Will MicroStrategy have issues? It's not an arithmetic problem but a game theory problem. Bitcoin drops, MicroStrategy's debt holders will directly demand to get their money back. MicroStrategy has prepared $2.19 billion in reserves to cope with this. At the same time, it's similar to a bank run: the worse the situation, the harder it is to raise funds, the lower the confidence, and the more stocks fall. When the new weekly report is issued, losses further increase. Some stable institutions are no longer allowed to reallocate their stocks, which further risks them being kicked out of indices, triggering further sell-offs and creating the above negative spiral. MicroStrategy's business model is very perfect; its design has already considered various worst-case scenarios as much as possible. But if extremely bad situations really happen in the future, whether it can withstand the test depends on market confidence in it. If the bull returns, it will be safe. If the bull never returns, it will remain at risk. If the bear market is deep, it will be in a chain of risks. I can't help but think of the famous Murphy's Law: the more you worry that something will happen, the more likely it is to happen.