STRATEGY TO SELL UP TO $1.25BN BITCOIN FOR CASH AND SHARE BUYBACKS

Strategy Inc. disclosed plans to sell up to $1.25 billion in Bitcoin to strengthen its cash reserve and fund share repurchase programmes. The company established two repurchase programmes of up to $1 billion each for common and preferred shares. Strategy said it would sell Bitcoin "from time to time" as part of the arrangement. The move reverses the company's previous strategy of accumulating Bitcoin holdings.

Strategy has held Bitcoin as a significant asset on its balance sheet in recent years. The company, led by Michael Saylor, had previously prioritised acquiring additional Bitcoin rather than liquidating holdings. The new programme allows Strategy to convert a portion of its Bitcoin holdings into US dollars for operational and shareholder purposes. The sale programme and repurchase initiatives represent a shift in how Strategy manages its treasury and capital allocation.

The announcement reflects a change in Strategy's approach to its Bitcoin holdings and shareholder returns. The company confirmed it would execute the sales and repurchases at times it deems appropriate. No specific timeline for the Bitcoin sales or share repurchases has been disclosed. Strategy stated the programmes remain subject to market conditions and the company's discretion.