# Strategy Announces $1.5B Bond Buyback, Contemplates BTC Sales

*Author: Jack Inabinet*
*Published: May 15, 2026*
*Source: https://www.bankless.com/read/news/strategy-announces-1-5b-bond-buyback-contemplates-btc-sales*

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Strategy (NASDAQ: MSTR) has declared its intention to repurchase $1.5B in face value of its 2029 convertible notes, a transaction that should raise plenty of eyebrows about the sustainability of its financing structure.

### What's the Scoop?
- **Debt Buyback: **According to a Form 8-K "Current Report" [filed](https://assets.contentstack.io/v3/assets/bltf8d808d9b8cebd37/blt800bb6bf1bbd2538/6a07052fd885fd43fb3dfc24/form-8-k_05-15-2026.pdf) yesterday and announced this morning with the Securities and Exchange Commission, Strategy has "entered into privately negotiated transactions with certain holders of its outstanding 0% Convertible Senior Notes due 2029" to repurchase $1.5B for roughly $1.38B.
- **No Good Option:** According to the filing, "Strategy expects to fund the Repurchases with available cash reserves, proceeds from sales of securities under its at-the-market offering program, and/or proceeds from the sale of bitcoin." Opting for the first option is feasible given Strategy’s $2.25B cash reserve, but doing so would meaningfully reduce the runway for its $1.4B in annual dividend obligations to just over 7 months, potentially undermining confidence in dividend-dependent financing vehicles like STRC. Choosing to fund the repurchase through the second option would rely on new capital to retire existing obligations (indicative of a ponzi scheme), while resorting to the third option would dilute shareholders’ BTC exposure, weakening the core investment appeal of MSTR.
- **Shifting Tone: **This latest disclosure marks another massive departure step from Michael Saylor’s long-standing “never sell BTC” mantra. Just last week, Saylor [said](https://www.bankless.com/de/read/news/strategys-saylor-contemplates-btc-sales) Strategy may sell bitcoin to fund dividends tied to its STRC preferred stock program.

> Strategy to repurchase $1.5 billion principal amount of 2029 convertible notes. [$MSTR](https://twitter.com/search?q=%24MSTR&src=ctag&ref_src=twsrc%5Etfw) [$STRC](https://twitter.com/search?q=%24STRC&src=ctag&ref_src=twsrc%5Etfw) [https://t.co/QVYDSr5keh](https://t.co/QVYDSr5keh)— Strategy (@Strategy) [May 15, 2026](https://twitter.com/Strategy/status/2055257988428865751?ref_src=twsrc%5Etfw)