Strategy Leans on Common Stock While Pitching Preferred Shares

Michael Saylor’s Strategy Inc. spent about $40 million in the past week on Bitcoin, funding the crypto accumulator’s latest purchases entirely through sales of common stock even as it pitches investors on its perpetual preferred shares.

The company, formerly known as MicroStrategy, bought 592 Bitcoin between Feb. 17 and Feb. 22, according to a regulatory filing Monday. Strategy didn’t immediately return a request for comment.

The prior week, more than $78 million of the firm’s acquisition was financed through at-the-market sales of its “Stretch” preferred shares, roughly 46% of that purchase.

Chief Executive Officer Phong Le has said the ...