Strategy Pushes Toward 1 Million Bitcoin with $1.5B Note Repurchase
Strategy is on a mission to dominate Bitcoin holdings, getting closer to 1 million BTC. Learn how they're doing it through clever financial moves and a relentless buying spree.
Strategy isn't just buying Bitcoin dips anymore. They're turning their balance sheet into an engine for accumulating more BTC without diluting shareholder value. The latest move? Repurchasing $1.5 billion of 2029 convertible notes. It's a smart play to keep Bitcoin per share strong while inching closer to that coveted 1 million BTC mark.
The numbers are staggering. Strategy now holds 843,738 BTC, acquired at an average cost of $75,700 each. That's 4.02% of Bitcoin's fixed 21 million supply. They only need an 18.5% increase in holdings to hit 1 million BTC. In just the first few months of 2026, they added $2 billion worth of Bitcoin, bringing their total to this new high.
The repurchase of the 2029 convertible notes is strategic. It's about reducing potential share dilution that could come from these notes converting into equity. By buying back and canceling part of these notes, Strategy keeps its Bitcoin yield positive. The company reported a 12.6% year-to-date Bitcoin yield, showing they know what they're doing.
Here's the thing: Strategy is playing the long game. They're betting on Bitcoin as a core asset, and they're making moves to ensure their position grows stronger. As they edge closer to 1 million BTC, they're setting a precedent in the crypto world. But who's keeping up with Strategy? Few have the capital to match this level of accumulation.