Strategy to Sell Bitcoin for Convertible Bond Buyback

BlockBeats News, May 15th - Today, Strategy announced its intention to repurchase approximately $1.5 billion in principal amount of 2029 convertible bonds. It stated that the repurchase funds may come from the sale of Bitcoin.

Official documents show that Strategy indicated the repurchase funds will come from existing cash reserves, funds from the ATM issuance program, and/or proceeds from the sale of Bitcoin. The company expects the transaction to be completed around May 19, 2026, and the relevant notes will be cancelled upon completion. After the repurchase, the remaining outstanding principal amount of the 2029 convertible bonds is approximately $1.5 billion.

Prior to this, Michael Saylor stated that Strategy may sell a small amount of BTC in the future to utilize liquidity, but overall will continue to make net purchases. Saylor said, "We may sell 20 basis points of BTC in a month, but in that same month, we may buy back five times or ten times as much." He emphasized that if the market believes the company will "never sell BTC," it would weaken Bitcoin's financial properties as an asset and the credit rating rationale.