True North(@TNorth):$6.74 billion of debt, and quoting that number the standard way values MSTR common at zero. That is the most conservative reading available, and it is the one in circulation. The debt is convertible, and Strategy changed how it presents the math 3 to 4 weeks ago to split in the money from out of the money. At a $105 stock the reading given on tape flips negative. The 2030A converting today would mean going to bondholders with the stock at 105 and roughly $45 of cash on top. Pay in stock, pay in cash, or refinance. Described on the call as a paper transaction. The $6.74 billion only holds if the stock is worth nothing. It is worth 104. $MSTR $STRC bitcoin:native @GrainofSaltSF

2026.08.20 21:04

$6.74 billion of debt, and quoting that number the standard way values MSTR common at zero. That is the most conservative reading available, and it is the one in circulation. The debt is convertible, and Strategy changed how it presents the math 3 to 4 weeks ago to split in the money from out of the money. At a $105 stock the reading given on tape flips negative. The 2030A converting today would mean going to bondholders with the stock at 105 and roughly $45 of cash on top. Pay in stock, pay in cash, or refinance. Described on the call as a paper transaction. The $6.74 billion only holds if the stock is worth nothing. It is worth 104. $MSTR $STRC bitcoin:native @GrainofSaltSF