Saylor’s Strategy Buys More Bitcoin Using Preferred Stock (1)

Michael Saylor’s Strategy Inc. bought nearly $170 million in Bitcoin, roughly half of which was financed with perpetual preferred stock, the highest proportion since November.

The company, formerly known as MicroStrategy, bought 2,486 Bitcoin between Feb. 9 and Feb. 16, according to a regulatory filing on Tuesday. More than $78 million of the acquisition was funded through at-the-market sales of its “Stretch” preferred shares — about 46% of the total purchase. The shares were sold at a discount to face value. The remaining $90.5 million was raised through sales of Class A common stock.

Michael Saylor

Photographer: Eva Marie Uzcategui/Bloomberg

Last week, Strategy ...