Strategy Announces Pricing of Convertible Senior Notes

Today, Strategy announced the pricing of $2 billion in convertible senior notes due in 2030, marking one of its largest bond issuances since adopting Bitcoin as its primary treasury reserve asset in 2020.

> Strategy Announces Pricing of Convertible Senior Notes Offering $MSTR https://t.co/douBzi3hKb
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> — Michael Saylor⚡️ (@saylor) February 20, 2025

The zero-interest convertible notes will be offered through a private placement to institutional investors.

The company has granted initial purchasers an option for an additional $300 million, potentially bringing the total offering to $2.3 billion. The offering is expected to close on February 21, 2025, subject to customary conditions.

This marks Strategy’s second-largest bond issuance since adopting Bitcoin as its primary treasury reserve asset in 2020, following its $3 billion convertible bond offering in November 2024, which carried a 55% conversion premium and matures in 2029.

Strategy currently maintains a market capitalization of $80.5 billion.

The company holds 478,740 Bitcoins, including 258,320 Bitcoins acquired in 2024 and 7,633 Bitcoins purchased between February 3 and February 9, 2025.

The average acquisition price stands at $65,033 per Bitcoin, with total expenditures of approximately $31.1 billion, reflecting a current gain of around 49% based on Bitcoin’s current price of $97,000.

Last January, Strategy unveiled its 2025 targets, planning to raise $21 billion for Bitcoin investments.