Money Flow

Zone 1 — STRC Launch Jul 2025

Strategy priced its STRC IPO at $90 per share on July 24, 2025, closing with gross proceeds of $2.52B — the largest US preferred stock IPO since 2009. Proceeds were immediately deployed into 21,021 BTC at an average of ~$117,256, bringing Strategy's total holdings to 628,791 BTC. A $4.2B at-the-market programme was announced days later on July 31, setting the stage for a sustained weekly capital machine.

Zone 2 — Quiet ATM Aug – Dec 2025

The ATM programme ran at a measured pace through the second half of 2025 — typically $5–27M per week. Weekly raises were small relative to the IPO but consistent, totalling ~$235M over five months. This period established the mechanics of the programme and allowed the market to absorb the new instrument. SATA entered the picture in November with its own $160M IPO, immediately acquiring 1,567 BTC.

Zone 3 — Acceleration Jan – Feb 2026

January 2026 marked a clear step-change. STRC weekly ATM raises jumped from ~$10M to $100–250M as institutional appetite grew and the programme gained credibility. Strategy acquired 41,002 BTC in January alone. SATA simultaneously closed a $225M follow-on on January 28 — oversubscribed with $600M+ in demand — signalling that the preferred equity Bitcoin playbook was being validated by the market. Both instruments were now in full capital-raising mode.

Zone 4 — Breakout Mar – Apr 2026

March 9 was the inflection point. STRC raised $1.18B in a single week — funding the purchase of 22,337 BTC at an average of $70,194. A month later, April 6 delivered another $1B week. These weren't anomalies; they reflected a structural shift in how institutional capital was being channelled into Bitcoin exposure via preferred equity. The cumulative line chart bends sharply upward from this point — the machine had found its stride.

Zone 5 — Record Run May 2026

May 25 saw STRC raise $2B in a single week — its largest weekly total. By this point STRC had raised $10.9B cumulatively, with 2026 year-to-date proceeds exceeding $5.58B through May 3 alone. SATA mirrored the momentum on a smaller scale: the week of May 25 produced a record 790 BTC purchase, more than doubling its previous weekly record of 371 BTC set earlier in the month. Both programmes are accelerating simultaneously, compressing the gap visible on the log scale.