Strategy Made a New Announcement Worth $1.5 Billion! Did They Sell Bitcoin (BTC)?

Strategy, the largest institutional Bitcoin (BTC) investor, announced it will repurchase $1.5 billion worth of bonds.

Accordingly, Straetgy announced in an official statement that it has signed agreements with some investors to repurchase approximately $1.5 billion of its 0% interest convertible senior bonds maturing in 2029.

The company stated that the expected cash purchase price is approximately $1.38 billion.

The statement also indicated that the buyback could be financed with existing cash reserves, proceeds from the market-price share offering program, and revenue from Bitcoin sales.

Strategy expects the transaction to be completed around May 19th. Following the repurchase, the bonds will be redeemed, leaving approximately $1.5 billion in principal for the 2029 bonds.

As you may recall, last week Strategy founder Michael Saylor hinted at selling Bitcoin (BTC) for the first time. While this caused surprise in the market, Strategy CEO Phong Le shared two scenarios in which they could sell BTC.

Le had stated that, in the first scenario, they could sell their shares to finance dividend payments for STRC, which has perpetual preferred shares; and in the second scenario, they could sell to take advantage of tax benefits.

*This is not investment advice.

Continue Reading: Strategy Made a New Announcement Worth $1.5 Billion! Did They Sell Bitcoin (BTC)?