# $NPC Social Sentiment & Intelligence — 2026-07-06 22:10 UTC > **Asset:** $NPC > **Momentum Status:** Trending Up > **Timestamp:** 2026-07-06 22:10 UTC (2026-07-06T22:10:00Z) > **Canonical URL:** https://cryptitalk.com/2026-07-06-22-10/crypto/NPC > **Overview Brief:** https://cryptitalk.com/2026-07-06-22-10/crypto.md --- ## 10-Minute Social Metrics - **Posts Analyzed:** 2 - **Total Impressions:** 138 - **Likes:** 2 - **Retweets:** 0 - **Comments:** 1 --- ## Momentum & Sentiment Analysis Total Engagement - Comments: 1, Retweets: 0, Likes: 2, Impressions: 138 --- ## Cited Community Posts & Evidence ### Post #1 by @YaldaMasoudi > **Author:** [@YaldaMasoudi](https://x.com/YaldaMasoudi) > **Metrics:** 0 likes · 0 retweets · 0 comments · 0 views > **Source Link:** [https://x.com/YaldaMasoudi/status/2074256601590935724](https://x.com/YaldaMasoudi/status/2074256601590935724) > > "Gn Voltrix" ### Post #2 by @laurashin > **Author:** [@laurashin](https://x.com/laurashin) > **Metrics:** 2 likes · 0 retweets · 3 comments · 1.3K views > **Source Link:** [https://x.com/laurashin/status/2074255527543209992](https://x.com/laurashin/status/2074255527543209992) > > ""That worst case assumes Bitcoin stays flat until 2028 and that Strategy does nothing between now and then. They've shown they can raise over a billion on the common ATM in a single week" Parker White responds to the convertible puts cliff Strategy is facing and why he isn't [Spoken audio]: So, there is a much bigger issue that strategy is facing than the dividends and that is that starting next year. There is going to be this upcoming cliff of convertible puts that starts in September 2027. of Castle Island Ventures was the first to flag this that I saw, maybe somebody else had flagged it earlier, but basically a strategy is going to potentially owe a total of $6.7 billion regarding these converts. So this is like just leaving aside the dividends. It doesn't include the dividends on the perverts. So basically if the price of MSR is not above $183 September 2027, then strategy will have to pay the holders of those $1 billion in cash in March of 2028. If the price of MSTR isn't above $433, then strategy will have to pay back $2 billion. In June of 2028, they'll pay another $1.5 billion if the MSTR isn't trading above of 672 and then by September 28, another $800 if it's not above 150 a share, another $604 million the same month of MSTR is not above $233 a share and yet another $800 million in June of 2029 if the price of MSTR isn't above $204 a share. So again, this is not including the dividends And Matt calculated, and so I don't know exactly what the price of Bitcoin was when he did these calculations, but it's been treating kind of roughly in the same range the past few weeks. So yesterday that paying the first three puts would require a strategy to sell 74,000 Bitcoin and that paying all the puts would require them to sell 111,000 Bitcoin. So how do you think about this potential issue that strategy is facing? Sure. So I would say this is, you know, this is definitely a focus it would seem for the management team because if you remember, they used a bunch of their cash to buy back some of the converts. And the one that they chose, the convert that they chose was the one that was trading at the steepest discount. And the reason it was trading at the steepest discount to par was because the convert premium or the stock strike price was the highest effectively. And so, you know, this is why strategy is migrating away from the converts to the preferreds is because they don't want to have these essentially these bullet maturities or put dates where you have to, you know, all at once kind of in one period address a situation and so there's a couple things that strategy could do here. The most likely one would simply be to issue a new set of converts so all these convert investors and you'll notice the converts are trading all right around par still and so that's because of the volatility so even though the stock is way down from when strategy issued these converts the volatility is so high that the volatility premium embedded in that option is also so high and so these traders they're not just buying the bond and holding on to it for the coupon actually there's no coupon in many cases they are simultaneously shorting the stock so what happens is by the bond short the stock and they have a basically a gamma trade here where they kind of squeeze off that gamma. And so these guys would love to just go again, right? Hey, issue a new convert, new put date, couple years out in the future, new maturity dates, lower strike price on the common stock, and get back to it. So I think most likely all of these would be refinanced with a new convert and a lower strike price. And strategy would not have to come up with the cash. However, let's just look at them needing to come up with the cash. Matt's analysis, I don't have the numbers exactly in front of me, but you know, let's just take them for their face value, assume that they're correct. That's, you know, not that it's like a 10 15% of strategies balance sheet. And that assumes that Bitcoin stays flat all the way until 2028. And so if If that happens, the four-year cycle would be completely broken for one. But two, that assumes that strategy doesn't do anything at all between now and then. And they've shown that in a single week, they can raise over a billion dollars on the common ATM. They've also shown now that in a single week, they can raise $200 million off selling Bitcoin, and yet the price of Bitcoin goes up. And so there's a lot of things that can be done between now and late 2027 and mostly in 2028 if they actually needed to raise cash. But my guess is that all of that will either be bought back because they will be able to raise cash by selling more preferred or more common ATM or they'll simply refinance and role to another series." --- ## Contributing Accounts - `@kaixweb3` (https://x.com/kaixweb3) - `@CryptoDragon` (https://x.com/CryptoDragon)