Core Viewpoint - Michael Saylor, executive chairman of Strategy (MSTR), defends the company's digital asset treasury (DAT) strategy against short sellers, emphasizing that skepticism often stems from a lack of understanding of bitcoin and digital capital [1][2]. Company Performance - Strategy stock has declined by 22% year to date, with a significant portion of this drop occurring in the last six months, while bitcoin has increased by 10% during the same period [3]. - Current short interest in Strategy is approximately 8.8%, indicating a notable level of bearish sentiment among investors [3]. Market Trends - There are over 193 public companies holding bitcoin on their balance sheets, with 94 identified as pure-play imitators of Strategy based on their business models and funding methods for bitcoin purchases [4]. - Approximately 50% of these imitators have market capitalizations that have fallen below the value of their bitcoin holdings, a rise of 25 percentage points from late September [5]. Industry Outlook - Saylor remains optimistic about the digital economy, stating that the fundamentals of the industry have improved significantly over the past year, presenting a favorable risk-reward opportunity for investors [6].

Core Insights - Mega Matrix Inc. is transitioning its Digital Asset Treasury (DAT) strategy from a single-asset focus on Ethena's governance token (ENA) to a diversified approach involving multiple leading stablecoins and their governance tokens [1][2] - The new DAT framework is based on a "dual-engine" model aimed at capturing stable yield and governance upside, with projections indicating the stablecoin market could reach $2 trillion by 2028 [1][4] - This strategic evolution positions Mega Matrix as one of the first U.S.-listed firms to anchor its treasury on a diversified stablecoin ecosystem, enhancing shareholder value through balanced exposure [1][2] Company Strategy - The enhanced DAT strategy includes stablecoins such as USDe/USDtb: ENA, USDS/DAI: SKY, USDH: HYPE, USDF: Aster, and USST: STBL, aiming to provide both yield stability and long-term growth [1][4] - The company plans to hold a basket of stablecoins and deploy them in low-risk decentralized finance (DeFi) strategies to generate recurring income [4] - Allocating to governance tokens of leading stablecoin protocols is expected to capture long-term appreciation in the stablecoin sector [4]