Convertible Debt

Strategy has lifted its dollar assets to $6.69 billion, nearly matching about $6.75 billion of outstanding convertible debt and bringing net leverage close to zero. The bitcoin treasury company is also supporting STRC through repurchases as the preferred stock trades below its $100 par value.

Strategy has introduced a new market metrics framework designed to show common shareholders a clearer view of net bitcoin exposure after senior obligations. The overhaul comes as bitcoin and MSTR remain sharply below prior highs, while preferred stock and convertible debt now play a larger role in valuation.

Cantor says Strategy’s top priority is returning its STRC preferred stock to $100, a move the bank sees as central to restarting the company’s bitcoin acquisition engine. The firm expects repeated management actions to support dividend coverage, strengthen the balance sheet and potentially benefit MSTR shares.