Strategy’s USD Reserve Drops 63% After Convertible Notes Repurchase

TLDR Strategy’s USD reserve dropped sharply after the company used cash to repurchase zero-coupon convertible debt. The company paid about $1.38 billion to retire $1.5 billion in principal notes due in 2029. The reserve fell from $2.188 billion at the start of 2026 to about $871 million after the buyback. Strategy originally described the cash [...]

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