Strategy skipped Bitcoin buying in the May 18–25 window and focused instead on debt reduction and capital structure adjustments.

According to a new SEC filing, between May 11 and May 25, the company repurchased approximately $1.5 billion aggregate principal amount of its 0% Convertible Senior Notes due 2029 for approximately $1.38 billion in cash, representing an approximately 8% discount to par value.

Although Strategy could have tapped Bitcoin reserves to help finance the buyback as previously disclosed, the company opted not to sell any BTC. The buyback was funded through cash on hand and ATM equity/preferred stock issuance, with no reported Bitcoin sales.

As a result of the transaction, Strategy reduced its total convertible notes outstanding from approximately $8.2 billion to $6.7 billion. The company said debt retirement generated a BTC Yield of 0.7%, a BTC Gain of 4,391 Bitcoin, and a BTC $ Gain totaling approximately $333 million.

Strategy still holds 843,738 Bitcoin worth about $65 billion at current market prices and carries a USD Reserve of $871 million. Year-to-date, the company has achieved a BTC Yield of 13.3%, a BTC Gain of 89,378 Bitcoin, and a BTC $ Gain of $6.8 billion.

The latest announcement follows Strategy’s acquisition of approximately 25,000 Bitcoin worth more than $2 billion during the week ending May 17.

Executive Chairman Michael Saylor recently explained that Strategy’s capital approach is designed to support ongoing Bitcoin accumulation while simultaneously managing corporate liabilities and dividend obligations.

Saylor added that the company’s estimated breakeven rate for annual Bitcoin appreciation is roughly 2.3%. Should Bitcoin appreciate faster than that pace, Strategy believes it can use selective BTC sales to fund dividends while replenishing and expanding reserves through additional STRC-related capital raises.