Strategy repurchased $1.5B worth of its 0% Convertible Senior Notes due 2029 for an estimated $1.38B in cash. The 2029 Notes were the most problematic tranche in their convertible stack. Conversion price: $672. MSTR's all-time high: $474. Nearly 4x away from today's price. These notes were never converted to equity. They were always going to demand cash. The report we published earlier this month flagged the June 2028 put on the 2029 Notes as the single biggest cash-demand item in the 2027-28 cluster. Here's what @Strategy just did: 1. Locked in a discount. $1.38B for $1.5B of face value. 92 cents on the dollar. These notes pay 0% interest and carry an unreachable conversion price. Holders were motivated to exit below par. Strategy took the other side of that trade. 2. Shrunk the 2028 cluster. The June 2028 put on the 2029 Notes was $3B. It's now $1.5B. The total 2027-28 convertible cluster drops from $7.4B to ~$5.9B. 3. Put BTC sales on the table. The 8-K lists funding sources as cash reserves, ATM proceeds, and proceeds from Bitcoin sales. That last one is new. On the Q1 earnings call, @saylor broke from his long-standing "never sell" stance. "We will probably sell some bitcoin to pay a dividend, just to inoculate the market," he said. @phongle added that selling Bitcoin to retire debt is viable if it's accretive to Bitcoin per share. Whether BTC was sold here or not, the filing confirms that the lever is now officially in play. 4. Strategy modeled this exact trade publicly. Ten days ago, Saylor flagged the opportunity publicly. "We have the option to calculate the mispricing of the convertible bonds," he said on the Q1 earnings call. Strategy reduced a $3B binary risk by half without unsettling any stakeholder in the stack. The report argued Strategy traded a hard deadline for a runway. A runway isn't just time. It's the optionality to act when conditions are right. Today, Strategy used it. The slide below is from the report. The June 2028 put tranche it shows at $3B is now $1.5B.