- Strategy reduced convertible debt to $6.7 billion after repurchasing $1.5 billion of 2029 notes.
- Strategy held 843,738 BTC after pausing additional weekly Bitcoin purchases in late May.
- Strategy’s 2026 BTC Yield reached 13.3%, with BTC Gain rising to 89,378 Bitcoin.
Strategy used the second half of May to reduce debt while pausing additional weekly Bitcoin purchases. According to official reports, the company completed a $1.5 billion repurchase of its 0% convertible senior notes due 2029 at roughly 8% below par. The transaction cut total convertible debt from $8.2 billion to $6.7 billion.
Strategy Reports 13.3% YTD BTC Yield After Debt Repurchase
As noted in the report, the repurchase cost was about $1.38 billion in cash, creating a discount against the notes’ face value. Strategy said the transaction generated a BTC Yield of 0.7%, equal to a BTC Gain of 4,391 coins.
The company also placed that gain at $333 million. So far in 2026, its BTC Yield rose to 13.3%, with BTC Gain reaching 89,378 coins.
The year-to-date gain was valued at $6.8 billion. Notably, the update showed debt management becoming part of the company’s broader treasury math, not just a funding exercise.
Bitcoin Buying Streak Pauses After 843,738 BTC Holdings Update
Meanwhile, the company made no additional Bitcoin purchase in the week ending May 25. Its holdings remained at 843,738 coins at press time, bought for about $63.87 billion. That puts the average purchase price near $75,700 per coin.
The pause followed an earlier capital move, where proceeds helped fund a 24,869-coin purchase. Strategy said it issued another $2.0 billion notional amount of STRC preferred stock and $84 million of MSTR common stock.
Those proceeds were tied to the earlier accumulation, not a new weekly purchase. As of May 25, the company also reported 220,900 Bitcoin Per Share, measured in sats. As a result, its USD Reserve stood at $871 million after the transactions.
However, the reduced cash position also drew fresh criticism from long-time Bitcoin critic Peter Schiff. Responding to Michael Saylor’s post about the debt repurchase and Strategy’s 13.3% year-to-date BTC yield, Schiff questioned whether the company was facing rising liquidity pressure.
“You’re running out of cash. What will you sell next to keep the wheels from falling off?” Schiff wrote on X. His comment framed the debt reduction less as a balance-sheet win and more as a test of how Strategy will keep funding its Bitcoin-focused treasury model without weakening its reserves.
Related: Strategy Buys 24,869 Bitcoin for $2 Billion, Now Holds 843,738 Bitcoin
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