TLDR
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Strategy buys 24,869 BTC after retiring $1.5B in convertible notes
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MSTR rebounds pre-market after Strategy expands its Bitcoin position
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Saylor’s Strategy cuts debt and lifts holdings to 843,738 Bitcoin
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Strategy adds fresh BTC while reducing convertible notes to $6.7B
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MSTR gains pre-market as Strategy updates debt and Bitcoin strategy
Strategy Inc. (MSTR) shares moved to reshape its balance sheet after completing major bitcoin and capital-market transactions between May 11 and May 25, 2026. The company bought 24,869 bitcoin while retiring $1.5 billion in convertible debt at a discount. Meanwhile, MSTR closed at $159.89, down 3.01%, before rising 1.74% to $162.67 pre-market.
Strategy Expands Bitcoin Holdings After Capital Raise
Strategy said it now holds 843,738 bitcoin as of May 25, 2026. The company also reported 220,900 Bitcoin Per Share, measured in satoshis. The latest purchase came from new Digital Equity and Digital Credit sales.
The firm issued $2.0 billion in notional STRC preferred stock during the period. It also sold $84 million of Class A common stock under its offering program. Then, Strategy used the proceeds to buy 24,869 bitcoin.
The latest activity supports Strategy’s long-running bitcoin treasury model. The company has used equity, preferred stock, and debt tools to expand its holdings. However, the latest update also showed stronger focus on balance sheet management.
Debt Buyback Reduces Convertible Notes
Strategy completed the repurchase of $1.5 billion in 2029 convertible senior notes. The company paid about $1.38 billion in cash for the repurchase. Therefore, it retired the notes at an estimated 8% discount to par.
The transaction reduced the total outstanding convertible notes from $8.2 billion to $6.7 billion. Strategy said the move generated BTC Yield of 0.7% during the transaction period. It also reported BTC Gain of 4,391 bitcoin and BTC dollar gain of $333 million.
Year-to-date, Strategy reported a BTC Yield of 13.3%. The company also posted BTC Gain of 89,378 bitcoin and BTC dollar gain of $6.8 billion. These figures reflect its internal bitcoin performance metrics tied to common share exposure.
Cash Reserve Falls as Strategy Plans Rebuild
Strategy reported a USD Reserve balance of $871 million as of May 25, 2026. The company created the reserve in December 2025 for dividend and debt-related payments. The latest note repurchase used cash and reduced available reserves.
The firm said it plans to rebuild the reserve over time. It may use Digital Capital, Digital Credit, and Digital Equity sales depending on market conditions. Besides, management framed the reserve as part of its preferred stock and debt support structure.
Strategy also said it expects preferred equity distributions to qualify as return of capital. This view depends on its expectations around earnings and profits for tax purposes. Meanwhile, the company warned that future changes could affect tax treatment.
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