Overview
- The company repurchased about $1.5 billion of its zero‑coupon convertible senior notes due 2029 for roughly $1.38 billion in cash, reducing outstanding convertibles from about $8.2 billion to $6.7 billion and leaving roughly $871 million in U.S. cash.
- Strategy’s Bitcoin treasury stayed effectively unchanged at about 843,738 BTC after the buyback, and the firm has continued to acquire coins using capital instruments rather than selling existing holdings.
- According to company disclosures and reporting, the repurchase produced a reported gain of 4,391 BTC and an estimated $333 million in dollar gains tied to the transaction.
- Market reaction was muted with shares trading largely flat as investors weighed lower nominal debt against the company’s concentrated exposure to Bitcoin, and critics such as Peter Schiff publicly questioned the firm’s cash runway.
- Management is pressing STRC preferred holders to approve a change to semi‑monthly dividend payments by the June 8 vote and continues active capital‑markets management, including recent preferred and new‑note issuances that fund further Bitcoin purchases.