Golden Finance reported that Adam Cochran, a partner at CEHV, recently analyzed MicroStrategy's unstable financial situation. Cochran said that MicroStrategy issued convertible notes due in 2025 and 2028, with expected revenue of $120 million and costs of approximately $188 million. MicroStrategy faces $36 million in debt interest. Cochran emphasized that if MicroStrategy cannot pay the convertible notes in 2025, the potential consequence will be conversion into company equity at a value of $725 million, resulting in a dilution of the holder's equity by approximately 15%. Another option is to refinance, but before the rate hike cycle, the yield on the last issuance was 6.25%, and Cochran estimated that refinancing could bring the yield to a staggering 9%-11%.