Strategy filed an 8-K on May 15 to repurchase $1.5 billion in 2029 convertible notes for ~$1.38 billion — its first major deleveraging move. The filing explicitly lists 'sale of Bitcoin' as a potential funding source, with prediction markets now pricing a 90% chance Strategy sells BTC before year-end, up from 12% a month ago.
Strategy filed an 8-K on May 15 to repurchase $1.5 billion in 2029 convertible notes for ~$1.38 billion — its first major deleveraging move. The filing explicitly lists 'sale of Bitcoin' as a potential funding source, with prediction markets now pricing a 90% chance Strategy sells BTC before year-end, up from 12% a month ago.
Strategy (formerly MicroStrategy) took its most concrete step yet toward paring down its $8.2 billion debt stack, entering an agreement to repurchase $1.5 billion of its 2029 convertible senior notes for an estimated $1.38 billion.
The 8-K filed on May 15 with the SEC lists three potential funding sources: available cash, proceeds from its at-the-market common stock offering, 'and/or proceeds from the sale of Bitcoin.' This marks the first time the company has formally acknowledged potential BTC sales as a financing mechanism in a regulatory filing.
The move aligns with Executive Chairman Michael Saylor's February pledge to 'equitize' the firm's convertible notes over the next three to six years. It also comes amid the rapid growth of Strategy's preferred stock offering (STRC), which now carries an $8.4 billion market cap and pays an 11.5% annual dividend.
Saylor said during the Q1 earnings call in early May: 'We'll probably sell some Bitcoin to fund a dividend just to inoculate the market — just to send the message that we did it.'
Strategy controls approximately $65 billion worth of Bitcoin. Its shares trade around $178, up 18% year-to-date but well below the $457 peak. After the repurchase, $1.5 billion in convertible debt remains from the 2029 tranche, with roughly $1 billion in puttable notes due as early as September 2027.
Prediction market Myriad shows traders now assign a 90% probability of Strategy selling Bitcoin before year-end, up from just 12% one month ago.
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