1. Issue Convertible Bonds that mature in the future. 2. Use proceeds from bond sales to buy Bitcoin today. 3. Stock values increase due to more Bitcoin held and Bitcoin's value appreciation 4. At thresholds set out in terms of Bond, Microstrategy pays back with either Cash or conversion to shares. Share issuance dilutes the stock, cash could come from future Bond sales Incentive for Bond buyers is the effective USD yield over time based on the ratio of share equivalent for the offering and share price appreciation from Microstrategy activities. Many of these bond buyers cannot buy Bitcoin directly due to regulations so this new product gives them value exposure and effective yields that make other bonds look like trash

Some numbers from the most recent one...

Thank you, I understand like 20% more now. It’s the ratio share equivalent parts gets me through. Volatility is fun, I enjoy the ride but something about MSTR seems off. Honeypot venerability and the company is headquartered is the intelligence community part of town. I’m fully anticipating funny business this cycle but this time from the suites, not from the crypto bros.