Strategy Inc Capital Structure and Bitcoin Update

Strategy Inc announced a series of transactions completed between May 11-25, 2026, including the repurchase of $1.5 billion of its 2029 Convertible Senior Notes for approximately $1.38 billion in cash. This debt repurchase resulted in a BTC Yield of 0.7%, a BTC Gain of 4,391 bitcoin, and a BTC $ Gain of $333 million, while reducing outstanding convertible notes to $6.7 billion. The company also issued $2.0 billion in Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and $84 million in Class A common stock (MSTR), using the proceeds to acquire 24,869 bitcoin. As of May 25, 2026, Strategy holds 843,738 bitcoin. The company also reported a USD Reserve balance of $871 million as of May 25, 2026, which was established on December 1, 2025, to support dividend and interest payments. Strategy plans to replenish the USD Reserve over time. The company highlighted its flexible capital allocation model, utilizing cash, digital equity, digital credit, or digital capital to optimize its balance sheet and respond to market conditions, with a long-term focus on increasing Bitcoin Per Share for common shareholders.