Strategy Advances $1.5B Note Buyback to Fuel 1M BTC Target

Strategy is executing a $1.5 billion repurchase of 2029 convertible notes for roughly $1.38 billion while pursuing a 1 million BTC reserve. The move follows CEO Phong Le’s May 9 policy shift from a strict “never sell” stance to a data-driven framework that permits selective Bitcoin sales only when they boost Bitcoin-per-share. Q1 results showed $124.3 million revenue but a $12.54 billion net loss after a 23% BTC price drop, with Jane Street cutting Bitcoin ETF holdings 71% and rotating into Ether products. Bitcoin has since slipped below $78,000, pressuring the firm’s mNAV premium to 1.06x. The buyback, funded potentially by cash, equity issuance or BTC sales, marks a pragmatic adaptation in corporate Bitcoin treasury management.