Similarly, the cost for private investors in vape is definitely under 10u. Based on the current price, there is a 5x profit, and after the increase in shares, the market value is in the tens of billions. The first phase of the coin stock's trend is basically like the 140-9 wave of sbet. Whether to buy later needs to consider the dilution situation and the price of the newly issued shares. We need to wait for a time when someone is willing to take the newly issued shares at a very low discount, or if there is subsequent credit financing through bonds, it will be relatively stable. Currently, the coin stock has three tiers: 1. The top tier of MicroStrategy, which has already entered a stable valuation phase, with less volatility in Bitcoin prices; 2. The Ethereum strategy's bmnr and sbet, which still buy core assets and have gone through multiple rounds of financing, have good liquidity and can scale up quickly; 3. Various other projects, it's hard to say who will emerge, but we have already passed the stage where even a fool could buy in and make a profit. Moving forward, we still need to see if there is a flywheel effect.