Strategy did not add to its Bitcoin position this week, choosing instead to focus on a major debt buyback. Executive Chairman Michael Saylor said in a post on X that the company bought bonds instead of Bitcoin this week, adding that the “BitVac is charging.”
The update came as investors were watching for another Bitcoin purchase after weakness in both Bitcoin and MSTR shares. Earlier company disclosures showed that Strategy plans to repurchase nearly $1.5 billion in face value of its 0% convertible senior notes due 2029 for about $1.38 billion in cash. Filings said the repurchase could be funded with existing cash, proceeds from at-the-market stock sales, and possible Bitcoin sales.
Debt reduction takes priority this week
Only days before the latest announcement, Saylor said in an interview that it was “not unlikely” that Strategy could sell some Bitcoin before the end of 2026. He said models built around only equity, only credit, or only Bitcoin had underperformed compared with a more flexible capital allocation framework.
Saylor has presented the pause in Bitcoin buying as a financing decision, not a shift away from accumulation. In his description, Strategy’s treasury model is programmatic and data-driven, with liabilities managed across cash, equity, credit, and Bitcoin.
Holdings stand at 843,738 BTC
The company has still been expanding its Bitcoin reserves in recent months. Strategy previously said it purchased 24,869 BTC for about $2.01 billion using proceeds from sales of STRC perpetual preferred shares and MSTR stock.
According to company data, Strategy now holds 843,738 BTC valued at roughly $65.25 billion. Those holdings were acquired for about $63.88 billion, leaving the company with unrealized gains at current Bitcoin prices.
Bitcoin sales remain on the table
On the prospect of selling Bitcoin, Saylor said any disposal would likely be small relative to Bitcoin’s estimated daily liquidity of $20 billion to $50 billion. He also argued that if dividend obligations were fully funded through BTC sales, the company could still acquire roughly 20 Bitcoin for every 1 sold.
Saylor said the long-term target remains increasing Bitcoin per share through 2033, and described any future sale of Bitcoin as a capital allocation choice rather than a change in conviction. He also said Strategy does not plan to retire preferred share products such as STRF, STRD, and STRK, while convertible bonds remain liabilities the company wants to reduce over time.
The discounted repurchase of convertible notes has drawn interest from equity investors because retiring those instruments may reduce future dilution risk for MSTR shareholders. Strategy said the move improves its balance sheet while keeping open the option to raise capital later through debt, equity offerings, or preferred share issuance. Under recent market pressure, MSTR closed at $159.89 on Friday, down 3.01% on the day and more than 5% over the week.