MSTR did not find a glitch, they are just taking on risk, which works as long as there isn't a massive crash 

Bitcoin does have a way of flushing out massive amounts of leverage. Not saying it will happen, but it CAN happen

To summarize:
 - convertible notes: give option to debt holders to convert into shares, diluting current share holders. But if it doesn't pump, can only pay back by selling BTC.

 - straight debt: mstr doesn't have enough income to pay back all debt holders, so they can become a forced seller of coins or shares (dilution) during a dump of BTC or mstr stonk

 - their force sells can dump the price further creating a death loop of even more selling 

Yes it looks genius after a huge pump but it could potentially be lights out if we crash 70%

But we probably won't