👉 Sold at par
👉 0% coupon
👉 Unsecured debt
👉 Option to convert to equity at $672/share

For the loan of the principal you're getting an option to buy $MSTR stock at $672 in 2029 - 60% higher than the current share price of ≈ $420

Why not just buy $BTC directly? 🤷‍♀️