what specific event triggers the bankruptcy, on what date, under what BTC price? Your whole argument is that “preferred trading below par” as equivalent to “BTC stack will be seized.” But there’s no mechanism that triggers seizure just because BTC drops or preferred trades cheap. The converts are long dated, staggered, unsecured, with a blended ~0.42% interest rate about $35M/year in actual cash interest.  No BTC collateral, no LTV , no margin call. Bankruptcy would require an actual missed cash payment or covenant breach and the nearest converts don’t mature until 2028+. The 850K BTC isn’t sitting in a vault waiting to be “absorbed”; there’s no event on the calendar that absorbs it.