You're comparing apples to oranges.
Debt is a traditional loan that requires repayment with interest, while convertible debt is a type of loan that can be converted into equity (ownership shares) in the company at a later date, usually under specific conditions, which is the case with $MSTR.
Over the last five years, MicroStrategy has borrowed $7.27 billion via convertible debt securities and doubled its share count to purchase bitcoin (BTC).
Further, accretion is directly related to business expansion through incremental growth of assets and earnings, which is much like a merger or acquisition, or the continuous purchase of BTC.
At no time in the past has convertible debt been linked to such a finite asset, with such widespread and violent adoption.
Might be time to do a bit of research.
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