Michael Saylor's Strategy Inc. Doubles Down on Bitcoin with $1.6 Billion Purchase

Michael Saylor's Strategy Inc. bought $1.6 billion worth of Bitcoin, funded by $400 million in common stock sales and $1.2 billion in at-the-market sales of its Stretch perpetual preferred shares. The preferred shares promise an 11.5% annual payout and are backed by Bitcoin. Another company, Strive, has invested $50 million in Stretch to earn a double-digit yield on its Bitcoin-holding balance sheet. The purchase is Strategy's largest since January and marks a heavier reliance on Stretch to fund Bitcoin purchases.