[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

[@PedritoTlse](/creator/twitter/PedritoTlse)
"No because convertibles can be issued with a premium above NAV. Moreover your logic doesn't work either because XXX x XXX equals XXXX whereas for it to generate BTC yield it needs to be above X. For example currently there are XXX sats/share fully diluted. If the mNAV were equal to XXX that would mean the stock is trading on the market at XXX Satoshis. Well even in that case the convertible bonds could be subscribed with a premium above XXX Satoshis regardless of the price and the mNAV. The XX% is not a fixed rule; it's a matter of negotiation between the convertible bond issuer and the"  
[X Link](https://x.com/PedritoTlse/status/1981468281572651074) [@PedritoTlse](/creator/x/PedritoTlse) 2025-10-23T21:10Z XXX followers, XX engagements