Strategy issued perpetual preferred stock STRC recently hit a new high. Pre-market US stock data shows that this product broke through the 100 dollar round figure for the first time since the beginning of this year. This breakthrough is highly significant—once STRC recovers to par value, Strategy can leverage the at-the-market (ATM) mechanism to drive new stock issuances. In other words, the company has gained an additional financing tool. According to public information, the funds Strategy obtains will be used for continuous Bitcoin accumulation. This mechanism design actually reflects an interesting phenomenon: the combination of traditional financing channels and crypto asset allocation is becoming increasingly close, with more and more institutions using innovative financial tools to achieve long-term positioning in digital assets.