Another thing to keep in mind is that the price of Bitcoin has more than tripled since the IPO. That helps, too.
Edit: To rephrase that: At IPO, a bond was worth around $15. Based on the trades over the last couple of days, a bond is worth... around $17.5.
grnbrg.
meh. throwing in usd valuation muddies the calculations. the bonds are priced in btc, divs are in btc, and the whole point is to mine btc. converting to usd, euro, renminbi, yen, real etc. becomes a rationalizing game. either the bonds perform on their merits or they don't.
not sure how trusted I am, or how smart, but I could see if I can come up with a semblance of a model per rusty's thoughts and share it.
full disclosure: I own bonds and intend to accumulate.