It's probably close to a win-win as one can get. Provided they don't go bankrupt, the investor gets their principle back at worst. If the notes mature, they potentially have a moonshot.
You could also make a case that their Bitcoin holdings is a second insurance policy against bankruptcy so it probably tamps the risk in their eyes even more.
He's paying them 3% to 4% while bitcoin appreciates in the low 60% per year. Saylor is getting a free roll and if MSTR goes bankrupt, their shares are worth zero anyways.
Right, but these guys are betting on his play, too. Most have covered calls so they could be making 30-40% on those while they ride it out and they're essentially getting that for free.
At least that is how I saw it explained several months back when people were questioning why people were still buying.
