Disclosure: The author of this story owns shares of Strategy (MSTR).
Strategy (MSTR), the world’s largest corporate owner of bitcoin bought back $1.5 billion of its 0% convertible senior notes due 2029 last week for $1.38 billion, choosing to reduce debt rather than add to its bitcoin coffers, according to a filing released Tuesday.
The Company funded the repurchase using cash reserves, bringing those reserves down to approximately $871 million after the debt repurchase and related capital transactions.
Executive Chair Michael Saylor referenced the action Sunday in a post on X, writing, “This week we bought bonds, not bitcoin. The ₿itVac is charging.”
The buyback marks a shift from the company’s usual bitcoin accumulation strategy as it looks to restructure liabilities tied to its bitcoin treasury model.
Upon settlement, the purchase reduced the company’s outstanding debt obligations to $6.7 billion from $8.2 billion.
The strategy holds 843,738 BTC acquired at an average price of $75,700 per coin, representing a total purchase price of approximately $63.9 billion.
MSTR shares rose 1.9% in pre-market trading alongside bitcoin’s modest climb back to $77,000 over the weekend.
Read more: Strategy to buy back $1.5 billion of 2029 convertible bonds using cash or bitcoin sales
