$MSTR Convertible Notes - Conversion Eligibility Watch

And there you have it. Every single bond with the exception of the latest issued 2029 is now eligible for early conversion by the bond holders. This represents $4,263,750,000 in bonds eligible to convert and 24,694,649 shares (at current prices a potential boost of $9.3B in market cap).

No, this does not mean there is some massive sell pressure coming to the market imminently. These bonds are all in very different positions, so not all of them would be incentivized to convert early right at this moment.

Even if they were to convert early, it is likely that by the time it happens most of the selling would have been done along the way when the convertible arb shops put their shorts on (ultimately fully hedging out the equity risk) and receiving the shares would simply net out their short positions and be largely market neutral (convertible arbs have typically been ~80% of the holders of these bonds). So don't buy in to the fear about some massive market dumping of shares coming, it's just not reality.

What will I post about now? Nasdaq 100 tracking, done. Early Conversions, done. I guess I may be quiet for a bit 🤣

2027 Notes ($1.05B / 7,330,050 Shares)

Holder Early Conversion Eligible ✅

MSTR Cash Redemption Eligible ✅

2028 Notes ($1.01B / 5,513,489 Shares)

Holder Early Conversion Eligible ✅

MSTR Cash Redemption Eligible ❌

2030 Notes ($800M / 5,341,600 Shares)

Holder Early Conversion Eligible ✅

MSTR Cash Redemption Eligible ❌

2031 Notes ($603.75M / 2,594,310 Shares)

Holder Early Conversion Eligible ✅

MSTR Cash Redemption Eligible ❌

2032 Notes ($800M / 3,915,200 Shares)

Holder Early Conversion Eligible ✅

MSTR Cash Redemption Eligible ❌

Reminder: This is only tracking bonds in the early conversion eligibility countdown window. There is no obligation for the bond holders to convert or for MSTR to redeem for cash (2027 are the only notes eligible for cash redemption).