Vendre ? MicroStrategy envisage de racheter pour 1,5 milliard de dollars d'obligations convertibles à prix réduit, la vente de Bitcoin étant considérée comme une méthode potentielle de levée de fonds

Bitcoin holdings major holder Strategy announces a discounted buyback of $1.5 billion in zero-coupon convertible bonds maturing in 2029. The company has listed selling BTC as one of its potential fundraising channels.

Is the crypto whale about to sell? Known for its aggressive Bitcoin purchases, Strategy recently plans to buy back up to $1.5 billion in debt at a discount, and has listed "selling Bitcoin" as a potential fundraising method.

According to the 8-K filing submitted by Strategy to the U.S. Securities and Exchange Commission (SEC), the company reached an agreement with investors on May 14 to repurchase a batch of zero-coupon convertible bonds originally due in 2029, with settlement expected around May 19.

In this transaction, Strategy will spend approximately $1.38 billion, effectively repaying the $1.5 billion debt at about a 92% discount ahead of schedule.

However, the final actual repurchase amount will be dynamically adjusted based on the "volume-weighted average price (VWAP)" of Strategy A common shares over a specific period, meaning the actual payment before the deal is finalized will still fluctuate with the stock price.

Regarding the funding sources for this large buyback, Strategy listed three main channels: the company's existing cash reserves, proceeds from an "at-the-market offering" (selling new shares directly on the secondary market at market price), and selling its Bitcoin holdings.

Among these, listing "selling Bitcoin" as a fundraising option has attracted particular market attention. To soothe investor sentiment, Strategy's Executive Chairman Michael Saylor earlier this month stated that the company's stance is as a "net hodler," aiming to downplay concerns that the company might sell Bitcoin to pay off debt.

Michael Saylor said that the company would sell some Bitcoin depending on the situation to pay dividends on the perpetual preferred stock STRC. He emphasized that even if Strategy does sell Bitcoin in the future, the amount bought will far exceed what is sold, "every time we sell one Bitcoin, we will buy back 10 to 20."

After the transaction is completed, Strategy plans to cancel all the repurchased bonds. Following this "debt slimming" move, Strategy still has about $1.5 billion in bonds due in 2029 outstanding, implying that before this deal, the total issuance of such bonds was close to $3 billion.

Currently, Strategy holds up to 818,869 Bitcoins, which, at current market prices, are worth over $66 billion, making it the largest publicly traded company holding Bitcoin worldwide.

• This article is reprinted with permission from: 《Block Beast》
• Original title: 《Strategy plans to buy back $1.5 billion in convertible bonds at a discount, "selling Bitcoin for cash" as a potential fundraising option》
• Original author: Block Sister MEL