According to Benchmark analyst Mark Palmer in a report on Wednesday, Strategy raised approximately $3.5 billion in early April through the issuance of preferred shares STRC. More than 85% of the proceeds were deployed to purchase 51,364 bitcoins. Palmer refuted claims that the perpetual preferred stock with variable interest is a "Ponzi scheme" scam, arguing that Strategy "turns yield-seeking demand into long-term bitcoin exposure" through a "deliberate and sustainable" model. The company currently holds 818,334 BTC worth approximately $62.5 billion and has returned to an unrealized profit of about $700 million.