AQR founder Cliff Asness questions Strategy's claim that convertible bonds protect Bitcoin investments

According to Golden Finance, Cliff Asness, founder of AQR Capital Management, stated on social platform X that he agrees with the criticism of Strategy founder Michael Saylor by renowned short seller Jim Chanos. The focus of controversy is Saylor's claim that the company's purchase of Bitcoin through convertible bond financing has downside protection, stating that "such debt will not be forced to be repaid" and can be repaid with stocks when Bitcoin prices fall. Asness and Chanos both believe that this statement is incorrect and question whether Strategy has the ability to repay the approximately $10 billion raised through convertible bonds.