Just watched the Strategy-related research report released by HTX.

Here’s a quick roundup of the key points: in fact, Sailer is just like us crypto traders—gamblers—who take out nearly all available online loans, then keep “borrowing from one side to patch the other” 😂.
He accumulates coins and goes long all the way; it’s fine during a bull market—making huge, enormous profits!
But once a bear market arrives, the cash flow can’t keep up with the monthly bills.
The good thing is that he only used financial leverage; he didn’t pledge assets on-exchange to keep increasing leverage and going all-in.