Market › Corporate › Strategy (MicroStrategy)

Strategy (MicroStrategy)

Takes as collateral: bitcoin

corp_strategy · corporate issuer · operated by Strategy (MicroStrategy) · registered

Include corporate in the market — financed by bitcoin the issuers hold, no lien

BTC held (issuer filings)

843,775 BTC

not the metric — see below

89% of Corporate

72% of the market

Dollar debt against bitcoin

$21.29bn

not the metric — see below

81% of Corporate

64% of the market

Debt / BTC held

32.2%

not the metric — see below

−1.96 pts vs Corporate

Borrow rate (USD loans)

11.37%

not the metric — see below

−0.06 pts vs Corporate

Lend rate (USD loans)

not applicable

Liquidates at

not applicable

Dollar loans only: other currencies are separate books, never added in

Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.

BTC held (issuer filings) — bitcoin the issuer holds and reports, not collateral pledged to its creditors: there is no lien on it.
Dollar debt against bitcoin — registered debt financed by bitcoin the issuer holds — no lien on the coins, so not debt secured by them; preferred stock counted at its stated amount; its liquidation preference (the greatest of $100, the last close and the 10-day average close, per each Certificate of Designations) is up to $44m more, the high bound — dividend arrears not added.
Debt / BTC held — registered debt over the value of the bitcoin held — not an LTV: there is no lien.
Borrow rate (USD loans) — the yield a holder of the issuer's listed instruments receives — the issuer's cost of this capital, with no lien behind it.

Dollar debt against bitcoin of Corporate — Strategy (MicroStrategy) 81%, 89% of its bitcoin collateral

Dollar debt against bitcoin of the market — Corporate 79%, 81% of its bitcoin collateral

10 of 10 criteria researched. What the criteria are →

Markets — as served, not a venue rate

One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.

No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.

Price

What does credit cost here, and how is the price formed?

Rate formation	administered source Corporate paper: the rate is set by the issuer and its counterparties at issue, or by the board — administered. STRC is the exception the vocabulary names administered_price_feedback: a published ratchet recommends a change from STRC's own trading price, and the board decides — "the framework may be changed or suspended at the issuer's sole discretion".
Term structure	open_ended source Strategy Inc — by amount most of the registered stack is PERPETUAL preferred stock with no maturity (10.00% Series A Perpetual Strife Preferred Stock ($1.28bn); Variable Rate Series A Perpetual Stretch Preferred Stock ($10.49bn); 10.00% Series A Perpetual Stream Preferred Stock (EUR 775,000,000); 8.00% Series A Perpetual Strike Preferred Stock ($1.40bn); 10.00% Series A Perpetual Stride Preferred Stock ($1.40bn)). The 6 convertible notes are fixed-term (2030B Convertible Notes ($2.00bn, due 2030-03-01); 2028 Convertible Notes ($1.01bn, due 2028-09-15); 2031 Convertible Notes ($604m, due 2031-03-15); 2032 Convertible Notes ($800m, due 2032-06-15); 2030A Convertible Notes ($800m, due 2030-03-15); 2029 Convertible Notes ($1.50bn, due 2029-12-01)), several with holder put dates before maturity. One value cannot say both; the larger part is carried and the other named.
Rate certainty	variable source Strategy Inc — the largest instrument, STRC ($10.49bn), pays a variable dividend the board resets monthly: 14 declared rates since issue, 9% to 12%. Every other registered instrument is fixed at issue: the convertible notes at 0% to 2.25% stated, STRF, STRK, STRD and STRE at their stated dividend. One value cannot say both; the larger part is carried.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	not_applicable source Strategy Inc — no registered instrument is secured on bitcoin, so nothing is marked to a price and no margin call exists (SEC EDGAR accession 0001050446-26-000044 (10-Q, period 2026-06-30): the notes are "senior unsecured obligations of the Company"). One price does enter one rate: STRC's monthly dividend recommendation reads STRC's own volume-weighted price and one-month term SOFR. That is a rate input, not a collateral mark.
Default & liquidation	not_applicable source Strategy Inc — there is no collateral to liquidate: 6 senior unsecured convertible notes and 5 series of preferred stock. No lien exists over the issuer's bitcoin for these holders: the paper is financed BY the bitcoin on the balance sheet, not secured on it. A holder's remedies are those of an unsecured creditor or a preferred shareholder.
Custody & backing	not_applicable source Strategy Inc — no bitcoin is held for or pledged to the holders of this paper, so there is no collateral custody to describe. 762,099 BTC held at 2026-03-31 on the issuer's own balance sheet (SEC EDGAR accession 0001050446-26-000031 (10-Q); who holds those coins for the issuer is not recorded here.
Recourse	recourse source Strategy Inc — a noteholder's claim is on the company as a whole, not on an asset: "senior unsecured obligations of the Company... effectively junior in right of payment to any of the Company's secured indebtedness" (SEC EDGAR accession 0001050446-26-000044 (10-Q, period 2026-06-30), Long-term Debt). The preferred stock is equity: a liquidation preference ranking behind all debt, in the order STRF, STRC, STRE, STRK, STRD.
Track record	19 months observed source Derived from credit_venues.first_date (2025-01-31), the first daily price this dataset holds for the issuer's listed preferred stock. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity.

Composition

Who and what makes up this market?

Collateral accepted	None pledged — 762,099 BTC on the issuer's balance sheet, no lien source Corporate registry (registry/corporate_registry.yaml, each term cited to its filing), as served 2026-09-30. 762,099 BTC held at 2026-03-31, against $22.18bn of registered notes and preferred at 2026-06-30. No lien exists over the issuer's bitcoin for these holders: the paper is financed BY the bitcoin on the balance sheet, not secured on it. The issuer also carries other secured debt ($39.8m at 2026-06-30) that is not registered here.
Book depth & concentration	unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.)
Observability	price: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. quantity: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point. composition: none — Convertible notes and secured debt sourced from filings. Slow-moving and partly manual; no ingestion built. Included in the registry despite holding nothing because this is the largest tranche of Bitcoin-collateralised credit by notional and nobody aggregates it — an empty row that names the gap is the point.

What the loans are denominated in

Borrowed in	Assets	Size (USD equivalent)	In the loan asset	Read by
US dollars	strategy_conv_2028, strategy_conv_2029, strategy_conv_2030a, strategy_conv_2030b…	$21.29bn	—	issuer filings, 2026-06-30
euros	strategy_stre	$884m	775,000,000 strategy_stre	issuer filings, 2026-06-30

Each currency is a separate book; the dollar equivalents compare sizes and are never added together.

Backing chain

not applicable — custody does not apply to this venue

source

attribute · custody_model = not_applicable

Strategy Inc — no bitcoin is held for or pledged to the holders of this paper, so there is no collateral custody to describe. 762,099 BTC held at 2026-03-31 on the issuer's own balance sheet (SEC EDGAR accession 0001050446-26-000031 (10-Q); who holds those coins for the issuer is not recorded here.

The generic axis set

Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.

Utilisation (venue roll-up)	not applicable — there is no pool of deposits here to be drawn
Intermediation margin	not applicable — needs both a borrow and a lend rate; the lend rate is not served here
Trailing realised average (7/30/90d)	unknown (not published by the venue) — a posted or filed rate has no daily series here
Rate volatility (30/90d)	unknown (not published by the venue) — a posted or filed rate has no daily series here
Spread to the pair aggregate	−0.06 pts vs Corporate · derived this venue's borrow rate minus its class's (11.43%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates
Spread to matched Treasuries	+7.24 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. Loans here carry terms of their own, which the bill does not match: it is the same 30-day reference used for every venue, not a matched maturity macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15)
Origination flow	unknown (not published by the venue) — the venue publishes no loan-by-loan flow
Repayment flow	unknown (not published by the venue) — the venue publishes no loan-by-loan flow
Aggregate and distributional LTV	32.2% · analogue registered debt over the value of the bitcoin held — not an LTV: there is no lien; the aggregate only — no distribution is read here SEC EDGAR filings
Residence distribution	unknown (not published by the venue) — the venue publishes no loan durations
Liquidation incidence	not applicable — no lien, so nothing is liquidated
Top-10 concentration share	unknown (not published by the venue) — the venue publishes no borrower distribution

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.

Access routes

Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.

Instruments issued

Instrument	Type	Status
2029 Convertible Notes ›	convertible note	outstanding
2030A Convertible Notes ›	convertible note	outstanding
2028 Convertible Notes ›	convertible note	outstanding
2031 Convertible Notes ›	convertible note	outstanding
2030B Convertible Notes ›	convertible note	outstanding
2032 Convertible Notes ›	convertible note	outstanding
STRF ›	perpetual preferred	outstanding
STRC ›	perpetual preferred	outstanding
10.00% Series A Perpetual Stream Preferred Stock ›	perpetual preferred	outstanding
STRK ›	perpetual preferred	outstanding
STRD ›	perpetual preferred	outstanding

In the order the dataset carries them, not ranked. Every instrument →

Ask for this by machine

REST	GET https://api.bitcoincreditstack.com/v1/market/venues/corp_strategy
MCP	get_venue({ venue_id: "corp_strategy" }) get_venue({ venue_id: "corp_strategy", include: ["axes", "headline"] })

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