Strategy has achieved a year-to-date Bitcoin Yield of 13.3% in 2026 after completing a series of capital markets and Bitcoin-related transactions between May 11 and May 25. The company, formerly known as MicroStrategy, said its year-to-date BTC Gain reached 89,378 Bitcoin, worth about $6.8 billion. As of May 25, 2026, Strategy held 843,738 BTC acquired for about $63.87 billion at an average price of roughly $75,700 per Bitcoin. The update came after Strategy completed the repurchase of an aggregate principal amount of $1.5 billion of its 0% Convertible Senior Notes due 2029. The company repurchased the notes for about $1.38 billion in cash, representing an approximate 8% discount to par value. Strategy Reduces Convertible Debt The debt repurchase lowered Strategy’s aggregate principal amount of convertible notes outstanding from $8.2 billion to $6.7 billion. The company said the transaction generated an incremental BTC Yield of 0.7%, a BTC Gain of 4,391 Bitcoin, and a BTC dollar gain of about $333 million. Strategy funded the repurchase through cash reserves and proceeds from at-the-market sales of its securities. The company said it used cash on hand, Digital Equity sales through MSTR stock, and Digital Credit sales through STRC preferred shares. The company did not report any Bitcoin sales as part of the latest debt repurchase. Earlier filings had stated that potential Bitcoin sales could be used for capital management, but the May 11 to May 25 transactions were funded without reducing the company’s BTC holdings. Bitcoin Holdings Remain at 843,738 BTC Strategy also said it issued an additional $2.0 billion notional amount of Variable Rate Series A Perpetual Stretch Preferred Stock, trading under STRC. It also issued $84 million of Class A common stock under MSTR. The proceeds were used to buy 24,869 Bitcoin. That purchase followed Strategy’s continued use of equity and preferred stock programs to support Bitcoin accumulation while managing corporate liabilities. At the end of the transaction period, Strategy reported 220,900 Bitcoin per share measured in sats. The company also had $15.5 billion in aggregate notional preferred stock outstanding and a USD Reserve of $871 million. Strategy said it plans to replenish its USD Reserve over time depending on market conditions. Chief Financial Officer Andrew Kang said the company remains focused on maintaining a cash reserve to support the credit quality of its Digital Credit securities. Michael Saylor Defends Capital Strategy Michael Saylor, Strategy’s founder and executive chairman, said the transactions show the flexibility built into the company’s capital structure. He said Strategy can fund transactions through cash, Digital Equity, Digital Credit, or Digital Capital. Saylor said the company remains focused on increasing Bitcoin per share for common shareholders over the long term while maintaining a strong balance sheet for credit investors. Phong Le, Strategy’s president and chief executive officer, said the debt repurchase reflects the company’s plan to manage convertible debt using available capital tools. He said the firm retired $1.5 billion of convertible debt for $1.38 billion in cash while producing a 13.3% BTC Yield so far this year. The update also drew criticism from Bitcoin skeptic Peter Schiff, who questioned Strategy’s cash position and asked what the company may sell next. Strategy has previously said it may use different funding tools, including limited Bitcoin sales if needed, as part of its wider capital allocation model. Saylor has said the company’s estimated breakeven rate for annual Bitcoin appreciation is about 2.3%. If Bitcoin rises faster than that rate, Strategy believes it can support dividend obligations and capital needs while continuing to grow its Bitcoin reserve through future financing activity.
