Strategy's Outstanding Convertible Senior Notes: A Verified Breakdown

This article summarizes the convertible senior notes currently outstanding for Strategy Inc (Nasdaq: MSTR), based on the Company's Form 10-Q for the quarter ended March 31, 2026 (filed with the SEC) and a Form 8-K disclosing a partial repurchase of the 2029 Notes dated May 14, 2026. Every figure below is sourced from these filings or Strategy's own investor disclosure page.

Outstanding Tranches as of March 31, 2026

Per Strategy's Form 10-Q for Q1 2026, the following convertible senior notes were outstanding as of March 31, 2026:

• $1.01 billion aggregate principal amount of 0.625% Convertible Senior Notes due 2028 ("2028 Convertible Notes")

• $3.00 billion aggregate principal amount of 0% Convertible Senior Notes due 2029 ("2029 Convertible Notes")

• $800.0 million aggregate principal amount of 0.625% Convertible Senior Notes due 2030 ("2030A Convertible Notes")

• $2.00 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 ("2030B Convertible Notes")

• $603.7 million aggregate principal amount of 0.875% Convertible Senior Notes due 2031 ("2031 Convertible Notes")

• $800.0 million aggregate principal amount of 2.25% Convertible Senior Notes due 2032 ("2032 Convertible Notes")

Aggregate principal outstanding at the end of Q1 2026: $8.21 billion.

2027 Convertible Notes Settled

Strategy's Q1 2026 10-Q also notes that the previously issued $1.05 billion 0% Convertible Senior Notes due 2027 were redeemed or converted in full during the three months ended March 31, 2025. Upon settlement of the converted notes, Strategy issued 7,373,528 shares of Class A common stock.

May 2026 Repurchase of 2029 Notes

On May 14, 2026, Strategy disclosed in a Form 8-K filed with the SEC that it had entered privately negotiated transactions with certain holders of its 2029 Convertible Notes. Under these transactions, Strategy agreed to repurchase approximately $1.50 billion aggregate principal amount of the 2029 Notes for an estimated $1.38 billion in cash.

The 8-K states that the final aggregate cash repurchase price is subject to adjustment based in part on the daily volume-weighted average price of Strategy's Class A common stock during an agreed-upon measurement period.

Following settlement of this repurchase, the remaining outstanding principal of the 2029 Convertible Notes is reduced from $3.00 billion to approximately $1.50 billion. Aggregate principal across all outstanding convertible tranches accordingly falls from $8.21 billion to approximately $6.71 billion (this figure reflects the partial repurchase; Strategy's subsequent filings will provide the formal updated balance).

Conversion Prices

Per Strategy's investor disclosure page (strategy.com/shares), dated May 17, 2026, the conversion prices for the outstanding tranches are:

• 2028 Convertible Notes: $183.19 per share

• 2029 Convertible Notes: $672.40 per share

• 2030A Convertible Notes: $149.77 per share

• 2030B Convertible Notes: $433.43 per share

• 2031 Convertible Notes: $232.72 per share

• 2032 Convertible Notes: $204.33 per share

Sources

Strategy Inc, Form 10-Q for the quarterly period ended March 31, 2026, filed with the SEC. https://www.sec.gov/Archives/edgar/data/0001050446/000105044626000031/mstr-20260331.htm

Strategy Inc, Form 8-K dated May 14, 2026 (repurchase of 2029 Notes). https://www.sec.gov/Archives/edgar/data/0001050446/000119312526225361/mstr-20260504.htm

Strategy Inc, Shares page (Assumed Diluted Shares Outstanding), strategy.com/shares, dated May 17, 2026.