This article first appeared on GuruFocus.

Strategy (NASDAQ:MSTR) has quietly ramped up its Bitcoin (BTC-USD) exposure again, adding 390 BTC this week for $43.4 million. The company now holds a massive 640,808 BTC, acquired at an average cost of $74,032 per coin a total investment of roughly $47.44 billion. This marks the fourth straight week Strategy has avoided issuing new MSTR shares, suggesting a disciplined approach to capital management even as it deepens its Bitcoin position.

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The fresh purchase was financed entirely through preferred stock offerings, not common equity. According to its October 27 filing, Strategy sold $19.4 million in STRF shares, $17.0 million in STRK shares, and $7.0 million in STRD shares, with the proceeds used to fund the Bitcoin buy. The average purchase price of $111,117 per coin underscores how high institutional demand has pushed valuations. By relying on preferred share sales, the company could be signaling confidence in both its balance sheet structure and Bitcoin’s long-term upside.

For investors, the pause in MSTR issuance may be just as important as the purchase itself. The last common stock sale between September 22 and 28 raised $116.4 million, primarily to pay preferred dividends. That shift away from dilution could be a quiet message to shareholders that Strategy is prioritizing value per share while maintaining exposure to Bitcoin’s upside. The stock is already responding, trading about 3.5% higher in pre-market hours as investors continue to treat Strategy as a leveraged play on Bitcoin’s momentum.