Strategy is executing a capital machine designed to push its Bitcoin treasury past 1,000,000 BTC. The company currently holds 843,738 Bitcoin, about 4% of the total supply, and needs to add roughly 18.5% more to hit its target.
Strategy is buying back $1.5 billion of its 2029 convertible notes for $1.38 billion, canceling them to reduce potential share dilution. This protects the Bitcoin per share metric, which is central to its strategy. The company reports a year-to-date Bitcoin yield of 12.6%. Its latest purchase added 24,869 BTC for $2 billion.