This wasn’t just a simple “buy more BTC” move.
Most of the capital came from their perpetual preferred equity — STRC (Stretch).
Last week, they sold around 11.9M STRC shares, pulling in about $1.18B net.
That alone covered roughly 75% of the Bitcoin purchase.
Then they layered in another move…
Selling 2.8M Class A shares (MSTR), bringing in an extra $396M.
So it’s not just accumulation.
It’s structured accumulation.
They’re actively converting equity into Bitcoin exposure — almost like using the market itself to fund their position.
And the interesting part…
They’re not waiting for perfect conditions.
They’re building the position while the market is uncertain.
At some point, this stops looking like buying dips…
and starts looking like a system designed to continuously absorb supply.