Strategy, the Bitcoin-buying firm formerly known as MicroStrategy, has utilized 61% of its dedicated cash buffer—approximately $1.38 billion—to repurchase $1.5 billion in convertible notes. The move leaves the company with $871 million set aside for dividends and debt servicing, down from $2.25 billion. Despite earlier signals that Strategy might sell some of its Bitcoin holdings for the first time in years, the firm retained its entire stash of 843,738 BTC (worth $64.7 billion). The debt repurchase highlights the company's commitment to maintaining its Bitcoin position while managing its liabilities. Strategy CFO Andrew Kang stated that the company plans to replenish cash reserves over time through a mix of digital capital, credit, and equity sales based on market conditions. The news comes as Bitcoin's price has fallen roughly 12% year-to-date to around $77,200, while Strategy's shares have advanced 8.8% since January to $166. The company still has $6.7 billion in convertible debt outstanding, with some convertible shares sellable by investors as early as September 2027.

Key facts

• Strategy used $1.38 billion (61% of cash buffer) to repurchase $1.5 billion in convertible notes.
• 843,738 Bitcoin holdings remain untouched despite earlier speculation of a potential sale.
• Cash reserves for dividends and debt servicing reduced to $871 million.
• Bitcoin price down 12% YTD; Strategy shares up 8.8% YTD.
• Company plans to replenish cash via digital capital, credit, and equity sales.

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