MSTR demonstrates a strong upward convexity characteristic, backed by a complete positive feedback mechanism.

Bitcoin prices continue to rise—this is fundamental. Meanwhile, the company's balance sheet is also improving, and the risk coefficient of digital asset tools has significantly decreased. This sends a signal: market demand for digital asset algorithms is on the rise.

The growth on the demand side, in turn, drives down financing costs, allowing enterprises to raise capital more cheaply and continue buying Bitcoin. This cycle continually amplifies the investment value of common stocks. In a market environment with ample liquidity, this positive flywheel effect is particularly evident— the higher the price goes, the more participants there are, the stronger the demand, the easier the financing, and the greater the buying capacity. This is the so-called fat right tail risk: the upside potential is constantly re-evaluated.