#STRC持续脱锚：杠杆清算触历史新低

Strategy treats Bitcoin as a treasury reserve, and also needs to pay dividends to shareholders—this is inherently a double-edged sword.

The key to sustainability is not whether you can “sell,” but whether you can “buy it back” after selling. If Bitcoin’s long-term trend is upward, selling part of it to pay interest and then replenishing the position using operating cash flow or refinancing can make the model self-reinforcing. But once Bitcoin enters a bear market or trades sideways, ongoing selling will become permanent dilution of shareholders’ equity.

My own assessment as a long-time “old leek” is: in the short term, this model can attract capital that seeks high dividends; in the long term, it tests the company’s belief in Bitcoin and its execution capability. Compared with the pure Bitcoin holding model of

MicroStrategy, Strategy adds dividend pressure, and the risk coefficient is higher. It’s recommended to treat this kind of asset only as a satellite position—the core Bitcoin still needs to be held by yourself in a cold wallet. Don’t expect someone else to hold it on your behalf and give you dividends. $BTC