Today in crypto, Strategy to buy back $1.5 billion in convertible note debt, THORChain has launched a recovery portal following a $10 million exploit, and the US CLARITY Act’s path to becoming law could be at risk as Democratic lawmakers demand stronger ethics provisions in the final bill.
Strategy in talks to repurchase $1.5B in convertible debt
Strategy, the world’s largest Bitcoin treasury company, announced on Friday that it will repurchase $1.5 billion in convertible notes, due in 2029.
Strategy and some of its convertible note holders entered into “privately negotiated transactions” on Thursday, according to the company, which said it estimates the buyback will total $1.38 billion. The company’s Securities and Exchange Commission filing said:
“Strategy expects to fund the repurchases with available cash reserves, proceeds from sales of securities under its at-the-market offering program, and/or proceeds from the sale of bitcoin.”
Strategy’s SEC filing documenting the 2029 convertible note repurchase. Source: Strategy
The repurchase announcement comes as Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) grows in popularity, and co-founder Michael Saylor’s announcement that the company wants to equitize its convertible debt over the next 3-6 years.
THORChain has confirmed a $10 million exploit and launched a recovery portal, giving affected users a self-custodial path to revoke malicious token approvals and submit refund claims backed by a treasury-provisioned refund pool of equal size.
In a Saturday post on X, THORChain Foundation introduced the recovery portal, saying that “affected users are now able to check what they will be paid as compensation following the exploit.”
The portal, citing a PeckShield post-mortem, claims that the attack was detected at 02:14 UTC on May 11, when node operators flagged anomalous outbound transactions. Trading and outbound signing were paused within eight minutes. In total, attackers drained 36.75 BTC, worth around $3 million, and approximately $7 million in tokens across BNB Chain, Ethereum and Base, hitting 12,847 wallets across four chains.
THORChain’s recovery portal. Source: THORChain
Affected users have 21 days to submit claims. The refund window closes on June 4, after which any unclaimed allocation rolls over to the protocol’s insurance fund.
Ethics concerns cloud CLARITY Act vote
Democratic lawmakers are warning they may not support the CLARITY Act in the full Senate unless the bill includes stronger ethics provisions around elected officials’ ties to the crypto industry.
The Senate Banking Committee advanced the market structure bill with bipartisan support on Thursday, but several Democrats tried and failed to add amendments addressing conflicts of interest. Their concerns centered partly on President Donald Trump’s crypto ties, including his memecoin and his family’s World Liberty Financial business.
That could complicate the bill’s path forward. Republicans still need Democratic votes to clear the 60-vote threshold in the Senate, and at least one Republican also said more work remains before final passage.
The bill has not yet been scheduled for a full Senate vote, though the White House is reportedly aiming to have it signed into law by July 4.
Source: Cynthia Lummis
