Strategy's first billion-dollar payment on its convertible debt may come due in September 2027 now that shares of the biggest corporate bitcoin owner have tumbled below the conversion price, erasing the equity incentive for bondholders. MSTR stock continued to fall early Friday as bitcoin hit a seven-month low before cutting some losses amid rising odds of a Federal Reserve rate cut in December. Unless Strategy rebounds on a renewed ascent for bitcoin, interest costs will soar as it faces a total of $6.6 billion in convertible debt redemptions through 2028 and has to replace low-cost convertible financing with high-cost debt — unless it pares its bitcoin holdings.