Strategy is starting to move on its capital structure again.

Strategy announced today that it plans to repurchase approximately $1.5 billion in principal of convertible bonds due in 2029.

And the most watched in the market is:

The official document explicitly mentions that,
the sources of funds for this repurchase may include:

• Existing cash reserves
• ATM secondary issuance financing
• And — proceeds from selling Bitcoin

This means:

The market has always assumed that “buy only, no sell” BTC whales,
are now explicitly including “selling coins” in the official financing plan for the first time.

Although this does not currently mean BTC has been sold,
it seems more like reserving space for future operations.

But for market sentiment, the significance is already completely different.

Because over the past few years:

Strategy has almost been
a synonym for “long-term holding of BTC faith.”

And now, with debt restructuring, changes in the interest rate environment, and increased corporate financing pressure:

BTC is no longer just a faith asset,
but also starting to become a “liquidity tool” on the balance sheet.

According to the announcement:

This transaction is expected to be completed around May 19;
after completion, the remaining principal of the 2029 convertible bonds that the company has not repaid will be approximately $1.5 billion.

In simple terms:

Strategy is shifting from:

“Infinitely leveraging to buy $BTC ”

gradually to:

“Starting to manage leverage risk.”