Funding the Bitcoin Hoard: How Strategy’s Complex Capital Raises Fuel Its $73B BTC Bet

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Strategy continues to execute its aggressive Bitcoin acquisition strategy, adding 220 more BTC for $27 million.

This latest purchase was funded not from operations, but from a series of sophisticated “at-the-market” sales of perpetual preferred stock.

The company has a complex financial structure to support its buying, including multiple stock classes (STRK, STRF, STRD, STRC) with varying dividend and conversion features, all part of a broader, upsized capital plan targeting a total of $84 billion for Bitcoin acquisitions through 2027.