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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.
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.
STORY CONTINUES BELOW
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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 (BTC) 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 (BTC) 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.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
