'Bitcoin Whales' Mobilize Another $2 Billion.. Redeem Convertible Bonds at a Discount and Acquire Additional BTC

Strategy Inc. (MSTR) disclosed that between May 11 and 25, 2026, it repurchased $1.5 billion of 0% convertible notes due 2029 at an approximately 8% discount, paying $1.38 billion. This reduced the outstanding balance from $8.2 billion to $6.7 billion and generated a 0.7% return on a Bitcoin basis—equivalent to 4,391 BTC—and a profit of $333 million (roughly ₩450 billion). Using proceeds from a $2 billion issuance of variable-rate Series A perpetual “stretch” preferred stock (STRC) and $84 million in Class A common shares, the company acquired an additional 24,869 BTC. As of today, it holds 843,738 BTC, has $15.5 billion (≈₩21 trillion) in preferred stock outstanding, and maintains $871 million (≈₩1.2 trillion) in dollar-denominated liquid reserves. Citing zero accumulated earnings under U.S. corporate tax rules and low near-term income expectations, the company reaffirmed that preferred-stock dividends will continue to be treated as non-taxable capital returns. It also outlined plans for defining and limiting Bitcoin-related KPIs and for future capital-management and tax strategies.

During the same period, director Jarod M. Patten sequentially exercised stock options granted from 2018 to 2020 to acquire Class A common shares, sold a substantial portion in the market, and still holds tens of thousands of common shares, multiple series of perpetual preferred shares, and remaining stock options.

The company recently reported that after raising its Bitcoin holdings to about 843,000 BTC, it paused new purchases while redeeming certain convertible notes. In late May, it executed its first Bitcoin sale since 2022—32 BTC for approximately $2.5 million (≈₩340 million).

Prior to 2025, Strategy Inc. was a U.S. IT firm specializing in enterprise-analytics software. Since then, it has deployed the bulk of its assets and capital-market funding into Bitcoin, making it one of the publicly traded companies with the largest Bitcoin reserves. With U.S. public- and private-sector discussions expanding around corporate Bitcoin holdings and strategic reserves, there is growing interest in how companies like Strategy Inc. shape the digital-asset market and related industries.