AQR Founder Cliff Asness Questions Strategy "Convertible Bonds Protect Bitcoin Investments"
2025-06-22 01:29:24
Cliff Asness, founder of AQR Capital Management, said on social platform X that he agrees with prominent short-seller Jim Chanos' criticism of Strategy founder Michael Saylor. The controversy centers on Saylor's claim that the company's purchase of bitcoin through convertible bond financing has downside protection, saying that "such debt will not be forced to be repaid" and can be paid in stock if the bitcoin price falls. Both Asness and Chanos believe this statement is wrong and question whether Strategy will be able to repay the approximately $10 billion raised through convertible bonds.
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