Strategy, the bitcoin treasury vehicle led by Michael Saylor, disclosed a plan to repurchase $1.5 billion of its 0% senior convertible notes due in 2029. The privately negotiated transactions with a subset of noteholders would retire roughly half of the outstanding 2029 tranche, according to Strategy’s SEC filing. The company cautioned that the final repurchase amount could vary based on market conditions, with settlement slated for the week after the filing’s publication.

The company said it intends to fund the repurchases through a mix of available cash reserves, proceeds from securities sales under its at-the-market (ATM) program, and/or proceeds from the sale of bitcoin. This approach underscores Strategy’s broader effort to…