[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.]  MikeWMunz 🟧 [@mikewmunz](/creator/twitter/mikewmunz) on x 3901 followers Created: 2025-07-21 23:38:32 UTC The converts were great to get large sums of capital into the door and create a highly liquid options market via volatility early on. But once you scale enough they become an annoyance with the delta hedging as price attempts to move up. They are net negative now imo and that’s why they won’t issue any more unless there is a unique condition that makes it beneficial FWIW, the largest tranche of converts, the 2029 $X billion was issued at the ATHs in November. They short sold nearly $X billion into the market and smoked the equity. Saylor won’t be doing that again XXX engagements  **Related Topics** [hedging](/topic/hedging) [delta](/topic/delta) [volatility](/topic/volatility) [liquid](/topic/liquid) [Post Link](https://x.com/mikewmunz/status/1947441092908994858)
[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.]
MikeWMunz 🟧 @mikewmunz on x 3901 followers
Created: 2025-07-21 23:38:32 UTC
The converts were great to get large sums of capital into the door and create a highly liquid options market via volatility early on. But once you scale enough they become an annoyance with the delta hedging as price attempts to move up. They are net negative now imo and that’s why they won’t issue any more unless there is a unique condition that makes it beneficial
FWIW, the largest tranche of converts, the 2029 $X billion was issued at the ATHs in November. They short sold nearly $X billion into the market and smoked the equity. Saylor won’t be doing that again
XXX engagements
Related Topics hedging delta volatility liquid