Strategy Names Bitcoin Sales as Funding Option for $1.38B Debt Repurchase — Debt Calendar Runs to $6.71B

Strategy agreed on May 15 to repurchase roughly $1.5 billion principal of its 2029 convertible notes for an estimated $1.38 billion in cash, explicitly naming Bitcoin sale proceeds as one possible funding source in its Form 8-K filing. The disclosure moves Bitcoin from a pure accumulation asset to a named line item in the company's liability management toolkit — a structural shift in how the world's largest corporate BTC holder frames its 818,869 BTC stack.

The near-term repurchase is manageable without touching Bitcoin: Strategy held roughly $2.25 billion in dollar reserves as of April 26, and ATM equity issuance remains available. Funding the $1.38 billion repurchase entirely through BTC sales would require approximately 17,448 BTC — about 2.1% of its holdings and 3.5% of Bitcoin's reported $39.5 billion daily volume. Institutional OTC routing could limit visible market impact, but…