The Information · Strategy · Bitcoin · CryptoSlate
The calendar closes June 15, 2029, with $800 million of 2032 notes, equivalent to roughly 10,115 BTC
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These are holder-put rights: options that noteholders may exercise based on market conditions, conversion economics, and refinancing alternatives on each date.
Key facts
- At a Bitcoin price of roughly $79,000, funding the current $1.38 billion repurchase entirely through Bitcoin sales would require about 17,448 BTC, approximately 2.1% of Strategy's 818,334 BTC holdings
- Strategy agreed on May 15 to repurchase roughly $1.5 billion principal of its 2029 convertible notes for an estimated $1.38 billion in cash
- The first arrives Sept. 15, 2027, when $1.01 billion of 2028 notes become putable, equivalent to roughly 12,770 BTC at current prices
- The next repurchase takes place on June 1, 2028, adding $1.5 billion of 2029 notes, equivalent to 18,965 BTC
Summary
A $1.38B Bitcoin sale would likely be digestible if handled off-market. Strategy agreed on May 15 to repurchase roughly $1.5 billion principal of its 2029 convertible notes for an estimated $1.38 billion in cash. The firm told investors in its Form 8-K that it may fund the repurchase with available cash reserves, ATM sale proceeds, and/or Bitcoin sale proceeds. The filing adds a new role to Bitcoin on Strategy's balance sheet as a named funding option for near-term debt obligations. Strategy built its public identity around relentless Bitcoin accumulation, buying during market downturns, funding purchases with convertible debt, and expanding its BTC pile to 818,869 BTC.