Do you realize why Strategy was forced to buy back $1.5B of converts for $1.38B (a nice little discount)? In the past, these converts would be above their put price and just become common shares of MSTR, which was a win for the lender and a win for Strategy because they didn’t have to find cash to repay the debt. Their converts are now so far out of the money they have no hope of seeing the majority of them actually convert. This is something they’ve never had to do at this scale before. And they have another $6B of these notes they have to pay off by the end of 2028. This is cash that otherwise could have been used to pay off dividends to preferred shares had the stock performed better and the premium not seen such compression already. Now that cash that would have been available has to be funded from somewhere else to keep the pref dividend payments alive… and the best options left are selling Bitcoin or more common MSTR shares at a compressed premium. Both are dilutive to MSTR holders.(K A L E O)