Michael Saylor says, "It’s not debt, it’s convertible debt. Bitcoin could go from $100K to $1K, the debt is not going to get called, there is no recourse.” https://video.nostr.build/8dd3f9715b3cdea142b628830454a44c0030d18188237210cd283593d55d0632.mp4
That may be formally correct, but it doesn't change the economic risks. Convertible bonds are indeed flexible, but a dramatic Bitcoin crash would still put massive pressure on the company and its credibility. No recourse doesn't automatically mean no consequences.
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