Disclaimer: The analyst, who wrote this piece, owns shares in Strategy (Mstr).

Strategy (Mstr), former Microstratey, is the largest issuer of US 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 US convertible market, run by Bitcoin”.

Year to date, the company has issued $ 2 billion in convertible bonds. For context, the total US convertible debt market is currently at approx. 280 billion dollars, according to an X -Post of BTC_OVERFLOW.

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

The strategy shares have been even more unstable than Bitcoin’s (BTC) price too late. The stock has rebounded about 30% from its February 28 low, but had previously fallen as much as 58% from its heights.

Since he adopted his Bitcoin (BTC) Treasury strategy back in August 2020, the company has experienced eight draws of over 30%, the most recent of which was the fifth largest.

Strategy is still aiming for potential admission to the S&P 500, with a Bitcoin price of at least $ 96,000 needed at the end of Q1 to have a chance of eligibility.