Strategy (formerly MicroStrategy) is currently the largest issuer of U.S. convertible bonds in 2025, representing 30% of the U.S. convertible market year-to-date. They have issued $2 billion in convertible bonds so far, with a total notional value of $8.2 billion. These bonds have an average weighted maturity of 5.1 years and a coupon rate of 0.421%. The company's shares have been more volatile than Bitcoin's price and have rebounded by 30% from their lows. Strategy is aiming to potentially be included in the S&P 500, with a Bitcoin price of at least $96,000 by the end of Q1 to have a chance at eligibility.



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