I don't know how the institutions that shorted $MSTR are doing. Since the first half of the year, I have heard that there are tens of billions of dollars of funds preparing to short MSTR. As a result, MSTR has become more and more courageous. The logic for shorting at the beginning was that MSTR's increase was too high compared to #BTC. Some fund managers believe that the actual increase of MSTR should be almost the same as BTC.

In fact, MSTR is not just BTC in the US stock market. So far, MSTR has a total position of 252,200 BTC. Even at the current price of $65,500, it has a net profit of $16.52 billion. More importantly, MSTR has no risk of explosion in the last 1 to 2 cycles.

The leverage borrowed by MSTR is very low. I remember that when BTC fell below $20,000, Michael Saylor said that MSTR's explosion line was more than $700. Even at this price, MSTR has many ways to repay these loans without closing the position.

Therefore, as long as BTC performs well, MSTR’s profits will increase exponentially. If you only regard MSTR as the “BTC” of U.S. stocks, you are indeed underestimating it.