In 2026, Strategy achieved a year-to-date Bitcoin gain of 13.3% by completing a series of capital market and Bitcoin-related transactions between May 11 and May 25. The company, formerly known as MicroStrategy, reported that its year-to-date Bitcoin gains reached 89,378 BTC, valued at approximately $6.8 billion. As of May 25, 2026, Strategy holds 843,738 BTC, with a total purchase amount of about $63.87 billion, averaging around $75,700 per Bitcoin.
Strategy Reduces Convertible Debt
The debt buyback reduced Strategy's total convertible notes from $8.2 billion to $6.7 billion. The company stated that the transaction generated a 0.7% incremental Bitcoin gain, acquiring 4,391 BTC and approximately $333 million in Bitcoin dollar gains.
The funds for this buyback came from cash reserves and proceeds from the sale of market securities. The company indicated that the buyback funds primarily originated from cash on hand, digital equity sales through MSTR stock, and digital credit sales through STRC preferred stock.
In the latest debt buyback, the company did not report any Bitcoin sales. Earlier filings mentioned that potential Bitcoin sales could be used for capital management, but the transactions from May 11 to May 25 did not reduce the company's Bitcoin holdings.
Bitcoin Holdings Remain at 843,738 BTC
Strategy also announced the issuance of an additional $2 billion in nominal value of variable-rate Series A perpetual extended preferred stock, trading under the ticker STRC. Additionally, it issued $84 million in Class A common stock, trading under the ticker MSTR.
These proceeds were used to purchase 24,869 BTC. This purchase is part of Strategy's ongoing efforts to utilize stock and preferred stock programs to support Bitcoin accumulation while managing corporate liabilities.
At the end of the trading period, Strategy reported a Bitcoin value of 220,900 sats per share. The company also holds a total of $1.55 billion in preferred stock and $871 million in cash reserves.
Strategy indicated plans to gradually replenish its cash reserves based on market conditions. Chief Financial Officer Andrew Kang stated that the company remains focused on maintaining cash reserves to support the credit quality of digital credit securities.
Michael Saylor Defends Capital Strategy
Michael Saylor, founder and Executive Chairman of Strategy, stated that these transactions demonstrate the flexibility of the company's capital structure. He noted that Strategy can fund transactions through cash, digital equity, digital credit, or digital capital.
Saylor emphasized that the company will focus on increasing Bitcoin per share for common shareholders in the long term while maintaining a strong balance sheet to support credit investors.
Von Ray, President and CEO of Strategy, stated that the debt buyback reflects the company's plan to manage convertible debt using available capital tools. He noted that the company repurchased $1.38 billion of convertible debt with a Bitcoin gain of 13.3%.