Bitcoin treasury company Strategy announced it will repurchase $1.5 billion worth of its 0% convertible notes due in 2029, retiring roughly half of that tranche's total outstanding debt. The company entered into privately negotiated transactions with a portion of its noteholders, agreeing to repurchase the debt for an estimated $1.38 billion, with the final amount subject to variation based on market conditions at settlement. To fund the repurchase, Strategy said it plans to draw from available cash reserves, proceeds from its at-the-market offering program, and potentially proceeds from the sale of Bitcoin holdings.

The announcement follows comments from Strategy co-founder Michael Saylor in May 2026 signaling that selling a portion of the company's Bitcoin was on the table to fund financial obligations, including dividend payments. Strategy currently holds 818,869 Bitcoin valued at approximately $64 billion at current spot prices, and carries around $8.2 billion in total outstanding debt. The repurchase represents a meaningful step toward reducing that debt load, though how much of it is funded through Bitcoin sales will be closely watched by investors given the company's identity as a Bitcoin-first treasury operation.