Strategy used $300 million of MSTR dilution to backstop its Bitcoin’s biggest buying machine
The company diluted MSTR shareholders to reinforce preferred-stock payments after STRC’s record decline exposed pressure within its capital structure.

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STRC was built to trade near $100, but its drop toward $92 is testing one of Michael Saylor’s key funding channels.
Strategy’s latest purchase lifted its holdings to 846,842 BTC, but the company’s BTC Yield fell to 12.5% after another round of common stock sales.
Strategy’s first Bitcoin sale in nearly four years shows how its treasury could become a funding source for the credit products built around it.
Strategy's Coinbase Prime transfer has revived debate over whether its treasury can remain untouched.
A $1.38B Bitcoin sale would likely be digestible if handled off-market. The bigger risk is that Strategy’s Bitcoin pile is now explicitly listed as a funding source.
STRC is helping Michael Saylor’s firm keep buying Bitcoin, but the preferred-stock loop is adding dividend costs that could weigh on shareholders.