I don't know how the institutions that shorted $MSTR are doing. Since the first half of the year, I have been hearing about hundreds of billions of dollars preparing to short MSTR. However, MSTR has become more and more courageous. The original logic for shorting was that, compared to #BTC, MSTR's increase was too high. Some fund managers believed that MSTR's real increase should be similar to BTC.

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

MSTR's leverage is very low. I remember that when BTC fell below $20,000, Michael Saylor said that MSTR's liquidation price was over $700. Even at that price, MSTR has many ways to repay the loan without liquidation.

So as long as BTC performs well, MSTR's profits will increase exponentially. Treating MSTR as the "BTC" of US stocks indeed underestimates it.

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