Spot on. So why did they wait until mid month to convert and why...

Spot on.

So why did they wait until mid month to convert and why did they convert such a small amount?

Last month they did the whole $350k.

So if their default MO is to convert large amounts asap and dump quickly, what has now changed?
Are L1 working off some information from somewhere or are they guessing? What is now different that made them hold off this month? why not convert the whole $350k.

It would be bazaar to act so differently unless you had a reason.
They converted 2 days prior to the app delivery announcement on 17/5/17.
Lenze app appeared in the app store 2 days before the app delivery announcement on 17/5/17.

Its very a good example of amazing coincidence.