Strategy’s latest Bitcoin purchase was not funded by operating profits but by sophisticated financial instruments.
The company used proceeds from at-the-market (ATM) sales of its various perpetual preferred stock series—STRK, STRF, and STRD—to buy the 168 BTC. This is part of a much larger financial strategy.
The company has multiple ATM programs totaling over $31 billion, alongside its “42/42” plan, which aims to raise a total of $84 billion through equity and convertible notes specifically for Bitcoin acquisitions through 2027.
