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Strategy Has Taken 30% of the U.S. Convertible Debt Market in 2025
The stock has rebounded approxiamately 30% from the Feb. 28 lows.
Updated Mar 6, 2025, 1:03 p.m. Published Mar 6, 2025, 12:18 p.m.
What to know:
- Strategy has six outstanding convertible notes, totaling $8.2 billion, with an average maturity of 5.1 years and a 0.421% coupon rate.
- The stock has rebounded 30% so far from Feb. 28 lows.
- Strategy has seen eight 30%+ drawdowns since the bitcoin treasury began in August 2020.
Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR).
Strategy (MSTR), formerly MicroStrategy, is the largest issuer of U.S. convertible bonds in 2025, according to their recent post on X.
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"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".
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%.
Strategy's shares has been even more volatile than bitcoin's price of late. The stock has rebounded approximately 30% from its Feb. 28 lows but had previously declined as much as 58% from its highs.
Since adopting its bitcoin treasury strategy back in August 2020, the company has experienced eight drawdowns of over 30%, with the most recent being the fifth largest.
Strategy is still aiming 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.
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