Disclaimer

The analyst who wrote this piece owns shares of Strategy (MSTR).

Strategy Overview

Strategy (MSTR), formerly known as MicroStrategy, is the largest issuer of U.S. convertible bonds in 2025, according to their recent post on X.

> “Strategy is the largest convertible bond issuer again in 2025. Year to date, we represent 30% of the U.S. convertible market, powered by Bitcoin.”

Convertible Bonds Issued

Year-to-date, the company has issued $2 billion in convertible bonds. For context, the total U.S. convertible debt market currently stands at approximately $280 billion, according to an X post by btc_overflow.

In Strategy’s post, it shows their six convertible debt offerings outstanding with a total notional value of $8.2 billion. These convertible bonds have an average weighted maturity of 5.1 years and a coupon rate of 0.421%.

Stock Volatility

Strategy’s shares have been even more volatile than Bitcoin’s (BTC) price of late. The stock has rebounded approximately 30% from its February 28 lows but had previously declined as much as 58% from its highs.

Since adopting its Bitcoin (BTC) treasury strategy back in August 2020, the company has experienced eight drawdowns of over 30%, with the most recent being the fifth largest.

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MSTR drawdowns (TradingView)*

Future Prospects

Strategy aims for potential inclusion in the S&P 500, with a Bitcoin price of at least $96,000 needed by the end of Q1 to have a chance for eligibility.