MicroStrategy continues to purchase Bitcoin through the issuance of convertible bonds, forming a high-leverage strategy that tightly links the company's fate to Bitcoin's price. This model has a self-reinforcing effect during bull markets, but once Bitcoin's price declines, the company faces enormous financial risks and market liquidation risks. This strategy of relying on a single asset may cause overall market volatility and trigger systemic risk. Investors need to pay attention to the company's debt situation and market confidence to assess its potential risks.