That said, I'm nervous about the debt raise because it begs for regulatory action.
One thing's certain: the successful raise and the increased size point to tremendous interest in Bitcoin from investors of all sizes.
No it doesnt. It points to the fact that the market will buy USD debt paying out interest in USD. A US 5 year treasury note pays out a little under 0.4%, so this note paying 0.75% is a way to get a little more yield by taking on some credit risk.
shareholders can and should do whatever they want, that is the point of being so forthcoming
"I want to do X" => market agrees or market disagrees => X does or doesn't happen
they can sell now or buy puts, they've had a week
Sure, MSFT lost some shareholders, but so far it looks like it was a win for everyone.
The shareholders are down because of the perceived risk of conversion which dilutes the shares, not really because of the exposure to bitcoin - which is a factor - but the market is weighing the conversion more heavily.
Credit markets are more fascinating than people think, especially on leverage.