Strategy Inc., formerly MicroStrategy, purchased over $200 million in Bitcoin during the week of Feb. 23, using common stock to finance most of the acquisitions. The company acquired 3,015 Bitcoin, with $230 million funded through Class A common stock sales and $7 million from discounted preferred shares. This marks a significant acceleration from the previous week's $40 million Bitcoin purchase.

Despite earlier promises to prioritize preferred share sales, Strategy has reverted to common stock financing, which dilutes existing shareholders' value. The company has sold approximately $813 million in common stock and $92 million in perpetual preferred shares to fund its past six weekly Bitcoin purchases. Strategy's common stock, widely viewed as a Bitcoin proxy, has declined nearly 50% over the past year.

The preferred shares, offering an 11.5% variable dividend, have seen stalled sales amid the recent crypto market downturn. Strategy holds over 720,000 Bitcoin worth about $49 billion and has nearly $8.5 billion in preferred shares outstanding. CEO Michael Saylor maintains that increased preferred share sales will boost capital and liquidity, potentially driving Bitcoin prices higher.