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.