Strategy Cuts $1.5B in Convertible Debt and Grows Bitcoin Holdings to 843,738 BTC

Strategy retired $1.5 billion aggregate principal amount of 0% Convertible Senior Notes due 2029 for approximately $1.38 billion in cash, an 8% discount to face value. Total convertible note obligations fell from $8.2 billion to $6.7 billion. The buyback generated a BTC Gain of 4,391 bitcoin and a BTC Dollar Gain of $333 million as of May 22, 2026. Strategy also issued $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock and $84 million of Class A common stock under at-the-market programs, using proceeds to buy 24,869 additional bitcoin. Holdings increased to 843,738 bitcoin. The USD Reserve used for dividends and interest payments stood at $871 million after the transactions, with plans to rebuild it through Digital Capital, Digital Credit, and Digital Equity sales.

"Strategy retired $1.5 billion aggregate principal amount of its 0% Convertible Senior Notes due 2029 for approximately $1.38 billion in cash, an 8% discount to face value. The move lowered Strategy's total convertible note obligations from $8.2 billion to $6.7 billion. The debt repurchase generated a BTC Gain of 4,391 bitcoin and a BTC Dollar Gain of $333 million, calculated as of May 22, 2026. Those figures reflect the accretion to shareholders that Strategy tracks as its primary performance metric."

"Alongside the debt reduction, the announcement noted that Strategy issued $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock, ticker STRC, and $84 million of Class A common stock under its at-the-market offering programs. The company deployed those proceeds to purchase 24,869 additional bitcoin. As of today, Strategy holds 843,738 bitcoin. Bitcoin Per Share stands at 220,900 satoshis on an assumed diluted basis."

"The company's USD Reserve, established in December 2025 to support preferred stock dividends and debt interest payments, stands at $871 million following the transactions. Chief Financial Officer Andrew Kang said the company intends to rebuild that balance over time using a mix of Digital Capital, Digital Credit, and Digital Equity sales. Founder and Executive Chairman Michael Saylor stated that the transactions reflect the flexibility built into the company's capital structure."

"Strategy can fund transactions using cash, equity, or credit instruments, giving management several ways to respond to market conditions without being locked into a single path. These transactions demonstrate the optionality we ha"

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