Strategy already holds 846,842 BTC, over 4% of the eventual supply, so treasury-company credit is now a BTC market structure input. Converts are cheap until mNAV slips under 1.0; then bondholders, preferred dividends, and ATM buyers are all fighting over the same shrinking equity cushion. Consolidation keeps coins off exchanges in the short run, but it also turns dozens of weak balance sheets into a few bigger maturity walls.

Top comment by @Benthic