Strategy disclosed in its Form 8-K filing that it may utilize available cash reserves, at-the-market (ATM) sale proceeds, or Bitcoin sale proceeds to fund an upcoming repurchase of convertible notes. The company intends to cancel the repurchased notes, which would leave approximately $1.5 billion of 2029 notes outstanding. This disclosure directly links the firm's liquidity strategy to a specific near-term obligation, introducing a variable where Bitcoin sales are explicitly listed as a funding mechanism. Once the 2029 note repurchase closes, Strategy faces a series of convertible note put-option dates where holders can demand cash repurchase at 100% of principal plus accrued and unpaid interest. The first such date arrives on Sept. 15, 2027, when $1.01 billion of 2028 notes become putable, equivalent to roughly 12,770 BTC at current prices. Data compiled by Woofun AI indicates that the subsequent obligation on Mar. 1, 2028, involves $2 billion of 2030B notes, representing roughly 25,286 BTC. The calendar continues with a June 1, 2028, repurchase of $1.5 billion in 2029 notes, or 18,965 BTC, followed by a Sept. 15, 2028, event carrying approximately $1.4 billion across the 2030A and 2031 series, worth roughly 17,747 BTC. The sequence concludes on June 15, 2029, with $800 million of 2032 notes, equivalent to roughly 10,115 BTC. Post-buyback put exposure through June 2029 totals approximately $6.71 billion, or about 84,900 BTC at current prices. These are holder-put rights: options that noteholders may exercise based on market conditions, conversion economics, and refinancing alternatives on each date. Strategy could fund any exercise through cash reserves, ATM proceeds, refinancing, or Bitcoin sales, and the mix will depend on conditions at each point in the calendar. Strategy's own 10-Q notes that market perception of Bitcoin sales could trigger preemptive price movements and impair the company's ability to use BTC for liquidity, the clearest evidence that the company understands the perception risk inherent in naming Bitcoin as a funding option. At a Bitcoin price of roughly $79,000, funding the current $1.38 billion repurchase entirely through Bitcoin sales would require about 17,448 BTC, approximately 2.1% of Strategy's 818,334 BTC holdings. If Bitcoin falls, equity issuance becomes expensive, and holders exercise put rights in a weak market, the debt calendar becomes a stress test. Funding the entire $6.71 billion put calendar through Bitcoin sales at current prices would require roughly 84,900 BTC, about 10.4% of Strategy's stack. Even partial BTC-funded repayments would attach a sell-flow estimate to each future put date, and Strategy's own 10-Q identifies that if the market perceives Bitcoin sales, preemptive price movement could impair the very asset Strategy would sell to raise cash, tightening the feedback loop at each subsequent calendar date. Woofun AI observes that if Strategy completes the current repurchase using cash and ATM proceeds, leaving Bitcoin untouched, it would reduce future 2029 put exposure by roughly $1.5 billion, and the broader calendar would read as routine liability management. With equity-market appetite for MSTR shares intact and cash reserves in place, the company can treat Bitcoin as a non-monetized treasury position. Each repurchase Strategy routes through non-Bitcoin channels reinforces that reading, and the liquidity-option language in the filings stays theoretical. Strategy's Bitcoin stack is the world's largest corporate position, and the company has built multiple liquidity channels to fund its obligations without selling Bitcoin. The debt calendar stretching to June 2029 gives traders a fixed tool, with each put date a point at which noteholders can force a cash decision, and Bitcoin sale proceeds explicitly on the funding menu.