Lots of alarmist takes right now about MSTR issuing more converts. There are 2 simple reasons they haven’t issued another yet. 1. Their last issuance was 2/21/2025. Once they issue a convert there is a standard 60 day lockout. That means that without getting a waiver for an exception the soonest they could have issued another was 4/22/2025 (19 days ago). But also keep in mind they had earnings, so they wouldn’t issue around that period either. 2. Converts should be issued while volatility is high to get the best premiums to make them most accretive to the shareholders. They shouldn’t be just issuing them as soon as possible just for the sake of issuing them. They have other tools they are working with now that they have the STRK ATM and they are building that products liquidity up as it is more accretive to BTC per Share than doing a convert. Don’t get pulled into the alarmist takes. These takes pop up all the time and cause panic (which drives the engagement people crave on here). We are so used to MSTR issuing converts at lightning speed that it is easy to get discontent. I can assure you from having discussions with the people who sell the converts, that demand is not the issue right now. It’s about being strategic and making sure when converts transactions do happen they will be the most beneficial to the shareholders. Have a great day!