The convertible bonds cant be exercised until a specific strike price. Only then does the “dilution” occur.
Keeps the ratio ~2.3-3x bitcoin.
Im telling you man, what he’s doing is different.
There’s 100s of hours of debate on this available.
I highly recommend PunterJeff who was just on with Preston Pysh a week ago. He explains it very eloquently.
https://www.theinvestorspodcast.com/bitcoin-fundamentals/microstrategy-2025-w-jeff-walton/