background MSTR cleverly amplifies the high volatility of Bitcoin by 2.5 times and transmits it to the US stock market: Professional institutions (hedge funds, bond investors, and option traders) use high volatility for volatility arbitrage to capture short-term profits. MSTR company obtains cash through the sale of convertible bonds and ATM issuance, which is used for large-scale coin hoarding. Ordinary shareholders bear the risk of severe stock price fluctuations and short-term declines caused by high volatility and ATM issuance disruptions. Passive capture of the increase in BTC yield per share, which means exchanging short-term fluctuations for long-term chips. BTC holders capture sustained market capital inflows and Bitcoin price increases. So the question is, who is losing?