IOSG: Deconstruction of Cryptocurrency Reserve Economic Model, Can Micro Strategies be Copied with? 》(Author Mario Chow @ IOSG) This article analyzes the economic model of listed companies represented by MicroStrategy using cryptocurrency as reserve assets, and explores in depth their financing methods, equity and debt structures (especially the use of zero coupon convertible bonds and preferred stocks), and valuation logic (mNAV indicator).