For a company sitting on 843,738 BTC, the signal here is clear: Strategy would rather retire its own debt than sell a single satoshi.
What “digital credit securities” actually means
Strategy has been rebranding its financial instruments, lumping its convertible notes, preferred stock, and other debt products under the umbrella term “digital credit securities.” The recent $1.5 billion repurchase targeted the company’s 0% Convertible Senior Notes due 2029. Those are bonds that pay no interest and can be converted into equity at a set price. By buying them back at a discount, Strategy effectively reduced its future obligations for less than face value.
After the deal closed between May 11 and May 25, 2026, Strategy’s total outstanding convertible notes dropped from $8.2 billion to $6.7 billion. The company still has $15.5 billion in aggregate notional preferred stock outstanding.
The numbers behind the strategy
