For months, Strategy has operated like a finely tuned bitcoin acquisition machine, using two primary financial instruments to fund its purchases— the issuance of new common stock under its MSTR ticker and a preferred stock offering known as STRC. Both are sold through at-the-market offerings, giving the company flexibility to raise cash when conditions are favorable. Last week, that machine was running at full speed, with Strategy issuing $1.95 billion worth of STRC shares. But by Friday morning, the engine had stalled.