Strategy Uses Preferred Shares to Buy 22,337 BTC in Largest Purchase Since 2026

ChainCatcher report: According to market sources, Strategy last week used perpetual preferred shares as its primary tool for acquiring Bitcoin for the first time, signaling a potential shift in its financing strategy. On Monday, the company announced the purchase of 22,337 Bitcoin, marking the fifth-largest acquisition in history. Of this, $1.18 billion was financed through STRC perpetual preferred shares, equivalent to approximately 16,800 Bitcoin (at an average price of $70,000), significantly surpassing the $396 million raised through its common stock ATM program. The common stock ATM program had previously been the primary tool for accumulating Bitcoin holdings, bringing the company’s total Bitcoin reserve to 761,068 BTC. At STRC’s current dividend rate of 11.5%, the $1.18 billion issuance creates an annual dividend obligation of approximately $135 million, pushing the company’s total annual dividend burden above $1 billion. The company has set aside approximately $2.25 billion in reserves to meet these obligations, providing a buffer amid rising financing costs. With its common stock down over 70%, the company prefers to support its share price without further equity dilution; therefore, it will use common stock more selectively in the future—primarily when the net asset value multiple is significantly above 1 or when building U.S. dollar reserves is necessary—and will increasingly rely on STRC financing to avoid issuing new common shares. Since the March 15 ex-dividend date, STRC has traded below its $100 par value for three consecutive days; if the one-month volume-weighted average price remains below par, the company may consider increasing the dividend by an additional 25 basis points to support the price.