PANews reported on November 23 that, according to CoinDesk, Bitmine Chairman and CEO Tom Lee stated in an interview with CBDC that due to the limited number of on-chain options, MSTR has become the preferred tool for cryptocurrency investors to manage risk. Institutional cryptocurrency investors used Strategy (MSTR) stock to hedge losses, causing the stock to fall by 43%.

Tom Lee believes that Strategy holds a large amount of Bitcoin (650,000 coins), with liquidity far exceeding that of BTC and ETH derivatives. Therefore, when crypto liquidity dries up and market makers suffer losses, institutions are unable to effectively hedge on-chain and can only short MSTR to hedge against losses in Bitcoin and Ethereum. Tom Lee also points out that the market mechanism of cryptocurrencies remains fragile, and Strategy's use as a hedging tool indicates a deeper structural problem.