MicroStrategy CEO Phong Le revealed that retail investors now hold roughly 80% of the company’s STRC preferred shares, compared with just 40% of its MSTR common stock.
The disclosure signals a growing appetite among individual investors for low-volatility, yield-bearing Bitcoin (BTC) exposure. Stretch, or STRC, is Strategy’s Variable Rate Series A Perpetual Preferred Stock.
It currently pays an 11.50% dividend. The firm raised the rate by 25 basis points in March 2026, up from 11.25% in February.
The retail-heavy ownership of STRC fits into a broader shift in capital strategy. Both Le and MicroStrategy’s Executive Chairman, Michael Saylor, have intensified their push to promote their perpetual preferred shares.
This comes amid investor concerns over the volatility of its common stock, which has continued to fall alongside Bitcoin. Google Finance data showed that MSTR has fallen 12.5% since the start of the year.
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In February, Le said that Strategy plans to “transition from equity capital to preferred capital” over the course of 2026, calling Stretch “a big product” for the company.
“We’ve engineered something to protect investors who want access to digital capital without that volatility and that’s Stretch…“It takes some seasoning. It takes some marketing,” he said.
A Form 8-K filing revealed that the firm plans to raise $21 billion by selling STRC preferred stock, along with other vehicles totalling $44 billion in capital-raising capacity.
Meanwhile, MicroStrategy’s Bitcoin buying continues despite market volatility. The firm purchased roughly 45,000 BTC over the prior 30 days. All other public treasury companies combined bought approximately 1,000 BTC in the same window.
Strategy now controls about 76% of all Bitcoin held by corporate treasuries and owns over 762,099 BTC in total.
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