Strategy’s latest BTC purchase (Apr 1–5, 2026) wasn’t funded by debt, it was equity-driven. Here’s the breakdown: • Total BTC acquired: 4,871 • Capital deployed: $329.9M Funding sources (ATM programs): • MSTR common stock: – 1,175,844 shares sold → $144.0M • STRC preferred stock: – 3,303,227 shares sold → $329.9M • Total equity raised: $473.9M They raised ~$144M more than deployed, so still holding USD.(Maartunn)