MSTR shifts strategy by buying back debt instead of accumulating Bitcoin for the first time in years.
MicroStrategy (MSTR) repurchased $1.5 billion in face value of its 0% Convertible Senior Notes due 2029, costing approximately $1.38 billion. The move marks a departure from its long-standing Bitcoin accumulation strategy, which saw the company amass one of the largest corporate BTC treasuries globally.
The company had paused Bitcoin purchases in early May ahead of its Q1 2026 earnings call, where CEO Michael Saylor suggested potential Bitcoin sales to fund dividends. This broke a prior pledge to never sell BTC, signaling a strategic shift. The repurchase occurred between May 11 and May 25.
MicroStrategy’s Bitcoin holdings, built through repeated purchases often signaled by Saylor’s “Orange Dot” posts, had become a market indicator. The recent debt repurchase raises questions about the company’s future treasury management amid evolving market conditions.