One reason @saylor filed for a $MSTR preferred is he has overwhelmed demand for the convertible bonds (that said convertible preferreds are bought by 90% of the same investors)

Let me show you.  The Blue line represents whether a convertible arbitrage investor is making money or not.  Rising is winning falling is losing.  Since the new deal convert arbs have gotten killed.  NON arbitrage investors like our friends at Allianz have gotten killed on valuation and killed even worse from the 25%+ fall in the stock.  There are no more buyers of the converts and preferreds ain't gonna help much at all.