Apyx expands Strategy’s STRC stake to $29M, targets top-holder position

Apyx, a dividend-backed stablecoin protocol, acquired an additional 33,888 shares of Strategy’s preferred stock instrument STRC, bringing its total holdings to 288,888 shares valued at approximately $29 million.

The accumulation is part of the protocol’s stated ambition to become the largest STRC holder.

The purchase comes one week after Apyx added 200,000 STRC shares to its holdings, a pace of accumulation that has intensified throughout March.

Strategy, the enterprise software company that has converted itself into a Bitcoin treasury vehicle holding more than 761,000 Bitcoin, issued STRC in July 2025 as a preferred equity instrument designed to fund ongoing Bitcoin acquisitions while offering investors an 11.5% annualized dividend.

For Apyx, STRC holdings are collateral backing its stablecoin apxUSD, a structure that routes traditional corporate dividend payments into on-chain yield opportunities.

The protocol recently secured custody support from BitGo, the institutional digital asset custodian, allowing large investors to access apxUSD through regulated infrastructure.

According to data shared by the protocol, Apyx maintains approximately 104% overcollateralization on its stablecoin offerings.

STRC dominates Strategy’s Bitcoin funding

The timing of Apyx’s accumulation coincides with a shift in how Strategy finances its Bitcoin purchases. STRC funding accounted for roughly 75% of Strategy’s most recent Bitcoin acquisition, up from just 3% approximately three weeks prior. That transaction saw Strategy deploy $1.18 billion raised through STRC sales to acquire Bitcoin, with common stock offerings contributing another $396 million. The company’s total Bitcoin holdings now represent approximately 3.4% of the asset’s capped 21 million supply.

Trading activity in STRC has surged alongside these developments. On March 10, the security recorded its highest single-day volume of $409 million.

Yield-bearing stablecoin growth

The broader yield-bearing stablecoin sector rose to $22.7 billion in total market value by March 2026.

JPMorgan research suggests this category is expanding roughly 15 times faster than traditional stablecoins like Tether’s USDT or Circle’s USDC. JPMorgan analysts project yield-bearing stablecoins could eventually capture half of the total stablecoin market, potentially exceeding $150 billion in capitalization.

Apyx closed a funding round valuing it at $300 million, raising capital in under two months. Community data indicates the protocol has grown its STRC-backed stablecoin to more than $50 million in circulation within weeks of launch.

Risks tied to leveraged Bitcoin exposure

STRC effectively represents leveraged Bitcoin exposure packaged as a fixed income product. Should Bitcoin prices decline significantly, Strategy might face pressure to increase dividend rates to maintain STRC’s attractiveness, potentially straining the company’s finances.

There are also dilution concerns inherent in a security designed to fund continuous asset purchases through ongoing issuance.