Apyx, a dividend-backed stablecoin protocol, has acquired an additional 33,888 shares of Strategy’s preferred equity instrument STRC, raising its total holdings to 288,888 shares-valued at approximately $29 million.
The move reinforces Apyx’s goal to become the largest STRC holder. Just one week earlier, it added 200,000 shares in a single purchase, accelerating its accumulation through March 2026.
Strategy, the enterprise software-turned-Bitcoin treasury firm holding over 761,000 BTC, launched STRC in July 2025. The security funds Bitcoin acquisitions and pays investors an 11.5% annualized dividend.
Apyx uses STRC as overcollateralization-currently at 104%-for its apxUSD stablecoin, channeling corporate dividends into on-chain yield. Institutional custody is now supported by BitGo.
STRC financing now drives most of Strategy’s Bitcoin buys: 75% of its latest $1.18 billion BTC acquisition came from STRC sales, up from just 3% weeks prior. Total Bitcoin holdings represent 3.4% of the asset’s 21 million supply cap.
Trading volume for STRC hit a record $409 million in a single day on March 10.
The yield-bearing stablecoin sector reached $22.7 billion in market value by March 2026, growing 15 times faster than traditional stablecoins like USDT or USDC, according to JPMorgan. Analysts project it could capture half the stablecoin market-over $150 billion-in time.
Apyx, valued at $300 million after a recent funding round, has already issued more than $50 million of STRC-backed apxUSD since launch.
However, STRC’s structure ties it to leveraged Bitcoin exposure. A sharp BTC price drop could force Strategy to raise dividend rates to retain investor interest, straining its balance sheet. Continuous issuance also raises dilution concerns.