Today someone asked me if all listed companies can learn from the MSTR model. It seems that everyone can do it, but why are there only a limited number of companies today? Because the stocks and bonds of listed companies cannot be sold casually. Not only do they need to have strong financing capabilities, but they also need to be recognized by the market.

At present, there are indeed several listed companies inspired by $MSTR. It is not difficult to raise funds and issue bonds in the early stage, but the later this is done, the higher the unit price, the greater the risk of retracement, and the lower the probability of insolvency.

We now see that MSTR's profits actually started in the fourth quarter of 2023. Before that, it was losing money every quarter, especially when#BTCfell below $16,000 in 2022. There was a rumor that MSTR was going to go bankrupt. It was @saylor who personally explained that the liquidation price was $700 to ease market sentiment.

After the latest round of MSTR's purchase of BTC, the cost is $42,692. There is no publicly listed company with such a low average price. So think about it, if the Copy Cat plan is implemented from $80,000, then once the leverage is too high, it is very likely to be directly liquidated. I even think that such a company will definitely appear in the future.

At the beginning, I also made a model and concluded that when BTC rises, MSTR does rise the best, but when BTC falls, MSTR also falls more severely. So the path that MSTR can take is indeed replicable, but the premise is to have super strong financing capabilities and very low leverage, and then it is possible to kill it when the market rises.

Now there is only MSTR, and the others are still in the "Meme" stage.