pattern on its second day. And so far, this pattern appears to be:

Weeks of continuous billion-dollar inflows. Multiple days of billion-dollar inflows, with every share trading above face value, and three trading days remaining this week.