Strategy BTC-linked bond buyback: $1.5B 2029 notes repurchase may use BTC sales

Strategy plans a $1.5B bond buyback of zero-coupon notes due 2029, using cash and potentially selling BTC, according to a US SEC filing. The company will pay about $1.38B in cash via private negotiations, with settlement around May 19 and the repurchased bonds cancelled. The BTC-linked funding angle is the key trading focus. Strategy holds about 818,869 BTC and says it remains committed to being a long-term net buyer, but markets are watching whether BTC could be liquidated to fund the Strategy bond buyback. If BTC sales occur, it may add short-term selling pressure during a softer market tone. Traders also noted capital-structure logic: Strategy is effectively repurchasing the 2029 debt at a discount to reduce future liabilities, though it requires a large near-term cash outlay. After the news, MSTR stock fell around 5.27% to about $177.11, while Strategy also bought an additional 535 BTC earlier and raised cash via share sales. Overall, the market impact on BTC hinges on whether any BTC is actually sold versus offset by continued BTC accumulation.