Strategy's Stretch Shares Draw 80% Retail Investors Amid Bitcoin Slump

Strategy's Stretch preferred shares (STRC), which allow investors to gain exposure to Bitcoin without the volatility, have attracted 80% retail investors as of March. This is according to CEO Phong Le, who spoke at the 2026 Digital Asset Summit in New York on Thursday.

The company raised approximately $1.2 billion through at-the-market sales of STRC in March and used the proceeds to buy Bitcoin. Strategy has since filed plans with the Securities and Exchange Commission to raise up to $21 billion from new Stretch sales and another $21 billion through common stock under fresh at-the-market programs.

Executive chairman Michael Saylor described Stretch as an entry point for investors who believe in the long-term value of Bitcoin but cannot tolerate short-term price swings. He said the product strips the first 10% to 11% of annual Bitcoin returns and passes that amount to the credit investor, while equity holders stand to benefit if Bitcoin rises more than 11% per year.

STRC pays an annual dividend of approximately 11.5%, which currently exceeds the yield on U.S. Treasurys at around 4%. The shares are structured as perpetual derivatives with no maturity date, meaning Strategy is not required to repay principal like a bond.