Strategy (MSTR) has entered agreements to repurchase about $1.5 billion in aggregate principal amount of its outstanding 0% convertible senior notes due 2029, the company said Friday.

The estimated repurchase price is about $1.38 billion, subject in part to Strategy's average share price during the measurement period, according to the company.

Strategy said it expects to fund the repurchases using available cash, proceeds from at-the-market securities sales, and/or bitcoin sales.

The transactions are expected to settle around May 19, after which about $1.5 billion aggregate principal amount of the 2029 notes will remain outstanding, it added.

Shares of the company were down more than 2% in Friday premarket activity.