Strategy (MSTR) has shifted its bitcoin funding model by utilizing perpetual preferred stock to purchase 22,337 BTC, marking its fifth-largest acquisition. The company issued $1.18 billion through its STRC perpetual preferred stock, equivalent to approximately 16,800 BTC at an average price of $70,000. This issuance surpasses the $396 million raised via its common stock ATM program, traditionally used for bitcoin acquisitions. The STRC issuance comes with an 11.5% dividend rate, resulting in an annual dividend obligation of about $135 million, pushing the company's total annual dividend burden above $1 billion. Strategy has set aside $2.25 billion in USD reserves to manage these obligations. With its common stock down over 70%, the company aims to support a higher share price without further dilution, indicating a strategic shift towards using preferred stock for bitcoin accumulation.