The Bitcoin Strategy Manual no longer exists just about buying dips. The company has transformed its balance sheet into a capital machine built around one core goal of increasing the amount of Bitcoin it controls without diluting the amount of Bitcoin allocated to each stock. Recent submissions by the company now shows it plans to repurchase $1.5 billion principal amount of its 2029 convertible notes.

The strategy is approaching 1,000,000 Bitcoins

Strategy last reported Bitcoin reserve shows how far the company’s accumulation strategy has come. The company’s Bitcoin purchase page lists 843,738 BTC that can be purchased at an average cost of $75,700 per Bitcoin.

This means that Strategy currently controls approximately 4.02% of Bitcoin’s persistent supply of 21 million. The 1,000,000 BTC threshold would raise this share to approximately 4.76%, making Strategy one of the most vital single holders of the Bitcoin market. At the current level, the company does not need to double its shares. To cross the 1,000,000 BTC mark, it needs to add approximately 18.5% more Bitcoin.

Shopping pace also increased in 2026. Strategy he said it holds up 818,334 BTC as of May 3, 2026, representing a 22% escalate year-to-date and stated that it has raised $11.68 billion since then. Less than three weeks later, the company purchased another $2 billion worth of Bitcoin, increasing its holdings to 843,738 BTC.

Convertible bond redemption strategy

Strategy way to acquire 1,000,000 BTC depends on its ability to continue raising capital without harming Bitcoin’s value per share. The strategy sells financial instruments such as convertible bonds to investors who want access to the Bitcoin structure and then uses the proceeds to buy more Bitcoin.

If the added Bitcoin is worth more per share than the dilution or cost created by the financing, the company can report positive Bitcoin profitability. At the time of writing, Strategy had a year-to-date Bitcoin yield of 12.6%.

The recent plan to repurchase part of the convertible bonds for 2029 is also part of this broader strategy. The strategy was recently revealed that it has agreed to repurchase $1.50 billion principal amount of 0% convertible senior notes due 2029 for an estimated cash consideration of approximately $1.38 billion. The repurchased bonds would be canceled, leaving approximately $1.50 billion in 2029 bonds outstanding.

This matters because convertible notes may become future shares. The strategy limits the possibility that these bonds will eventually escalate the number of shares through the repurchase and redemption of part of the tranche. This could support protect Bitcoin per share, which is crucial to a company’s long-term treasury. Strategy last BTC purchase was announced less than 24 hours ago, and the company added 24,869 BTC for a total cost of $2.014 billion.

Featured image from Getty Images, chart from Tradingview.com