MicroStrategy Inc. is powering returns in the $310 billion market for US convertible bonds on the back of Bitcoin’s historic advance.
A 500-member Bloomberg gauge for convertible US debt is headed for its best month this year, with MicroStrategy accounting for almost a quarter of the rally. The February 2027 bonds of the software developer, which owns around $24 billion in Bitcoin, have surged 60 cents on the dollar in November, setting the securities on course for their best month since being issued in 2021.
