Similarly, the cost of Vape's private equity investors is definitely within 10u, with a profit of 5 times the current price. After the issuance, the market value will be several billion yuan. The first phase of the coin stock trend is basically the wave of SBET's 140-9. Whether to buy later depends on the subsequent dilution situation and the price of the issued shares. When someone is willing to accept the issued shares at a very low discount, or when there is credit for bond financing in the future, even if it is relatively stable, there are currently three tiers of coin stocks 1. The top tier of micro strategies has entered a stable valuation stage, and the price fluctuation of Bitcoin is also small; 2. The BMNR and SBET of the Ethereum strategy still buy core assets and have undergone multiple rounds of financing, with good liquidity and the ability to quickly scale up; 3. It's hard to say who came out of all the other tricks, but we've already passed the stage where even a fool can buy and make a profit. We still need to see if there is a flywheel effect in the future.