Strategy will redeem convertible bonds worth $1.5 billion using cash reserves, the ATM program, and/or BTC sales.

Strategy has reached an agreement with a number of holders to repurchase its 2029 convertible bonds worth $1.5 billion at face value for approximately $1.38 billion. That is, at a discount of about 8%.

The exact repurchase amount is still being finalized; it is tied to the market price of MSTR shares during the settlement period. The company plans to pay using cash reserves, through the ATM program, or by selling BTC. The deal will close on May 19, after which the securities will be redeemed.