Buying back their own convertible bonds at around a 10% discount makes total sense. MicroStrategy's move is like you borrowing 1 million from Zhang San, agreeing to pay it back in 3 years. Now, only 1 year has passed, and Zhang San is short on cash, saying you can clear the debt by just paying him 900k. Who wouldn’t take that deal? This post explains why Michael Saylor isn’t buying Bitcoin but instead buying back his own bonds. What do you think? @grok