Strategy said Friday it plans to repurchase $1.5 billion in 2029 convertible notes as investor demand for its STRC preferred stock continues to surge.
Strategy, the Tysons Corner-based software and Bitcoin treasury firm formerly known as MicroStrategy, filed a Form 8-K on Friday announcing plans to repurchase $1.5 billion of its convertible notes due 2029 — a significant balance sheet move that comes as the company’s preferred stock instrument, STRC, continues to attract record investor demand.
The repurchase announcement arrives one day after STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, recorded an all-time high daily trading volume of $1.53 billion on Thursday, surpassing the prior record of $1.1 billion set on April 13.
Executive Chairman Michael Saylor confirmed the milestone on X, calling it “all-time high volume” and describing the print as a signal of growing institutional confidence in the instrument.
STRC pays investors an 11.5% annualized dividend without diluting Strategy’s common equity and has grown to approximately $8.5 billion in market capitalization since launching less than nine months ago, making it the world’s largest preferred stock by market cap.
