The setup: back in June, Hertz issued $350M in exchangeable senior notes (6.75%, due 2030) convertible into roughly 98M shares at $3.58. At the same time, 37M shares got lent to JPM and sold at $2.70 so the noteholders could hedge. Hertz didn't see a dime of that sale. Here's the part that matters. The holders delta hedge the position, so as the stock climbs toward $3.58, the hedge mechanically requires more shorting. It's formulaic, not a directional bet. They're neutral, not bearish. That's wh
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