Saylor’s strategy ramps up sales of preferred in latest Bitcoin purchase

Michael Saylor’s Strategy Inc. bought nearly $1.6 billion worth of Bitcoin—the company’s largest purchase since January—leaning more heavily on a security promising investors an 11.5% annual payout backed by the same cryptocurrency.

The company, formerly known as MicroStrategy, bought 22,337 Bitcoin between March 9 and March 15, according to a regulatory filing Monday. Roughly $400 million of the purchase was funded through sales of common stock. The remaining $1.2 billion came from...