Regarding the zero-interest convertible bonds of $MSTR. In February 2021, MicroStrategy issued a total of $1.05 billion in zero-coupon convertible senior bonds, set to mature in 2027. Investors were willing to purchase these zero-interest convertible bonds mainly because:

1. Potential for stock price appreciation. Convertible bonds allow investors to convert the bonds into the company's common stock under specific conditions. If MicroStrategy's stock price rises above the conversion price, investors can choose to convert the bonds into shares, thereby benefiting from the increase in stock price.

2. Capital protection. Compared to directly purchasing stocks, convertible bonds offer better capital protection. Even if the company's stock price declines, investors can still redeem the bonds at face value, and the bonds have priority over stocks in terms of repayment. This provides investors with a way to enjoy the potential for stock price appreciation while reducing investment risk.

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