MicroStrategy plans to redeem $1.5 billion in convertible notes, with "selling BTC" emerging as a potential fundraising option.

ORIGINALStrategy 擬折價贖回 15 億美元可轉債，「賣幣套現」成潛在籌資選項

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Is a crypto super whale about to sell its holdings? Strategy, known for its aggressive Bitcoin accumulation, recently announced plans to repurchase $1.5 billion worth of debt at a discount, listing the "sale of Bitcoin" as a potential funding source. According to an 8-K filing submitted by Strategy to the SEC, the company reached an agreement with investors on May 14 to repurchase a batch of "zero-coupon convertible notes" originally due in 2029, with the transaction expected to close around May 19. In this deal, Strategy will spend approximately $1.38 billion to retire the $1.5 billion debt early, effectively at a "92% discount." However, the final repurchase amount will be dynamically adjusted based on the "Volume Weighted Average Price (VWAP)" of Strategy Class A common stock over a specific period, meaning the actual payment may fluctuate with the stock price until the deal is finalized. Regarding the funding sources for this massive repurchase, Strategy listed three main avenues: the company's existing cash reserves, proceeds from an "At-the-market offering" (selling new shares directly on the secondary market at market price), and the sale of its Bitcoin holdings. The inclusion of "selling Bitcoin" as a funding method has drawn significant market attention. To soothe investor sentiment, Strategy Executive Chairman Michael Saylor noted earlier this month that the company positions itself as a "net accumulator" of Bitcoin, aiming to downplay concerns that the company might sell its holdings to service debt. Michael Saylor stated at the time that while the company does expect to sell a modest amount of Bitcoin, the purpose is to pay for STRC perpetual preferred stock. He emphasized that even if Strategy were to sell Bitcoin in the future, the amount purchased would far exceed the amount sold, stating, "For every 1 Bitcoin sold in the future, we will buy back 10 to 20." Once the transaction is completed, Strategy intends to cancel all repurchased notes. Following this "debt slimming," Strategy will still have approximately $1.5 billion in 2029 notes outstanding, implying that the total size of such notes issued by the company was nearly $3 billion prior to this transaction. Strategy currently holds 818,869 BTC, valued at over $66 billion at current market prices, firmly maintaining its position as the world's largest publicly traded corporate holder of Bitcoin.

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