Strategy paused its bitcoin buying machine last week and turned it on debt instead, retiring $1.5 billion of its own convertible bonds at a discount — a move that signals the company is managing its capital structure with the same aggression it once reserved for accumulating bitcoin.

From May 11- May 25, Strategy repurchased $1.5 billion in aggregate principal of its 0% Convertible Senior Notes due 2029, paying approximately $1.38 billion in cash — an 8% discount to face value, the company said. The savings of roughly $120 million reduced the company’s total convertible note obligations from $8.2 billion to $6.7 billion.

Executive Chairman Michael Saylor framed the…

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