Strategy Buys $1.3 Billion of Bitcoin Using Mostly Common Stock

Michael Saylor’s Strategy Inc. accelerated its Bitcoin buying with a nearly $1.3 billion purchase — the biggest in seven weeks — leaning again on its common stock despite earlier pledges to pivot to perpetual preferred shares.

The company, formerly known as MicroStrategy, bought 17,994 Bitcoin between March 2 and March 8, according to a regulatory filing Monday. Roughly $900 million of the purchase was funded through sales of Class A common stock. The remaining $377 million — about 30% of the total — came from at-the-market sales of its “Stretch” preferred shares, which were sold at a discount to face value.