Many say the amount of Bitcoin per share continues to increase but I don't believe this takes into account the convertible notes.

Once converted, this levels back out again.

Granted, in an inflationary environment, debt becomes cheaper over time.

Using leverage to increase BTC holdings can be a positive move for anyone, company or individual.

The question is, when and how does that debt get called? 

Benjamin Graham often said that worst losses were those when one was forced to sell. If you live by someone else's timeline, you will lose, eventually. 

 They never add debt back in when calculating this for some very strange reason  

 It makes it a less appealing purchase.