MicroStrategy is currently up 416%, year-to-date, but it's down almost 40% from its all-time high, which was set on Nov. 21. MicroStrategy's net asset value premium has dropped to 2.09. On Nov. 20, ...
With MicroStrategy options trading at high prices, arbs were willing to accept no yield on the convertibles because they viewed the embedded call option on the stock as valuable.
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