All current micro-strategies are nothing but three axes.

The first wave is to use a shell company, putting the tokens into a listed company, while the foundation sells tokens to the company, at the same time giving you a psychological anchor price, starting from a market value of tens of millions of dollars, raising the premium of the token stocks.

The second round of seeking institutional financing involves raising funds at a price slightly lower than that of stocks in the market. This can be understood as a previous practice of discounted OTC coin transfers, but with a shorter unlocking period, usually just a few months.

The third wave of stock premium rates has become quite high, leading to market financing to tap into the liquidity of the secondary market, as well as micro-strategy private placements for financing in SOL and SUI.

The micro-strategy SBET for ETH has not collapsed in the third wave, and it hasn't broken the net value near the net value. The micro-strategy UPXI for SOL faced selling pressure from the second wave of institutional unlocks that it couldn't withstand, and it broke the net value. However, today it rose despite the collapse in both cryptocurrency and stocks, with a market capitalization of 276 million USD, but the 2 million SOL held is worth 328 million USD. Institutions aren't getting trapped; what's the next step? 🤣