MicroStrategy plans to repurchase approximately $1.5 billion of its convertible senior notes due in 2029. The company expects to pay an estimated $1.38 billion in cash to retire the debt at a discount. This move aims to restructure the company's capital stack.
Funding will come from cash reserves, at-the-market stock offerings, or potential bitcoin sales. The announcement follows a record $1.53 billion daily trading volume for the company's STRC preferred stock. MicroStrategy shares fell as much as 2.4% in pre-market trading following the news.