Morning Minute is a daily newsletter written by Tyler Warner.
The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
And check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify. GM! Today’s top news: – Crypto majors fall another 2%, HYPE leads; BTC at $75,900 – Dark pool trader sells $1.3B in IBIT in single clip – HYPE ETFs cross $100M in net inflows in first 10 sessions – Strategy pays off $1.5B in debt, doesn’t buy any BTC – OpenZeppelin co-founder says all of DeFi is unsafe and to withdraw Strategy Paid Off $1.5 Billion in Debt, While Dark Pool Trader Dumps $1.3B Strategy didn’t buy Bitcoin last week.
Instead, the company completed a $1.5 billion repurchase of its 0% Convertible Senior Notes due December 2029, paying approximately $1.38 billion in cash at an 8% discount to par. This move drew down its USD reserve from $2.25 billion to $871 million in the process, and total convertible debt outstanding dropped from $8.2 billion to $6.7 billion. Looking at the bright side, Strategy still holds 843,738 BTC, has reduced its near-term liability, and generated a BTC Yield of 0.7%, equivalent to 4,391 BTC in value created through the deleveraging transaction alone.