Strategy retires $1.5B of 2029 convertible notes for about $1.38B cash

Strategy repurchased and canceled $1.50B of principal of its 0% convertible notes due 2029, paying about $1.38B in cash, roughly an 8% discount to par. The deal was agreed May 14 and settled May 19, 2026, and was funded from cash reserves. Convertible principal fell to $6.7B from $8.2B, while the USD Reserve stood at $871M after the transaction.

• $1.50B principal of 0% 2029 convertible notes repurchased for about $1.38B cash (about 8% discount)
• Agreement May 14, 2026; cancellation May 19, 2026
• Convertible principal reduced to $6.7B from $8.2B
• USD Reserve $871M after the transaction; preferred notional outstanding $15.5B