Strategy’s $1.5 Billion Debt Buyback Boosts MSTR BTC Per Share
Strategy (MSTR), the world’s largest corporate holder of bitcoin, repurchased $1.5 billion of its 0% convertible senior notes due in 2029 last week for approximately $1.38 billion, according to a filing released Tuesday.
Rather than using the funds to acquire additional bitcoin, the company chose to reduce its outstanding debt. The repurchase was funded with cash on hand, leaving Strategy with roughly $871 million in cash reserves after completing the transaction and related capital activities.
Executive Chairman Michael Saylor alluded to the transaction in a post on X on Sunday, writing, “This week we bought bonds, not bitcoin. The ₿itVac is charging.”
The debt repurchase represents a departure from Strategy’s typical bitcoin-buying playbook as the company works to optimize its balance sheet and reduce liabilities tied to its bitcoin treasury strategy.
Following the transaction, Strategy’s total outstanding debt declined from approximately $8.2 billion to $6.7 billion.
The debt repurchase also increased Strategy’s BTC Per Share to 220,900 and lifted year-to-date BTC Yield to 13.3%, reflecting the positive impact of reducing potential share dilution.
The company currently holds 843,738 bitcoin purchased at an average cost of $75,700 per BTC, giving it a total acquisition cost of roughly $63.9 billion.
