Strategy: MicroStrategy invests $1.38 billion to repurchase convertible bonds and simultaneously adds 24,869 Bitcoins, pushing total holdings beyond 843,000 BTC!

The world’s largest Bitcoin treasury company, Strategy Inc., announced today (26th) that through a series of extreme capital operations, it has increased its total Bitcoin holdings to 843,738 coins. The company not only issued $2 billion in perpetual preferred stock to add to its BTC, but also seized an excellent opportunity at an 8% discount and spent $1.38 billion in cash to repurchase $1.5 billion worth of convertible bonds. So far this year, its BTC return rate has reached 13.3%, creating an astonishing $6.8 billion in wealth appreciation for shareholders.
(Background: MicroStrategy’s fierce rival, asset management giant Strive, adds another $85.4 million to buy 1,109 Bitcoin, pushing total holdings past 16k BTC)
(Additional background: Is Strategy selling Bitcoin a bearish signal? A breakdown of MicroStrategy’s 5 major financial logic)

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• Total holdings reach 843,738 BTC, repurchasing $150 million in debt at a discount
• Issued $2 billion in digital credit, continuing to accumulate Bitcoin
• Executives speak out: flexibly use multiple types of leverage to optimize the balance sheet

Strategy Inc., the first and largest Bitcoin treasury company in the world, released its latest capital structure update announcement today (May 26, 2026), demonstrating to Wall Street its top-tier trading prowess in perfectly combining “traditional financial instruments” with “Bitcoin maximization strategies.”

According to the announcement, from May 11 to May 25, Strategy Inc. densely completed a series of major transactions related to capital markets and Bitcoin, successfully achieving the dual goals of “reducing leverage” and “increasing holdings.”

Total holdings reach 843,738 BTC, repurchasing $150 million in debt at a discount

As of May 25, Strategy Inc.’s latest financials and holdings status reached a historic milestone:

• Total Bitcoin holdings: up to 843,738 BTC.
• Bitcoin per share (BPS): reached 220,900 sats (sats).
• USD cash reserves: holds $871 million to support preferred stock dividend payments and debt interest payments.

On debt management, the company demonstrated very strong financial discipline. Strategy Inc. deployed approximately $1.38 billion in cash to successfully repurchase $1.5 billion of 0% convertible senior notes due in 2029. The deal was completed at an advantage of about an 8% discount to par value, which sharply reduced the company’s outstanding convertible bonds from $8.2 billion to $6.7 billion.

Just this debt buyback operation generated a 0.7% BTC yield for the company, equivalent to the value of 4,391 Bitcoin (about $333 million).

Issued $2 billion in digital credit, continuously accumulating Bitcoin

While reducing debt, Strategy Inc.’s expansion pace did not slow down. Through an ATM (At-the-market) issuance program, the company additionally issued $2 billion in nominal value of variable-rate Series A perpetual preferred stock (STRC), as well as $84 million in A-class common stock (MSTR), and used all of these funds to buy 24,869 Bitcoin.

Summarizing its year-to-date (YTD) performance through 2026, Strategy Inc. has achieved a BTC return rate of 13.3%, bringing growth of 89,378 Bitcoin (worth about $6.8 billion) to the company.

Executives speak out: flexibly use multiple types of leverage to optimize the balance sheet

In the face of this impressive performance, founder and Executive Chairman Michael Saylor said proudly in the announcement:

“These transactions demonstrate the flexibility of our capital structure, as well as a dynamic, ever-changing capital allocation model. We can use leverage tools such as cash, digital equity, digital credit, or digital capital to optimize our balance sheet in response to market changes. Our long-term goal has always been the same: to increase ‘Bitcoin holdings per share’ for common shareholders.”

CFO Andrew Kang also added that repurchasing the 2029 convertible bonds is positive for both equity and credit, showing that the company places great importance on debt management. Going forward, the company will work to maintain sufficient USD reserves (currently $871 million) to safeguard credit quality, and it expects preferred stock distributions to be handled in the form of “Return of Capital (ROC),” further enhancing tax attractiveness for investors.