Strategy (MSTR.US) has disclosed that it recently spent approximately $76.5 million to acquire additional Bitcoin, returning to common stock financing to support its purchases. According to a regulatory filing submitted on Monday, the company purchased 1,031 Bitcoin between March 16 and March 22, with all funds sourced from its "at-the-market" (ATM) offering of Class A common stock. This move signals another adjustment in the company’s financing approach. Just one week earlier, Strategy had raised about $1.2 billion by issuing perpetual preferred shares, dubbed "Stretch," to complete its largest Bitcoin acquisition since January of this year. Unlike common stock financing, preferred shares do not dilute existing shareholders' equity but come with fixed cost obligations. Data indicates that the cost of such financing is as high as approximately 11.5%, effectively resembling borrowing at a high interest rate to invest in a highly volatile cryptocurrency. Analysts note that Strategy’s shift between common stock and preferred stock financing reflects its strategy to balance shareholder interests under varying market conditions. When the company uses common stock financing, it dilutes existing shareholders' stakes; when it opts for preferred shares, it avoids dilution but increases financial leverage and interest burden. To date, Strategy holds more than 762,000 Bitcoin, valued at around $54 billion based on current market prices, making it one of the largest publicly traded companies in terms of Bitcoin holdings. However, its average purchase cost is approximately $75,700 per Bitcoin, which is higher than the current market price of around $70,000, indicating that the company still faces unrealized losses. Notably, Strategy’s stock is widely viewed as a "Bitcoin proxy asset," with its share price closely tracking Bitcoin’s performance. Despite recent declines in Bitcoin’s price, the company’s stock has risen about 5% this month, suggesting that the market retains some confidence in its long-term cryptocurrency strategy.