Strategy retired $1.5 billion in convertible debt this week at an 8% discount, buying back the full principal amount of its 0% Convertible Senior notes. The company also added 24,869 bitcoin to its treasury, bringing its total holdings to 843,738 BTC. It's the latest move by the software firm–turned–bitcoin treasury powerhouse to reduce leverage while continuing to stack sats.
Retiring at a discount
Strategy repurchased $1.5 billion aggregate principal amount of its zero-coupon convertible notes. By doing so at an 8% discount, the company effectively saved $120 million relative to par. The debt had no interest cost, but the buyback still trimmed a liability from the balance sheet. The timing lines up with a broader trend of bitcoin-heavy companies managing their capital structures as the market matures.
Adding to the stack
This year alone, Strategy has added 24,869 bitcoin to its holdings. Year-to-date BTC Yield—a metric the company uses to measure the percentage change in its bitcoin per fully diluted share—sits at 13.3%. That’s a figure that tracks how efficiently the company is accumulating relative to dilution. The latest purchase pushed the total past 843,000 BTC, a position worth tens of billions at current prices. No other public company comes close.
What the numbers mean
The debt retirement and the bitcoin buys are two sides of the same strategy: keep the core asset growing while cleaning up the capital stack. The 8% discount on the notes is a modest win—not a home run, but real savings. The 13.3% BTC Yield shows the company is adding bitcoin faster than it's issuing shares. That’s the math that keeps the thesis alive for shareholders who bought in for the bitcoin exposure.
There’s no word yet on what Strategy plans next. But with the notes retired and the treasury now north of 843,000 BTC, the company is sitting on a position that dwarfs almost any other institutional holder. The next quarterly filing will show whether the pace of buying continues, or if the team pauses to let the debt reduction settle.
