Wow you’re clueless dude. First of all if you read my post the flywheel depends on ATM issuance far more than the convertible bonds. Second, none of the debt is encumbered, so there is no unwinding. It’s dated years in the future at very low/no interest which the software business can more than support. If Bitcoin has a 5 year+ bear market and the debt isn’t eligible to be refinanced or converted into shares than there could conceivably be a scenario where they are forced to sell some BTC to pay back some debt. This is priced in to the stock right now buddy! Because it has a near zero percent chance of ever happening! Finally the market for their convertible bonds is huge if you actually take some time to learn about them. They’re the best performing bonds in the world and bond funds are desperate for yield. Can’t wait for your brain to melt when they issue a negatively yielding bond sometime soon! Market wants their debt so bad they’ll pay Saylor to let them have the privilege of giving him money! Mark my words.