Convertible notes protect noteholders if stock falls below conversion price: Cash, not stock, repays below the conversion price. $MSTR’s leverage risk could destabilize $BTC; parallels drawn with $NVDA’s market impact.

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Late to this party but this is wrong under any reading of the convertible notes prospectus. If the stock is below the conversion price, noteholders get their principal and accrued interest paid back in cash, not stock

The fact he is saying this only feeds the “docs don’t matter, fiat don’t matter, equity don’t matter all that matters is bitcoin” schtick he has followed among his cult but…the fact something like this is allowed to stand uncorrected from a CEO is a sign of where the vibes are

This is the easiest regulatory case in the world to prosecute

From news release and the latest 10-Q…something something “holder put option”






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