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Strategy still has cash on hand, can still issue additional shares or increase STRC's dividends, and Bitcoin still has the potential for a rebound. So, this machine is not completely scrapped yet.
However, the road ahead is clearly getting darker. Looking back at a series of actions since late May: debt buybacks, symbolic sell-offs, share issuances, continued Bitcoin purchases, while STRC continues to decline. All signs indicate that this structure has exhausted its means of easily dealing with the crisis.