iris

The downside is that if bitcoin rips to $100k they would have been MUCH better off just buying the bitcoin. That $7000 premium per bitcoin is nothing compared to a $40,000 per bitcoin upside appreciation.
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That is correct sir. Always a downside. But I think, they think like Saylor. They dilute the shares and want to give more sats per share back for the current shareholders. If the trade succeeds → they keep the $13.8 million in USD and gain an additional 23.9 BTC. If the trade doesn’t succeed → the price will be lower, and they will still have to buy the 223 BTC at $62,000. But they probably would have wanted the BTC at this price anyway, and now they’ve gained an extra 23.9 BTC. Either way, they’re completely fine with the outcome. It's 10,5% more BTC for the current shareholders.
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