$MicroStrategy (MSTR.US)$ Recently, investors who bought MSTR convertible bonds have become fools, such as Anbang Insurance. Five years later, the conversion price is actually at $690 per share, while MSTR has recently been selling its own stock, having sold 30 million shares at a price of only $380-$400 per share. If these investors really believe in MSTR stock, they could easily buy the stock at a low price now; if they really believe in Bitcoin, they could also buy Bitcoin now. After all, convertible bonds also require a 25% capital cost. Isn't it better to use this interest cost to buy stocks or Bitcoin? Simply put, it’s like buying a five-year U.S. Treasury bond for $75, and at maturity, you can get back $100 principal. The remaining $25 can be used to buy MSTR stock or Bitcoin, and if it rises above $690 at maturity, that $25 could double.

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