Strategy Inc bonds MSTR
Who owns Strategy Inc's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. MSTR stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 594972AQ4 convertible | 0.625% fixed | 2028-09-15 | USD | 104.37 | — | — | 1 | $21.9M | Jul 2026 |
| 594972AS0 convertible | 0% none | 2029-12-01 | USD | 88.28 | — | — | 16 | $130.5M | Jul 2026 |
| 594972AU5 convertible | 0% none | 2030-03-01 | USD | 90.48 | — | — | 2 | $37.9M | Jul 2026 |
| 594972AJ0 convertible | 0.625% fixed | 2030-03-15 | USD | 103.86 | — | — | 3 | $41.4M | Jul 2026 |
| 594972AL5 convertible | 0.875% fixed | 2031-03-15 | USD | 93.56 | — | — | 2 | $32.5M | Jul 2026 |
| 594972AN1 convertible | 2.25% fixed | 2032-06-15 | USD | 98.72 | — | — | 3 | $55.6M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 6 | $319.8M | 96.14 | — | — | 16 |
| Jun 2026 | 6 | $204.1M | 94.18 | — | — | 20 |
| May 2026 | 5 | $118.7M | 111.76 | — | — | 13 |
| Apr 2026 | 6 | $456.8M | 116.20 | — | — | 19 |
| Mar 2026 | 6 | $227.4M | 99.23 | — | — | 18 |
| Feb 2026 | 5 | $84.8M | 96.37 | — | — | 6 |
| Jan 2026 | 6 | $385.0M | 107.34 | — | — | 16 |
| Dec 2025 | 6 | $273.0M | 106.91 | — | — | 20 |
| Nov 2025 | 6 | $111.0M | 112.72 | — | — | 5 |
| Oct 2025 | 6 | $540.1M | 147.43 | — | — | 17 |
| Sep 2025 | 6 | $316.2M | 167.76 | — | — | 19 |
| Aug 2025 | 6 | $174.4M | 172.18 | — | — | 6 |
| Jul 2025 | 6 | $684.4M | 200.94 | — | — | 18 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 12 added, 20 cut, 18 new holders and 13 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $141.4M | $134.3M | $175K |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $139.7M | $131.9M | -$33.3M |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $99.6M | $92.7M | -$5.7M |
| Fidelity Convertible Securities Fund Fidelity Financial Trust | 2026-05-31 | $40.5M | $44.4M | $0 |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $34.8M | $30.1M | $0 |
| Virtus Income & Growth Fund Virtus Investment Trust | 2026-06-30 | $23.0M | $19.8M | $200K |
| Virtus Convertible Fund Virtus Strategy Trust | 2026-06-30 | $22.2M | $19.1M | $245K |
| Columbia Convertible Securities Fund COLUMBIA FUNDS SERIES TRUST | 2026-05-31 | $16.0M | $17.9M | $4.0M |
| Fidelity Strategic Dividend and Income Fund Fidelity Salem Street Trust | 2026-05-31 | $15.5M | $17.0M | -$1.3M |
| Lord Abbett Convertible Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $13.5M | $13.4M | $3.5M |
| American Funds Strategic Bond Fund | 2026-06-30 | $12.6M | $10.9M | $0 |
| AQR Diversified Arbitrage Fund AQR Funds | 2026-06-30 | $9.1M | $8.7M | -$12.4M |
| Fidelity High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $8.9M | $7.8M | $0 |
| Fidelity SAI High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $8.3M | $7.3M | $185K |
| Columbia Flexible Capital Income Fund Columbia Funds Series Trust II | 2026-05-31 | $7.5M | $7.1M | $0 |
| First Eagle Global Balanced Fund First Eagle Funds | 2026-07-31 | $7.8M | $6.9M | $0 |
| Fidelity Total Bond Fund Fidelity Income Fund | 2026-05-31 | $6.3M | $5.8M | new |
| Capital Group U.S. Multi-Sector Income ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $6.4M | $5.5M | $0 |
| Fidelity Series High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $6.1M | $5.4M | -$1.0M |
| TRI-CONTINENTAL Corp | 2026-06-30 | $6.0M | $5.3M | $0 |
| First Eagle U.S. Fund First Eagle Funds | 2026-07-31 | $5.3M | $4.7M | $0 |
| Fidelity Total Bond ETF Fidelity Merrimack Street Trust | 2026-05-31 | $3.9M | $3.5M | new |
| Virtus Convertible & Income Fund | 2026-07-31 | $4.0M | $3.5M | -$2.1M |
| Fidelity SAI Total Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $3.4M | $3.1M | new |
| Virtus Convertible & Income Fund II | 2026-07-31 | $3.2M | $2.8M | -$1.7M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Putnam Convertible Securities Fund ($9.3M), Calamos Convertible Fund ($8.8M), CALAMOS CONVERTIBLE & HIGH INCOME FUND ($8.8M), CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND ($8.2M), Lord Abbett Short Duration High Yield Fund ($7.3M), Calamos Dynamic Convertible & Income Fund ($7.0M), Calamos Global Convertible Fund ($5.6M), Invesco Convertible Securities Fund ($2.5M), First Trust SSI Strategic Convertible Securities ETF ($946K), BNY Mellon Core Plus Fund ($250K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 6 | $141.4M | $134.3M | 1.87% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 6 | $99.6M | $92.7M | 1.50% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 1 | $6.4M | $5.5M | 0.11% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 1 | $3.9M | $3.5M | 0.01% |
| STXT Strive Total Return Bond ETF | 2026-06-30 | 1 | $1.6M | $1.7M | 1.40% |
| ACVT Advent Convertible Bond ETF | 2026-05-31 | 1 | $623K | $698K | 2.16% |
| FSYD Fidelity Sustainable High Yield ETF | 2026-05-31 | 1 | $330K | $300K | 0.24% |
| FLTB Fidelity Limited Term Bond ETF | 2026-05-31 | 1 | $232K | $211K | 0.05% |
| DADS Digital Asset Debt Strategy ETF | 2026-05-31 | 1 | $129K | $145K | 1.49% |
| FTBD Fidelity Tactical Bond ETF | 2026-05-31 | 1 | $24K | $22K | 0.06% |
| NFLT Virtus Newfleet Multi-Sector Bond ETF | 2026-07-31 | 1 | $18K | $19K | 0.00% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.41: safer than 30% of companies (28th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $54.84B |
| Debt barrier (short-term + ½ long-term debt) | $3.37B |
| Equity volatility (1 year) | 80.8% |
| Asset value / asset volatility (solved) | $58.08B / 76.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
No US-dollar bond with a yield to compute it from.
Accounts: Altman Z
Altman Z'' = 3.12 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in MSTR's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 140 | $168.3M | 3 | $7.1M | 7 | $65.9M | 2 |
| 2026-06-30 | 865 | $18.40B | 87 | $8.12B | 83 | $6.99B | 83 |
| 2026-03-31 | 950 | $20.70B | 73 | $9.91B | 77 | $9.89B | 88 |
| 2025-12-31 | 989 | $26.40B | 93 | $12.78B | 92 | $13.13B | 88 |
| 2025-09-30 | 1,096 | $45.06B | 90 | $29.59B | 97 | $29.87B | 64 |
| 2025-06-30 | 1,163 | $54.59B | 80 | $34.28B | 96 | $28.95B | 54 |
Officials trading MSTR bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2025-08-06 | Gilbert Cisneros | purchase | Strategy Inc - Variable Rate Series A Perpetual Stretch Preferred Stock | $15,001 - $50,000 | filing |
| 2025-08-05 | Gilbert Ray Cisneros | purchase | Strategy Inc - Variable Rate Series A Perpetual Stretch Preferred Stock | $15,001 - $50,000 | filing |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.