According to CoinDesk, MicroStrategy (now renamed Strategy), MSTR has become the largest convertible bond issuer in the United States by 2025, accounting for 30% of the market. As of now, Strategy has issued a total of 6 outstanding convertible bonds, totaling $8.2 billion, with a weighted average maturity of 5.1 years and a coupon rate of 0.421%. Since the beginning of this year, the company has issued $2 billion in convertible bonds, accounting for 30% of the $280 billion US convertible bond market. Due to market volatility caused by the Bitcoin strategy, MSTR's stock price has rebounded by about 30% from its low on February 28th, after a previous maximum drawdown of 58%. Since adopting the Bitcoin asset management strategy in August 2020, Strategy has experienced 8 pullbacks of over 30%. In addition, the company is still seeking entry into the S&P 500 index and is expected to be eligible for inclusion if the Bitcoin price reaches $96000 by the end of Q1.
