Michael Saylor’s Strategy (MSTR) has resumed large-scale bitcoin accumulation, turning to preferred share issuance as its slumping stock price limits traditional fundraising options.

While weekly BTC purchases have become routine for the company, sizable buys had been largely absent in recent months. That changed last week when Strategy added 8,178 bitcoin worth $835.6 million, paying an average price of $102,171 per coin.

The bulk of the purchase was funded through the company’s newest preferred share offering, STRE (“Steam”), which targets European investors seeking high yields and raised roughly $715 million earlier this month. Strategy also secured $131.4 million through its STRC (“Stretch”) preferred series, according to a Monday filing.

With the latest acquisition, Strategy now holds 649,870 BTC, accumulated at a total cost of $48.37 billion, or an average of $74,433 per bitcoin.

The firm had been relying on smaller, incremental purchases as its common stock fell sharply — down around 56% over the past four months — effectively shutting the door on large equity offerings. At $199 in early Monday trading, Strategy’s enterprise value now sits only slightly above the value of its bitcoin holdings, making new common-share issuance dilutive for existing investors.

Bitcoin itself traded near $94,500 on Monday morning, slightly below Friday’s level.