Strategy shifts stock sale cash to support Bitcoin funding

Strategy's latest financing move matters for Bitcoin because it may slow one of the market's largest corporate buyers. Last week, the company sold about 2.71 million MSTR shares, raising $335.5 million, but used only $34.9 million of that total to buy 520 BTC. The other $300 million went into its US dollar reserve, which now stands at $1.4 billion.

The shift came after Strategy's STRC perpetual preferred shares fell as low as $82.50, well below their $100 stated value. STRC has been a major funding source for the company's Bitcoin purchases, but issuing more of it below $100 would bring in less cash while keeping dividend costs tied to the full stated amount. Instead, Strategy relied on common stock issuance, increasing liquidity to cover dividends and interest across its capital structure.

That choice diluted MSTR holders. Strategy's diluted share count rose to about 388.6 million from 386.1 million a week earlier, and its year-to-date BTC Yield metric fell to 11.8% from 13% four weeks earlier.

The broader market effect could be meaningful. Bitwise Europe estimates Strategy bought about 174,300 BTC this year, with roughly 96,000 of those financed through STRC. If STRC stays under pressure, Strategy may keep buying Bitcoin at a slower pace until that market recovers.