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• Strategy, ticker NasdaqGS:MSTR, has executed a record Bitcoin purchase of about $1.28b, adding nearly 18,000 tokens in a single week.

• The company funded this move in part by raising $377m through the issuance of variable rate preferred shares.

• This transaction is Strategy’s second largest Bitcoin purchase of the year and aligns with its role as the world’s largest corporate Bitcoin holder.

For shareholders, this comes at a time when NasdaqGS:MSTR is trading at $133.53, with a very large 3 year return and a 5 year return of 73.6%. More recently, the stock has seen a 3% decline over the past week, a 1% decline over the past month, a 15% decline year to date, and a 44.2% decline over the past year. That mix of long term strength and recent weakness shapes how investors may interpret this latest move into Bitcoin.

These funding and allocation choices underline how closely Strategy’s business model is tied to Bitcoin exposure. As you weigh this news, the key questions are how comfortable you are with that level of concentration and how you view the trade off between potential upside from Bitcoin and the volatility it can introduce to the share price.

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See which insiders are buying and buying and selling Strategy following this latest news.

This latest US$1.28b purchase tells you a lot about who is really in the market for Strategy stock. Management is leaning into its role as a leveraged Bitcoin proxy, using both common equity and high coupon preferred shares to scale holdings rather than letting the balance sheet grow passively with price moves. That can appeal to investors who want more direct, high beta exposure to Bitcoin than they might get through miners like Marathon Digital or Riot Platforms, or through an ETF. At the same time, funding Bitcoin buys via fresh equity and preferred stock means existing holders carry both dilution risk and securities with an 11.5% dividend ahead of them in the capital stack. The strong trading in the STRC preferred and prior rebounds in MSTR when Bitcoin has pushed toward recent highs suggest there is still an active base of investors willing to fund this approach. For you, the key takeaway is that sentiment around Strategy is likely to be driven at least as much by appetite for this aggressive accumulation model as by views on its underlying software and AI analytics business.