Convertible Debt

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.