Strategy (MSTR)
As of 2026-01-05
Convertible Risk Score
10
Tier
Very low
Rationale
• Issuer behavior has been serial
• Long durations with layered maturities
• High BTC coverage
Key metrics
Total principal
8.3B USD
BTC Holdings
650,000 BTC
Convertible / BTC Holdings
13.9%
Weigthed-average maturity
2030-03-17
Weigthed-average conversion price
423.62 USD
Dilution if full conversion
10.4%
% ITM (proxy)
38.2%
BTC solvency breakeven (1Y)
—
BTC solvency breakeven (3Y)
$1.6K
BTC solvency breakeven (5Y)
$10.5K
Active convertibles
| Issue | Maturity | Coupon | Principal | Outstanding | Conv. price | Notes |
|---|---|---|---|---|---|---|
| 2024-09-20 | 2028-09-15 | 0.625% | 1.01B USD | 1.01B USD | 183.19 USD | |
| 2024-11-21 | 2029-12-01 | 0% | 3.00B USD | 3.00B USD | 672.40 USD | |
| 2024-03-11 | 2030-03-15 | 0.625% | 800.00M USD | 800.00M USD | 149.77 USD | |
| 2025-02-24 | 2030-03-01 | 0% | 2.00B USD | 2.00B USD | 433.43 USD | |
| 2024-03-19 | 2031-03-15 | 0.875% | 673.75M USD | 673.75M USD | 232.72 USD | |
| 2024-06-20 | 2032-06-15 | 2.25% | 800.00M USD | 800.00M USD | 204.33 USD |
Expired / historical convertibles
| Issue | Maturity | Coupon | Principal | Outstanding | Conv. price | Notes |
|---|---|---|---|---|---|---|
| 2020-12-11 | 2025-12-15 | 0.75% | 650,000,000 USD | 0 | 39.80 USD | |
| 2021-02-19 | 2027-02-15 | 0% | 1,050,000,000 USD | 0 | 143.25 USD |
Updates
- 2025-02-24 — Issuance USD 2B · Mar 2030 convertible-b; 5-year maturity; conversion price USD 433.43; 0.0% coupon. [source]
- 2025-01-24 — Redemption USD 1.05B · Feb 2027 convertible; full issuer-initiated redemption; holders may elect share conversion. [source]
- 2024-11-21 — Issuance USD 3B · Dec 2029 convertible; 5-year maturity; conversion price USD 672.40; 0.0% coupon. [source]
- 2024-09-20 — Issuance USD 1.01B · Sep 2028 convertible; 4-year maturity; conversion price USD 183.19; 0.625% coupon. [source]
- 2024-06-20 — Issuance USD 800M · Jun 2032 convertible; 8-year maturity; conversion price USD 204.33; 2.25% coupon. [source]
- 2024-06-13 — Redemption USD 650M · Dec 2025 convertible; full issuer-initiated redemption; holders may elect share conversion. [source]
- 2024-03-19 — Issuance USD 673.7M · Mar 2031 convertible; 7-year maturity; conversion price USD 232.70; 0.875% coupon. [source]
- 2024-03-11 — Issuance USD 800M · Mar 2030 convertible-a; 6-year maturity; conversion price USD 149.77; 0.625% coupon. [source]
- 2021-02-19 — Issuance USD 1.05B · Feb 2027 convertible; 6-year maturity; conversion price USD 143.25; 0.0% coupon. [source]
- 2020-12-11 — Issuance USD 650M · Dec 2025 convertible; 5-year maturity; conversion price USD 39.80; 0.75% coupon. [source]