Strategy reported holding approximately $6.7 billion in cash, nearly matching its $6.7 billion convertible debt load, bringing net leverage to zero. The company achieved this by selling $2 billion in MSTR shares and repurchasing $1.5 billion of its zero-coupon 2029 convertible notes at an 8% discount. Total convertible debt dropped from $8.2 billion to $6.7 billion as a result. Strategy now holds over 840,000 Bitcoin, representing roughly 4% of the total future supply, with no secured debt subject to margin calls. This deleveraging was executed voluntarily, demonstrating the company’s ability to tap equity markets to restructure its balance sheet without pricing pressure.
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