Currently, the Strategy model involves issuing common stock, preferred stock, and debt financing, then using the funds to purchase BTC. When financing costs are low and the stock price is above asset value, this model can create a "BTC flywheel"; but when BTC declines, MSTR weakens, and preferred stock falls below par value, new financing may shift from enhancing shareholder value to diluting existing shareholders' equity.

Axel Adler pointed out that the main pressures facing Strategy include:

1. BTC falling below the average cost line: Currently, BTC price is below Strategy's average purchase cost of $75,656, shifting market focus from asset appreciation to unrealized loss pressure.

2. STRC financing capacity declines: STRC once fell below $83, closing at about $88.59. Since STRC is an important tool for Strategy's low-cost financing, if it remains below