Something interesting happened in Strategy last week that many people overlooked. The company made its fifth-largest Bitcoin purchase to date — 22,337 BTC — but the way it financed this marks an important turning point.

Historically, Strategy mainly used common stock to raise capital and accumulate Bitcoin. This time, it was different. The company issued $1.18 billion in STRC preferred shares, while raising only $396 million through the common stock program. For the first time, preferred shares became the main financing tool for Bitcoin purchases.

Why does this matter? With the company's common shares having fallen more than 70%, Strategy is clearly trying to avoid further dilution. Preferred shares allow the company to raise capital without issuing new common stock, which is a smart move when the market is pressuring the price.

Now comes the part that really catches attention. With the STRC dividend rate at 11.5%, this $1.18 billion issuance means approximately $135 million in annual dividend obligations. This increased the company's total annual dividend burden to over $1 billion. That’s not small. The company has $2.25 billion in dollar reserves to cover this, so it’s safe for now.

But here’s the detail: STRC has been trading below its $100 par value in recent days after the ex-dividend date. If this continues, the company might consider increasing the dividend by another 25 basis points to support the price. More preferred shares, more dividends, more Bitcoin.

What does all this signal? Strategy is changing its financing model. Less reliance on common stock, more support from preferred shares. It’s a strategy to protect the stock price while continuing to aggressively accumulate Bitcoin. With 761,068 BTC already on the balance sheet, the company is clearly betting big on this long-term vision.

If you’re closely following this, it’s worth watching the next moves. This shift in financing could be replicated by other companies also accumulating Bitcoin. By the way, if you want to track how these assets are moving in the market, check out Gate — it has plenty of liquidity and real-time information on these institutional moves.