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/

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