Record $1.5 billion volume in Strategy’s STRC stock supports a 11,707 bitcoin buy.

STRC posted record trading volumes as activity surged ahead of its ex-dividend date.

Disclosure: The author holds shares in Strategy (MSTR).

Stretch (STRC), the perpetual preferred stock issued by Strategy (MSTR)—the largest publicly listed corporate holder of bitcoin (BTC)—saw $1.53 billion in trading volume on Thursday, marking its most active session to date.

According to BitcoinQuant, the spike in trading helped finance the acquisition of approximately 11,707 bitcoin through Strategy’s at-the-market (ATM) program, which the company uses to issue shares and raise funds for further BTC purchases.

Most of the shares traded at or above their $100 par value. Thursday’s turnover was more than four times the 30-day average daily volume of about $331 million. STRC currently offers an 11.5% annual dividend, paid monthly in cash.

Trading in dividend-paying securities typically accelerates ahead of the ex-dividend date—the cutoff after which new buyers are no longer eligible for the upcoming payout.

With Friday set as STRC’s ex-dividend date, the shares slipped to $99.12 in pre-market trading, down nearly 1%, reflecting a common pattern where dividend stocks adjust lower by roughly the payout amount once they trade ex-dividend.

Meanwhile, bitcoin declined to $80,500, weighing on Strategy’s common shares (MSTR), which fell 2% in pre-market trading