MicroStrategy just stashed away $1.44 billion in cold hard cash—specifically earmarked for dividend payments on their preferred shares.

How'd they pull this together? Through their common stock ATM program. Meanwhile, here's the interesting part: their preferred stock ATMs (STRF, STRC, STRK, and STRD) have been sitting completely idle for two weeks straight now.

This move shows they're playing it cautious with their capital structure. Rather than tapping into preferred stock offerings, they're leveraging common equity to build up reserves. Classic treasury management—keeping options open while maintaining liquidity for existing obligations.

The untapped preferred ATMs? That's telling. Either market conditions aren't attractive enough, or they've got plenty of runway with their current strategy.