Strategy completes $1.5 billion debt repurchase, posts 13.3% year-to-date BTC yield, and lifts holdings to 843,738 BTC

Strategy Inc. said on May 26, 2026, that it completed a series of capital-markets and bitcoin transactions between May 11 and May 25, including repurchasing $1.5 billion of its 0% Convertible Senior Notes due 2029 for about $1.38 billion in cash. The company said the buyback was completed at roughly an 8% discount to par and reduced its outstanding convertible notes from $8.2 billion to $6.7 billion.

The Tysons Corner, Virginia-based company said the debt repurchase generated BTC Yield of 0.7%, BTC Gain of 4,391 bitcoin, and BTC dollar gain of $333 million. Strategy said that, as of May 25, 2026, it held 843,738 bitcoin and reported 220,900 Bitcoin Per Share, measured in sats. It also said it had $15.5 billion in aggregate notional amount of preferred stock outstanding and a $871 million USD Reserve.

Strategy said it issued an additional $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock, ticker STRC, and $84 million of Class A common stock, ticker MSTR, using those proceeds to purchase 24,869 bitcoin. The company said it achieved year-to-date BTC Yield of 13.3%, BTC Gain of 89,378 bitcoin, and BTC dollar gain of $6.8 billion.

Founder and Executive Chairman Michael Saylor said the transactions showed the flexibility of Strategy’s capital structure and its ability to fund strategic actions using cash, Digital Equity, Digital Credit, or Digital Capital. He said the approach is intended to increase Bitcoin Per Share for common shareholders over the long term while maintaining a strong balance sheet for Digital Credit investors.

Chief Executive Officer Phong Le said the company had said on its first-quarter 2026 earnings call that it would actively manage convertible debt and use a range of capital management tools, including bitcoin sales when appropriate. He said the recent actions reflect that plan and disciplined capital allocation. Chief Financial Officer Andrew Kang said the repurchase was both equity- and credit-positive and that Strategy remains committed to maintaining a robust cash reserve to support the credit quality of its Digital Credit securities.

Strategy said it established the USD Reserve on December 1, 2025, as a management-designated liquidity buffer intended to support dividend payments on preferred stock and interest on outstanding debt. The company said it plans to replenish the reserve over time based on market conditions, using a mix of Digital Capital, Digital Credit, and Digital Equity sales.

The company also said it expects distributions on its preferred equity instruments to continue to be treated as non-taxable return of capital for U.S. federal income tax purposes, based on its expectation that it will not have accumulated earnings and profits and does not expect to generate current earnings and profits in the foreseeable future. Strategy said that tax outcomes can vary by taxpayer and depend on individual circumstances.