MicroStrategy Inc. (NASDAQ: MSTR) experienced a notable stock rally, gaining over 7% on May 1, 2026, as its STRC-linked decentralized finance (DeFi) ecosystem attracted approximately $183 million in capital since its inception. This surge in DeFi activity, particularly from protocols like Apyx which increased its STRC exposure to roughly $130 million, coincided with the stock's upward movement. However, a contradictory development emerged later in the week as the company halted sales of all four of its preferred-share classes—STRF, STRC, STRK, and STRD—between April 27 and May 3, according to an SEC filing on Monday.
Preferred-Share Pipeline Goes Quiet
The pause in preferred-share sales marks a sharp contrast to April's aggressive activity, when MicroStrategy financed a $2.54 billion Bitcoin purchase predominantly through STRF shares, which raised $2.18 billion alone. Combined available capacity across the four preferred stock classes stands above $27 billion, but no sales were recorded during the seven-day window. The MSTR common stock ATM program remained active, selling 492,210 Class A shares for $82 million in net proceeds, but none of that capital was deployed into Bitcoin.
STRC Voting and DeFi Expansion
Amid the stock rally, Michael Saylor proceeded with a shareholder vote to change STRC's dividend structure from monthly to semi-monthly. The proposal, open from April 28 to June 8, aims to reduce reinvestment delays and improve liquidity. If approved, the new structure would take effect later in the quarter, with the first record date on June 30 and payments potentially starting July 15. Only shareholders holding STRC and MSTR stock as of April 17 are eligible to vote.
The DeFi ecosystem around STRC continues to expand. Apyx reported a 32% week-over-week jump in reserves to $259 million, with approximately $130 million allocated to STRC, making it the largest holder. Saturn Credit added $15 million in STRC, bringing its total support of the sUSDat stable asset to $53 million. Structured DeFi products like risk tranching schemes are also gaining traction, with Royco Protocol proposing a two-level structure for apyUSD (senior yield 8.85%, junior 29.61%) and Strata Markets dividing sUSDat into srUSDat (7.8%) and jrUSDat (25% returns).
Earnings and Bitcoin Holdings
MicroStrategy reports first-quarter results on Tuesday, May 5, with Wall Street expecting a loss of $0.86 per share on revenue near $123 million. The company's Bitcoin holdings remain at 818,334 BTC with an average cost of $75,532. At current prices around $78,967, the position is valued at $64.6 billion, holding roughly $2.7 billion in unrealized gains. The options market is pricing an 8% post-earnings move in MSTR stock. Michael Saylor signaled via social media that no Bitcoin purchases would occur this week, but activity may resume next week.
