MicroStrategy repurchased $1.5 billion in convertible notes in May to reduce its debt load. This move drained cash reserves that investors viewed as a backstop for preferred-stock dividends. The company holds 847,363 BTC, representing over 4% of the total bitcoin supply, worth approximately $51 billion. Additionally, its USD reserve has surpassed $2.5 billion. The company launched a Digital Credit Capital Framework to manage its balance sheet and financing risks, providing $3.8 billion in liquidity.
