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![Tony_Denaro Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1404206195745951752.png) Tony Denaro [@Tony_Denaro](/creator/twitter/Tony_Denaro) on x 12.1K followers
Created: 2025-07-02 17:45:12 UTC

Want to geek out on learning how Convertible Bondholders (GME/AMC) think?  Watch $CNK.  Cinemark 2025 bonds are maturing in X weeks, August 15th.  Their stock is trading more than 2X the $XXXXX conversion price.  The bonds are trading at over 2X par value.  Bond delta hedging has had CNK short interest close to XX% for a long time despite Cinemark being profitable (shorts don’t care about this stuff GME guys - only their bond hedge strategy!) And to top it off, while the share price is more than 2X conversion price and maturity is only X weeks away there still has been ZERO conversions. 
👀 GME folks, pay attention, there are lessons here.
There will finally be a CNK bond and short hedge unwind in the coming weeks close to the maturity date. Keep an eye on Cinemark. It is a great live lesson coming up.

![](https://pbs.twimg.com/media/Gu3sRaZXsAA67Nn.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1940466803068506168/c:line.svg)

**Related Topics**
[hedging](/topic/hedging)
[delta](/topic/delta)
[2x](/topic/2x)
[$cnk](/topic/$cnk)

[Post Link](https://x.com/Tony_Denaro/status/1940466803068506168)