MicroStrategy (MSTR) has changed its primary financing method for increasing bitcoin holdings. Last week, it raised $1.18 billion through the issuance of its STRC perpetual preferred stock, equivalent to approximately 16,800 bitcoin, far exceeding the scale of its common stock ATM offering plan. This purchase of 22,337 bitcoin brought its total holdings to 761,068 bitcoin. This move resulted in annual dividend payments exceeding $1 billion, but the company still maintains $2.25 billion in dollar reserves. Due to its common stock price declining over 70%, MSTR may increasingly rely on preferred stock to avoid equity dilution, while potential price pressure on STRC could also lead to increased dividend payments.