These people who own the convertible debt are buying their own conversion on the open market because they know what is going to happen by 2027
You are making a HUGE assumption that the debt holders who are selling are buying back the shares that they just dumped.
Do you have proof of this or is it just a gut feeling?
I might give you the 5 digit trades since retail can't do that, but there haven't been many of those.
But all the these trades recently are "neutral" you can't tell if there initiated as buys or sells and tells me someone dosn't want to reveal too much info about all these huge neutral trades recently so that might help your argument.
But I'm still not completely sure it's the debt holders or intitutional and or insiders buying all/most of the shares.
Market Data 
Markets 
