Saylor’s Strategy Steps Up Bitcoin Buys by Using Common Shares

Michael Saylor’s Strategy Inc. bought more than $200 million worth of Bitcoin, turning to common stock to finance the bulk of its acquisitions, despite promises to lean on its perpetual preferred shares.

The company, formerly known as MicroStrategy, bought 3,015 Bitcoin between Feb. 23 and March 1, according to a regulatory filing Monday. Roughly $230 million of the purchase was funded through sales of Class A common stock. The remaining $7 million — about 3% of the total — came from at-the-market sales of its “Stretch” preferred shares, which were sold at a discount to face value.