Strategy, the Tysons Corner-based software and Bitcoin treasury company formerly known as MicroStrategy, foot The Form 8-K on Friday announced plans to repurchase $1.5 billion of its convertible notes due in 2029 — a significant balance sheet move that comes as STRC, the company’s preferred equity vehicle, continues to attract record demand from investors.
The buyback announcement comes one day after STRC, the strategy’s Series A variable-rate preferred stock, registered An all-time high daily trading volume hit $1.53 billion on Thursday, surpassing the previous record of $1.1 billion set on April 13.
CEO Michael Saylor confirmed the significant milestone on the
STRC pays Investors received an annualized dividend of 11.5% without diluting Strategy’s common shares, and its market capitalization has grown to approximately $8.5 billion since its launch less than nine months ago, making it the world’s largest preferred stock by market capitalization.
In theory, Thursday’s trading activity could allow Strategy to raise approximately $735.4 million through the market issuance structure — enough to buy approximately 9,066 bitcoins at current prices.
The repurchase of convertible securities adds another dimension to the strategy’s ongoing efforts to restructure its capital. The company has publicly announced its intention to convert approximately $6 billion of convertible debt into equity over the next three to six years, with Saylor noting that the company can withstand Bitcoin prices reaching $8,000 before its assets and debt equalize.
The 2029 bonds targeted in Friday’s filing represent one of the earliest maturities the company will need to manage as it implements this transition.
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Meanwhile, shareholders of STRC and MSTR are also being asked to vote on a separate but related proposal: adjusting STRC’s dividend structure from monthly to bi-monthly payments.
Voting on the amendment opened on April 28 and ends on June 8, and the first biweekly payment is expected to occur on July 15 if approved. Sailor It has been framed Change as a means to “stabilize prices, smooth out pro-cyclical fluctuations, increase liquidity, and increase demand” – and ultimately to position the STRC as what he called “the largest credit instrument in the world.”
The strategy currently has 818,869 BTC acquired At a total cost of approximately $61.81 billion, or an average price of $75,537 per coin. The company has accumulated more than 101,000 BTC since March alone, with more than 56,770 of those purchases occurring after April, as it continues to deploy capital from its preferred stock and market programs at an accelerating pace.
JP Morgan analysts expect Strategy’s total Bitcoin purchases for 2026 to reach $30 billion.
