Key Points:

• Strategy has issued six convertible notes totaling $8.2 billion, featuring a 5.1-year average maturity and a 0.421% coupon rate.
• The stock has rebounded 30% since February 28 lows.
• Strategy has encountered eight drawdowns exceeding 30% since launching its Bitcoin treasury in August 2020.

“Strategy has become the top issuer of convertible bonds in the U.S. marketplace for 2025.”

In 2025, Strategy (formerly MicroStrategy) has solidified its position as the largest issuer of U.S. convertible bonds, according to a recent post on X. This year alone, they have produced $2 billion in convertible bonds amid a total U.S. convertible debt market valued at around $280 billion.

Strategy’s outstanding convertible debt comprises a combined notional value of $8.2 billion with an average maturity and low coupon rate which provides them a robust financial footing. Their share performance has shown increased volatility compared to Bitcoin, having reversed earlier declines significantly.

As Strategy strives for potential inclusion in the S&P 500, they would require Bitcoin’s price to surpass $96,000 before the close of Q1.