STRC shares of Strategy see a record $1.5 billion turnover, enabling an acquisition of 11,707 BTC.

A surge in trading activity ahead of the ex-dividend date propelled STRC to its busiest session on record.

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

Stretch (STRC), the perpetual preferred stock issued by Strategy (MSTR)—the largest publicly traded corporate holder of bitcoin (BTC)—posted $1.53 billion in trading volume on Thursday, its highest level to date.

According to BitcoinQuant, the spike in volume supported the purchase of roughly 11,707 bitcoin via Strategy’s at-the-market (ATM) program, which allows the firm to issue new shares and raise capital for further BTC accumulation.

Most STRC shares changed hands at or above their $100 par value. Total volume on Thursday was more than four times the stock’s 30-day daily average of about $331 million. The preferred shares currently carry an 11.5% annual dividend, paid monthly in cash.

Trading in dividend-paying securities often intensifies in the session leading up to the ex-dividend date—the point after which new buyers no longer qualify for the upcoming payout.

With Friday marking STRC’s ex-dividend date, the shares dipped to $99.12 in pre-market trading, down nearly 1%. Such declines are typical, as dividend-paying stocks tend to adjust lower by roughly the payout amount once they begin trading ex-dividend.

Meanwhile, bitcoin fell to $80,500, pressuring Strategy’s common stock (MSTR), which dropped 2% in pre-market trading

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