He is moving the bonds further out of the money and at a 0% intrest rate to minimize the incentives to hold. Last were 55% 0%. The incentive will be to convert as early as possible and enroll in the next round. The bigger mstr gets and the faster the bonds convert the more attractive the bonds become. Allowing saylor to make the negative intrest and further out of the money incentivising faster conversion. Also the size of each round increases along with the available bitcoin decreasing. Bing bong.