This $1.5 billion convertible bond repurchase is a reverse move by Strategy (formerly MicroStrategy) against its recent large-scale debt financing model.

From 2024 to 2025, the company issued multiple zero-coupon convertible bonds, raising over $6 billion in total, primarily to increase Bitcoin holdings, attracting hedge funds and other institutional buyers seeking arbitrage.
The key detail lies in the source of funds: besides cash reserves and ATM offerings, the company explicitly mentioned "proceeds from the sale of Bitcoin" as one of the options for the repurchase.
This marks the first time that Strategy, after years of a unidirectional "debt issuance - buying Bitcoin" cycle, has publicly listed selling Bitcoin as an official financial operation option, leaving a foreshadowing for future liquidity management or debt restructuring.
On May 15, Strategy announced that it had reached a private negotiation agreement with some holders of the 2029 zero-coupon convertible preferred notes, intending to repurchase approximately $1.5 billion principal of the 2029 convertible bonds, with an expected cash repurchase price of about $1.38 billion.
Strategy stated that the funds for this repurchase would come from existing cash reserves, proceeds from the ATM issuance plan, and/or proceeds from the sale of Bitcoin.
The company expects the transaction to be completed around May 19, 2026, after which the related notes will be canceled.
After the repurchase, the remaining principal of the 2029 convertible bonds will be approximately $1.5 billion. $BNB
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