Background: MSTR cleverly amplifies the high volatility of BTC by 2.5x and transmits it to the US stock market; Professional institutions such as hedge funds, bond investors, and option traders engage in volatility arbitrage to gain short-term profits. MSTR company obtained cash hoardings by selling convertible bonds and ATMs; 3. Shareholders bear the risk of severe fluctuations and short-term declines in stock prices due to high volatility and ATM issuance disruptions, passively capturing an increase in BTC per share, also known as BTC Yield; Short term fluctuations are exchanged for long-term chips. 4 BTC hold captures sustained market capital inflows and BTC price increases; So the question is, who is losing?