Saylor continues to defend his company aggressively and keeps rolling out new products, while Metaplanet has now introduced preferred shares as well. Meanwhile, most smaller Bitcoin-treasury companies have collapsed from trading at 10× mNAV to trading at 1× or even below. Shareholders absorbed all the risks and losses, yet these companies still hold their bitcoins only because investors placed their faith in their CEOs.
Those CEOs now need to deliver. Otherwise, why would anyone choose them over MSTR or Metaplanet? Keep a close eye on their performance: if they fail to raise BTC per share again, it will become clear that the whole run-up was just another pump-and-dump scheme.