MSTR's BTC holdings are currently in the black with a cost basis of approx $71k per BTC, versus the over 100k price we have today. Everyone else (excl Metaplanet which stands at approx 97k) is in the red currently. Should credit markets freeze up, or some other economic headwind, they'll be forced to sell their BTC like Elon or worse. In short, having BTC on the balance sheet isn't a substitute for running a profitable company. The winning move is to just buy #btc and hold it yourself.