Strategy to Issue $2 Billion in Bonds for Bitcoin Acquisition

Strategy, formerly known as MicroStrategy, has announced the issuance of convertible bonds amounting to $2 billion. The firm intends to use the proceeds from these securities for general corporate purposes, including the purchase of Bitcoin.

The bonds will carry an interest rate of 0% and are set to mature on March 1, 2030, although early redemption or conversion is possible under certain conditions.

Investors will have the option to convert the bonds into fiat, class A shares, or a combination thereof, at the company’s discretion.

Strategy will also offer initial purchasers options to buy additional bonds worth up to $300 million within five business days of issuance.

In its annual financial report, the firm expressed uncertainty regarding the tax regime in the United States, particularly due to the requirements of the Inflation Reduction Act of 2022.

Under these regulations, companies with revenue exceeding $1 billion may be subject to a Corporate Alternative Minimum Tax (CAMT) of 15%. Strategy noted that if the law remains unchanged, the company could be affected by CAMT starting in 2026, significantly increasing its tax expenses and impacting financial results.

In 2024, Strategy acquired a total of approximately 258,320 BTC. Following the latest transaction, conducted between February 3 and February 9, 2025, the firm now holds 478,740 BTC valued at over $46 billion.

By the end of 2033, Strategy is expected to own 4% of the total Bitcoin supply — 830,000 BTC at a price of $1 million, according to Bernstein.