According to reports from Strategy executive chairman Michael Saylor on X, the company paused Bitcoin purchases this week as it moved to repurchase nearly $1.5 billion in convertible debt. The company plans to repurchase the 0% convertible senior notes due 2029 for about $1.38 billion in cash, with the repurchase funded through existing cash reserves, proceeds from at-the-market stock sales, and potential Bitcoin sales. As reported by Strategy, the debt repurchase could reduce future stock dilution risks for MSTR shareholders while improving the company's balance sheet. Saylor confirmed the pause by stating "This week we bought bonds, not bitcoin. The ₿itVac is charging," indicating the temporary halt as preparation for future Bitcoin accumulation.
During an interview, Saylor stated that Bitcoin sales before the end of 2026 are "not unlikely" as Strategy adjusts its capital structure. According to Saylor's comments, models relying only on equity, credit, or Bitcoin underperformed compared with a more flexible capital allocation approach. He framed the temporary pause in Bitcoin buying as part of a larger financing strategy, describing Strategy's treasury model as programmatic and data-driven, with liabilities managed across cash, equity, credit, and Bitcoin. Saylor noted that any Bitcoin disposal would likely remain small compared with Bitcoin's estimated daily liquidity of $20 billion to $50 billion. The company previously disclosed purchasing 24,869 BTC for about $2.01 billion using proceeds from sales of STRC perpetual preferred shares and MSTR stock.
According to company data, Strategy currently holds 843,738 BTC valued at approximately $65.25 billion. These holdings were acquired for roughly $63.88 billion, leaving the company with unrealized gains based on current Bitcoin prices. The company previously disclosed purchasing 24,869 BTC for about $2.01 billion using proceeds from sales of STRC perpetual preferred shares and MSTR stock. Saylor has reiterated that any future Bitcoin sale would be a capital allocation decision rather than a change in conviction around the asset, with the company potentially able to acquire roughly 20 Bitcoin for every one sold if dividend obligations were fully funded through BTC sales.
Recent market pressure has weighed on Strategy stock, with MSTR closing down 3.01% at $159.89 on Friday after falling more than 5% over the week. The stock decline came as investors watched for signs of another Bitcoin acquisition following recent weakness in both Bitcoin and MSTR stock. However, Strategy still holds 843,738 BTC worth $65.25 billion, indicating the company is far from signaling a slowdown in its Bitcoin accumulation strategy. Saylor noted that Strategy does not plan to retire products such as STRF, STRD, and STRK preferred shares, while convertible bonds remain liabilities the company intends to reduce over time.
