MicroStrategy Can't Repay Its Debt In Equity/Stock Most of MicroStrategy's debt is in the form of convertible bonds, meaning that by default the principal and the coupons get repaid the cash. The "convertible" part means the bondholder can choose to convert the bond into shares/equity instead, and then MSTR chooses how settle the conversion of the bond's value in cash, equity or mix. So MSTR cannot force the debt settlement/repayment in stock/equity - that's simply an option that the bondholders/investors have. The repayment can always be in cash assuming that MSTR is solvent, as most of the debt is unsecured, meaning that there is no specific collateral pledged against that debt. In case of insolvency, unsecured debt holders are treated as general creditors of the company, and are repaid out of the remaining assets only after secured debt holders are repaid, but before equity holders.