The last crypto bear market saw a bunch of VC firms, institutions, and exchanges fall.

FTX collapsed spectacularly, Luna’s hundreds of billions in market cap was wiped to zero.
Many institutions that seemed very impressive at the time only to realize later that their foundations were all leverage, credit, and bubbles.
This round, I estimate it’s highly likely that the ones to blow up are those so-called DAT companies that followed the trend of buying coins and treating coins as corporate reserves.
When the market is good, they package it as “balance sheet revolution,” “new narrative for corporate reserves,” “never selling coins.”
Each sounds more sophisticated than the last.
When the coins rise, everyone thinks it’s genius operation, financial innovation, a new era of corporate asset allocation.
When the coins fall, that’s when the problems start.
MSTR better pray the bear market can keep raising funds, or continue to survive with high-interest costs around 12%.
Otherwise?
Should they sell their coins?
Pay back their debts?
Pay the interest?
If the coin price drops below the cost line, they have to sell at a loss to pay back principal and interest.
What does that mean?
The last bubble burst on projects like FTX, Luna, Three Arrows, BlockFi—on-chain leverage and institutional credit.
This time, it might be these DAT narratives disguised as listed companies that blow up.
And MSTR and a few big players like Tom are just the tip of the iceberg.
There are a bunch of smaller follow-on “little dragons and phoenixes.”
In a bull market, everyone claims to be revolutionizing the balance sheet.
But when the bear hits, you might realize that some companies aren’t really doing reserves at all.
They’re just following the trend, finding a narrative, and boosting their stock prices.
Some are just playing a bit too deep…