Demand for Strategy’s perpetual preferred stock STRC may have supported bitcoin’s rise in mid-March and April.

On May 14, blockchain media outlet Coinpost reported that K33 research head Vetle Lunde said buying interest in STRC and Strategy’s structure for additional bitcoin purchases likely influenced bitcoin’s price moves in mid-March and April.

The key is STRC’s dividend structure. STRC pays dividends at the end of each month, and its ex-dividend date to secure dividend rights is set for the 15th of each month. Investors actively buy STRC around the 15th to secure dividend rights. When the share price recovers near the reference price of $100, Strategy issues additional shares through an at-the-market (ATM) programme. The report said this pattern has repeated, with the company using the proceeds to buy bitcoin.

The structure has expanded rapidly this year. Strategy stepped up bitcoin purchases through STRC from early 2026. Monthly purchases rose from 4,467 BTC in January to 22,131 BTC in March and about 46,872 BTC in April. As of May 11, Strategy’s total bitcoin holdings stood at 818,869 BTC, keeping its position as the largest bitcoin holder among listed companies.

Markets are paying particular attention to the scale of April purchases. STRC’s annualised yield is currently 11.5 percent, which is cited as a factor drawing institutional demand. Lunde said Strategy is absorbing a substantial amount of bitcoin supply ahead of the ex-dividend date in the short term, calling it a market-friendly trend.

Still, signs of a slower pace emerged in May. Lunde said it is taking time for STRC to recover its reference price, and bitcoin purchases through STRC in May were limited to 1 BTC. He said related demand may be nearing a peak.

STRC trading volume changes have also emerged as a variable. STRC volume surged on May 11 to its highest level since April 15. Lunde said, "Market participants may be preparing for the possibility of a large-scale bitcoin purchase announcement early in the week."

Strategy has proposed changing STRC’s dividend payment cycle from once a month to twice a month as of April 17. The proposal is set to be put to a vote at the annual shareholders’ meeting on June 8. More frequent dividends could spur demand for STRC, but a heavier dividend burden remains a risk factor in the long term.

Against this backdrop, there are 2 key points to watch. One is whether STRC demand returns and Strategy resumes buying bitcoin. The other is whether the dividend structure change is approved and alters funding and bitcoin purchase patterns. K33 said inflows through STRC could support bitcoin supply and demand in the short to medium term, but demand sustainability and dividend costs will be tested over the longer term.

The analysis shows that Strategy’s preferred-share design may influence not only fundraising but also the timing of bitcoin purchases. With the dividend schedule, ATM issuance and bitcoin purchases intertwined, it can be read as a case in which a corporate finance structure links to cryptocurrency supply and demand.