Strategy, formerly MicroStrategy, has disclosed that it bought 22,337 BTC in the preceding week, its fifth-largest acquisition on record, increasing total holdings to 761,068 BTC. The new report adds that the purchase was funded primarily through issuance of Strategy’s STRC perpetual preferred stock, which raised $1.18 billion last week, compared with $396 million from the company’s common stock at-the-market program. This marks the first time preferred stock has been the main funding vehicle for Strategy’s bitcoin purchases. At STRC’s current 11.5% dividend rate, the latest issuance implies about $135 million in annual dividend obligations, pushing the company’s total annual dividend burden above $1 billion as outstanding preferred stock exceeds $10 billion. The report also says Strategy has set aside about $2.25 billion in U.S. dollar reserves to cover these obligations, while STRC has traded below its $100 par value for three consecutive days after its March 15 ex-dividend date, raising the possibility of a further 25 basis point dividend increase to support pricing.