TechFlow News, according to CoinDesk, Strategy (formerly MicroStrategy) has become the largest issuer of convertible bonds in the U.S. for 2025. The company posted on X: "Strategy is once again the largest convertible bond issuer of 2025. Year-to-date, we have accounted for 30% of the U.S. convertible bond market—a feat powered by Bitcoin." To date, Strategy has issued $2 billion in convertible bonds this year. The company currently has six outstanding convertible bond issues with a total face value of $8.2 billion, an average weighted maturity of 5.1 years, and a coupon rate as low as 0.421%.
Strategy’s stock price has recently experienced extreme volatility, exceeding even that of Bitcoin itself. It has rebounded approximately 30% from its February 28 low, although it previously fell as much as 58% from its peak. Since adopting its Bitcoin treasury strategy in August 2020, the company has endured eight drawdowns exceeding 30%, with the most recent being the fifth-largest. Strategy continues to strive for inclusion in the S&P 500 Index, which would require Bitcoin's price to reach at least $96,000 by the end of the first quarter.
