Strategy announced that it completed the repurchase of $1.5 billion in aggregate principal amount of its 0% Convertible Senior Notes due 2029 at an approximate 8% discount to par.

According to the company, the notes were repurchased for approximately $1.38 billion in cash between May 11th and May 25th, 2026, reducing total convertible debt outstanding from $8.2 billion to $6.7 billion.

Strategy stated that the transaction contributed 0.7% incremental BTC Yield, 4,391 BTC Gain, and approximately $333 million in BTC $ Gain under its internal KPI framework.

The company also disclosed that it issued an additional $2.0 billion notional amount of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and sold $84 million of Class A common stock (MSTR) through its at-the-market programs. 

The proceeds were used to acquire 24,869 Bitcoin. 

Following the transactions, Strategy reported total holdings of 843,738 Bitcoin and a USD reserve balance of $871 million as of May 25th, 2026.

“These transactions demonstrate the optionality we have built into Strategy's capital structure and our dynamic, multi-variate capital allocation model,” said Michael Saylor, Founder and Executive Chairman of Strategy. 

“Strategy has the flexibility to fund strategic transactions using cash, Digital Equity, Digital Credit, or Digital Capital, giving us multiple levers to optimize our balance sheet and respond to market conditions.”

Phong Le, President and Chief Executive Officer of Strategy, said the transactions reflected the company’s previously stated approach toward managing its convertible debt and capital structure.

“On our first quarter 2026 earnings call, we said we would proactively manage our convertible debt and use the full range of capital management tools available to us, including the disciplined sale of bitcoin. These transactions reflect that approach,” Le said.

Chief Financial Officer Andrew Kang said the repurchase was intended to support the company’s liability management strategy and maintain cash reserves tied to its credit instruments.

“The repurchase of the 2029 converts is both equity and credit positive for our investors and demonstrates our continued focus on liability management,” Kang said.

Strategy also reported year-to-date BTC Yield of 13.3%, BTC Gain of 89,378 Bitcoin, and BTC $ Gain of approximately $6.8 billion based on its internal KPI methodology. 

The company stated that these metrics are supplemental indicators and should not be interpreted as traditional financial yield or investment return measures.