Strategy taps cash reserve to retire $1.5 billion in convertible debt

Michael Saylor and team funded the repurchases using cash as it restructures liabilities tied to its BTC treasury strategy.

What to know:

• Strategy repurchased $1.5 billion of its 0% convertible senior notes due 2029 for $1.38 billion in privately negotiated transactions.
• Strategy used cash to buy the debt, which lowered the company's cash reserve to $871 million
• MSTR is higher by 1.9% premarket alongside a modest increase in the price of bitcoin back to $77,000.

Disclosure: The author of this story owns shares in Strategy (MSTR).

Strategy (MSTR), the world’s largest corporate holder of bitcoin BTC$77,059.70, repurchased $1.5 billion of its 0% convertible senior notes due 2029 last week for $1.38 billion, opting to reduce debt rather than add to its bitcoin treasury, according to a filing released Tuesday.

The company funded the repurchase using cash reserves, bringing those reserves down to about $871 million following the debt repurchase and related capital transactions.

Executive Chairman Michael Saylor referenced the move on Sunday in a post on X, writing: “This week we bought bonds, not bitcoin. The ₿itVac is charging.”

The repurchase marks a shift from the company’s usual bitcoin accumulation strategy as it looks to restructure liabilities tied to its bitcoin treasury model.

Upon settlement, the purchase reduced the company’s outstanding debt obligations to $6.7 billion from $8.2 billion.

Strategy holds 843,738 BTC acquired at an average price of $75,700 per coin, representing a total purchase cost of approximately $63.9 billion.

MSTR shares rose 1.9% in pre-market trading alongside bitcoin's modest rise back to $77,000 over the weekend.

Read More: Strategy to repurchase $1.5 billion of 2029 convertible bonds using cash or bitcoin sales

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