Adam Livingston(@AdamBLiv):Retiring convertible notes is SUPER BULLISH. New debt as % of EV $6.754B ÷ $82.235B = 8.21% So debt would fall from: 10.04% of EV → 8.21% of EV That is a drop of 1.82 percentage points, or about an 18% reduction in debt as a share of EV. New net leverage ratio Before: ($8.254B - $2.250B) ÷ $64.888B = 9.25% After: ($6.754B - $2.250B) ÷ $64.888B = 6.94% So net leverage drops from roughly: 9.25% → 6.94% That is a drop of 2.31 percentage points, or about a 25% reduction in net leverage. That is extremely clean capital stack alchemy: replace convertible debt with perpetual preferred, reduce maturity pressure, lower debt leverage, and keep the Bitcoin machine alive.

2026.05.15 18:33

Retiring convertible notes is SUPER BULLISH. New debt as % of EV $6.754B ÷ $82.235B = 8.21% So debt would fall from: 10.04% of EV → 8.21% of EV That is a drop of 1.82 percentage points, or about an 18% reduction in debt as a share of EV. New net leverage ratio Before: ($8.254B - $2.250B) ÷ $64.888B = 9.25% After: ($6.754B - $2.250B) ÷ $64.888B = 6.94% So net leverage drops from roughly: 9.25% → 6.94% That is a drop of 2.31 percentage points, or about a 25% reduction in net leverage. That is extremely clean capital stack alchemy: replace convertible debt with perpetual preferred, reduce maturity pressure, lower debt leverage, and keep the Bitcoin machine alive.

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