Strategy paused its bitcoin buying machine last week and turned it on debt instead, retiring $1.5 billion of its own convertible bonds at a discount — a move that signals the company is managing its capital structure with the same aggression it once reserved for accumulating bitcoin.
Executive Chairman Michael Saylor framed the transaction on X with characteristic brevity: “This week we bought bonds, not bitcoin. The ₿itVac is charging.”
The repurchase drew down Strategy’s cash reserve to $871 million. That reserve, established in December 2025 to cover preferred stock dividends and debt interest payments, now stands as a liquidity buffer CFO Andrew Kang said the company plans to rebuild through future Digital Capital, Digital Credit, and Digital Equity sales.
Alongside the debt reduction, Strategy continued deploying capital raised through separate equity programs. The company issued $2.0 billion notional of Variable Rate Series A Perpetual Stretch Preferred Stock (ticker: STRC) and $84 million of Class A common stock through its at-the-market offering programs, deploying those proceeds last week to buy 24,869 additional bitcoin Strategy now holds 843,738 BTC acquired at an average price of $75,700 per coin, a total outlay of roughly $63.9 billion.
