The bond holders decide on conversion after a certain pre determined date and predetermined stock amount. The problem lies in a FI

Manager now holding a ton of MSTR stock; which they cannot do. So the majority of bond holders are forced sellers of stock upon conversion.

Outright stock buyers are the exit liquidity; the only respectable way to make this trade is to buy the bonds. Everyone else end up the bag holders.

Not saying the stock might not go up or it's not a good trade. But it's not a buy and hold forever.