Strategy retires $1.5B in convertible debt — 'bought bonds,…

Strategy, the world's largest corporate bitcoin holder, repurchased $1.5 billion of its 0% convertible senior notes due 2029 for $1.38 billion in privately negotiated transactions — funded entirely from cash reserves. The move brought cash on hand down to roughly $871 million and slashed total outstanding debt from $8.2 billion to $6.7 billion.

Executive Chairman Michael Saylor framed the shift himself on X: "This week we bought bonds, not bitcoin. The ₿itVac is charging." The quip signals a deliberate pivot from accumulation to liability restructuring — at least for this cycle.

Strategy still holds 843,738 BTC acquired at an average cost of $75,700 per coin, a total outlay of roughly $63.9 billion.