Strategy Suspends Bitcoin Purchases, Completes $1.5 Billion 2029 Convertible Bond Repurchase

Bitcoin Treasury Company Strategy announced the completion of a series of capital market and Bitcoin-related transactions between May 11th and 25th. The core actions include: suspending the cryptocurrency purchases from the previous week, and buying back $1.5 billion principal amount of zero-coupon convertible debt due in 2029 with approximately $1.38 billion in cash, with a buyback price at an approximate 8% discount to par value.

After this repurchase, the company's outstanding convertible debt principal decreased from $8.2 billion to $6.7 billion. As of May 25, 2026, Strategy held 843,738 bitcoins with an average purchase cost of approximately $75,700 per bitcoin, and had $871 million in dollar cash reserves.

The company disclosed in the announcement that this debt repurchase contributed a 0.7% BTC Yield, 4,391 BTC Gain, and $333 million BTC $ Gain. Year to date, the company has accumulated a 13.3% BTC Yield, 89,378 BTC Gain, and $6.8 billion BTC $ Gain.

Strategy founder and Executive Chairman Michael Saylor noted that the company can fund strategic transactions through cash, Digital Equity, Digital Credit, or Digital Capital and will continue to focus on increasing the Bitcoin Per Share for common stockholders in the long term while maintaining a robust balance sheet for Digital Credit investors.

Strategy President and CEO Phong Le stated that the company had made it clear in the first quarter of 2026 financial report teleconference that it would actively manage convertible debt and would flexibly use a variety of capital management tools, including disciplined sales of Bitcoin.

"We bought back $1.5 billion of convertible debt with $1.38 billion in cash, and the BTC Yield year to date has reached 13.3%. These actions reflect our consistent discipline in capital allocation."

Chief Financial Officer Andrew Kang said that the company would continue to maintain sufficient cash reserves to protect the credit quality of Digital Credit securities. Future plans include gradually replenishing cash reserves through the combined sales of Digital Capital, Digital Credit, and Digital Equity, depending on market conditions.

The stock price of Strategy closed slightly up by 0.025% on Tuesday, while the Bitcoin price fell below $76,000. Over the past 12 months, Strategy's stock price has fallen by 56%, and the company reported $14.5 billion in unrealized losses on its cryptocurrency holdings in the last quarter.