Strategy halts its Bitcoin purchases to restructure its debt treasury

Michael Saylor’s latest statement revives questions around Strategy’s treasury. On May 24, 2026, the executive chairman indicated that the company had bought bonds, not Bitcoin, during the week. This clarification comes after a strong accumulation of BTC and places debt management at the center of market expectations.

Bitcoin under surveillance after Michael Saylor’s message

Michael Saylor posted a short message on May 24 on X, and investors closely followed it. By indicating that the company had bought bonds rather than BTC, he implied that the company had managed its finances before a possible new acquisition. The phrase also drew attention to the term “BitVac,” used to describe the image of a large accumulator who absorbs the available supply.

The last Bitcoin purchase announced by the company dates back to May 18. This operation added 24,869 BTC for about 2.01 billion dollars, with an average price close to 80,985 dollars per coin. After this purchase, the holdings reached 843,738 BTC, acquired for approximately 63.87 billion dollars. The average cost was then near 75,700 dollars per unit.

Thus, the May 24 message does not indicate a change of direction. It rather signals a pause in the announced purchases while the reserve value is approaching 64.45 billion dollars. In this context, Bitcoin remains at the heart of the reading made by investors, even when news concerns bonds.

Strategy adjusts its capital structure

The reference to bonds fits into a broader financial structure. On May 15, Strategy decided to buy back about 1.5 billion dollars of first-lien convertible bonds at 0% maturing in 2029. The company can settle this operation with cash, shares, BTC sales, or other available funding sources.

This decision assigns a central role to treasury, debt, and preferred shares. The dashboard mentions 2.25 billion dollars in dollar reserves, 8.254 billion dollars in debt, 15.479 billion dollars in preferred shares, and 1.712 billion dollars in annual dividends. It also indicates a BTC dividend coverage of 37.6 years and a dollar coverage of 15.8 months.

In this configuration, Strategy mainly seeks to preserve its financial flexibility. Bond operations can reduce liabilities, strengthen liquidity, and prepare a more stable financing capacity. They do not necessarily replace the Bitcoin approach but rather reposition it within a broader capital management framework.

A pause that shifts attention to debt

Strategy CEO Phong Le reminded that Strategy’s success does not only rely on Bitcoin on the balance sheet. He stated that:

Strategy’s success does not rest solely on Bitcoin held on our balance sheet. It depends on a large-scale enterprise software business. 

Phong Le, CEO of Strategy.

This clarification nuances the image of a company solely focused on Bitcoin, even if BTC reserves still dominate market perception.

Investors therefore track several indicators at once. They watch dividends, bonds related to preferred shares, debt activity, and potential BTC sales. The dashboard also shows a 1.21 multiple relative to net asset value, a net leverage of 9%, an enterprise value of 77.71 billion dollars, and an open interest of 42.431 billion dollars.

At this stage, the main signal remains a financial recharge phase before a new decision. Strategy appears to focus its efforts on managing its liabilities and capital flexibility. If this reading is confirmed, BTC could return to the center of announcements after the treasury adjustment, without the current pause meaning an abandonment of the acquisition strategy.