Strategy shares have seen double-digit gains in the last two trading days, driven by two distinct developments, both symbolic and structural.

The symbolic aspect is CEO Phong Le’s personal purchase. Le bought approximately 11,000 STRC preferred shares at prices ranging from $90.66 to $90.87, totaling around $999,000. The timing of this purchase is noteworthy, as STRC approached one of its all-time lows on June 26th at $71.25 and has lost about ten percent of its value since the beginning of the year. A CEO buying a company’s underpressure instrument out of their own pocket is generally interpreted by the market as a signal of insider confidence.

But the real trigger for the big move wasn’t the personal purchase, but the company’s newly announced capital framework. Last Monday, Strategy unveiled a comprehensive plan called the Digital Credit Capital Framework, consisting of five separate components. First, a board-approved dollar reserve policy means the company has approximately $2.55 billion in dollar reserves as of June 28, which can only be used to cover preferred stock dividends and debt interest. Second, STRC's annual dividend rate has been increased from 11.5% to 12%, effective July 1. Third and fourth, a $1 billion buyback program covering all preferred stock series, including STRC, has been implemented, along with a separate $1 billion common stock buyback program. Fifth, and perhaps most notably, the company can now sell bitcoin under certain conditions to build up cash reserves, fund dividend and interest payments, and support buybacks—a real flexibility in Strategy's long-standing "never sell" stance.

CEO Le described this change as a "shift from one-way capital issuance to active capital management," meaning the company will no longer simply issue shares and bonds to buy bitcoin, but will be able to repurchase and sell its own instruments according to market conditions. Founder and Chairman Michael Saylor emphasized that bitcoin remains the company's primary treasury asset, but that the digital credit side requires liquidity and discipline.

The market reaction was quite clear. MSTR shares rose six percent in pre-market trading following the announcement, exceeding eleven percent by midday on Wednesday, and around seven percent the previous day. STRC also recovered around nine percent after the announcement. Much of this reaction stems from a direct response to a long-standing market complaint: MSTR's bitcoin net asset value trading below its actual value. The new framework aims to close this gap with buyback programs and strict reserve requirements.

For those following MSTR and bitcoin treasury companies through Gate, the key question is whether this new framework will remain just on paper. Buyback programs don't force the company to make any purchases, and the bitcoin monetization program is similarly optional, meaning the real test will be determined in the coming weeks by how effectively the company uses these tools.