Strategy’s $150 million-a-day STRC market has a hidden dependency on its own buybacks

Strategy's $1.45 billion preferred-share buyback program is supporting a substantial share of trading in one of its key Bitcoin financing instruments. According to a Keyrock research report, Strategy's repurchases accounted for more than 20% of weekly trading volume in its variable-rate preferred stock, STRC, during almost every week of September. The company's share reached about [ ]