Strategy Buys $2B Bitcoin, Holdings Reach 843,738 BTC Despite Debt Buyback

Strategy (formerly MicroStrategy) purchased 24,869 BTC for $2.01 billion between May 11-17, lifting total holdings to 843,738 BTC and surpassing BlackRock. The aggressive accumulation followed a $12.54 billion Q1 net loss driven by a $14.46 billion unrealized Bitcoin markdown and a policy reset from “never sell” to “never sell more than you buy.” In mid-May the firm filed to repurchase $1.5 billion of 2029 convertible notes, potentially funded partly by selective BTC sales, while raising capital through STRC preferred shares and ATM equity offerings. Despite market concerns over possible liquidations and mNAV pressure, Strategy financed the latest purchase mainly via preferred stock proceeds and continued its institutional accumulation strategy.