I don't know what happened to the institutions that shorted $MSTR. Since the first half of the year, I have heard that there are tens of billions of dollars of funds ready to short MSTR. As a result, MSTR has become more and more powerful. The logic for shorting it was that compared with #BTC, MSTR's increase was too high. 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 U.S. stock market. So far, MSTR holds a total 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 collapse 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 liquidation line was at more than $700. Even at this price, MSTR has many ways to repay these loans without closing the positions.
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.
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