Option was issued on Bitcoin this week, directing the fund to buy back about $1.5 billion of its convertible bonds below par.
Executive Chairman Michael Saylor explained that the decision is temporary. He said that the company’s Bitcoin accumulation engine is already preparing for the next move.
What are Strategy’s Bonds?
Strategy’s main convertible notes are interest-free corporate debt instruments, which are expected to mature in 2029. Shareholders can convert them into company stock if Strategy’s stock exceeds a specified price threshold. The company raised $ 3 billion through the system in November 2024, the flow continues almost to the purchase of Bitcoin (BTC).
Refinancing the loan at a lower rate serves two purposes. It reduces future liabilities and frees up balance sheets before the next BTC to buy around. Strategy paid approximately $1.38 billion in cash to retire $1.5 billion in cash, and retained $120 million in cash. The company has already written a Q1 2026 accounting of $12.5 billion, largely driven by unfulfilled Bitcoin records under the new accounting rules.
At X, Saylor planned the weekly move as a deliberate break.
The “BitVac” metaphor describes the Strategy Bitcoin buying machine. The week of Slow buy of BTC for 2026 he had already shown a long-term decline, making a complete pause noticeable but not surprising.
As of May 24, Strategy has 843,738 BTC approximately $64.45 billion at a purchase price of $75,701 per share, in 110 transactions as of August 2020. The STRC share program continued the ETF in the amount of BTC over the years.
Peter Schiff woke up MicroStrategy Death ChallengesThe argument model depends on the continuous increase in BTC prices. The gold standard has also said solved STRC’s dangerous accidents if not clear. They may view the default as more evidence of financial problems rather than a proper punishment.
Whether BitVac resumes next week or credit control takes precedence is an important indicator to watch.
A note Michael Saylor Didn’t Buy Bitcoin This Week: Here’s What The Strategy Bought Instead appeared for the first time BeInCrypto.
