Strategy Inc. shifts capital to repurchase convertible notes, pausing its regular bitcoin accumulation for the first time in weeks.
$MSTR paused its weekly bitcoin purchases this week, opting instead to allocate capital toward a $1.50 billion convertible bond repurchase. CEO Michael Saylor confirmed the shift, stating the company bought bonds rather than bitcoin as it prioritizes liability management. The repurchase targets 0% Convertible Senior Notes due 2029, with an estimated cash outlay of $1.38 billion.
The move follows Strategy’s recent disclosure of acquiring 24,869 BTC for $2.01 billion, bringing its total holdings to 843,738 BTC at an average cost of $63.9 billion. The current market value of its bitcoin stack exceeds $65 billion. Analysts had viewed the company’s weekly bitcoin disclosures as a key indicator of institutional accumulation trends.
Funding for the repurchase may come from cash reserves, at-the-market securities sales, or bitcoin sales, though the company emphasized it remains committed to its bitcoin thesis. The final cash price for the notes could adjust based on $MSTR’s stock performance during the measurement period.