Bonds .

Capital Structure

Convertible Debt Ledger

Institutional senior convertible notes backing treasury capital allocation.

Total Principal $6,714M 6 Convertible Series

Market Value $6,859M Premium Parity

Weighted Coupon 0.515% Ultra-Low Carry Cost

Weighted Conversion $370.03 Avg Maturity: 3.6 Yrs

Instrument	Price	Coupon	Maturity	Conv. Price	Action
₿ Convert 2028 Strategy Inc. (Senior Convertible) #STR-2028	$112.91	0.625%	Sep 15, 2028	$183.19	Purchase
₿ Convert 2029 Strategy Inc. (Senior Convertible) #STR-2029	$90.43	0.000%	Dec 02, 2029	$672.40	Purchase
₿ Convert 2030 A Strategy Inc. (Senior Convertible) #STR-2030A	$121.14	0.625%	Mar 16, 2030	$149.77	Purchase
₿ Convert 2030 B Strategy Inc. (Senior Convertible) #STR-2030B	$93.15	0.000%	Mar 02, 2030	$433.43	Purchase
₿ Convert 2031 Strategy Inc. (Senior Convertible) #STR-2031	$104.55	0.875%	Mar 16, 2031	$232.72	Purchase
₿ Convert 2032 Strategy Inc. (Senior Convertible) #STR-2032	$112.56	2.250%	Jun 15, 2032	$204.33	Purchase

BND

Debt Architecture

Fixed Income.
Predictable Alpha.

Secure institutional yields through senior convertible debt backed by Bitcoin treasury allocation and balance sheet growth.

Carry Cost Index

0.515% Ultra-Efficient

Primary Mandate

Senior Conversion Equity Upside + Principal Protection

Convertible Mechanics

Zero & Low-Coupon Structuring

Deploy capital into notes structured between 0.000% and 2.250% fixed coupon, optimizing cash flow and long-term call premium.

Bitcoin Par Protection

Each convertible series is backed by the issuer’s enterprise treasury allocation, maintaining an underlying Bitcoin asset buffer.

Asymmetric Upside

Holders capture upside if Strategy equity clears the stated conversion strike price while enjoying contractual debt senior priority.

Secondary Liquidity

Trade positions directly across institutional OTC desks with continuous quote streaming and transparent execution.

Risk Profile

Senior convertible debt ranks senior to all common and preferred equity classes, giving treasury participants a defensive buffer against equity drawdowns.

Maturity Cycles

Staggered maturities spanning 2028 through 2032 allow portfolio managers to ladder liquidity and optimize convertible call option dates.

Preserve Capital

Architect Your
Financial Fortress.

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