Galaxy Research Head: Strategy's capital strategy buys time, but structural pressures remain unresolved.

Jinse Finance reports that Alex Thorn, Head of Research at Galaxy, stated that Strategy's (MSTR) recent capital management reforms have effectively alleviated market concerns about liquidity and preferred stock system pressure in the short term, but they are more about "buying time" rather than fundamentally solving structural problems.

Alex Thorn emphasized that the core issue is not whether Strategy holds enough BTC (approximately 847k), but that USD liquidity is insufficient to cover preferred stock and capital structure obligations without harming any party's interests, leading to competing interests among multiple classes of shareholders. While the "BTC monetization mechanism" may bring short-term stability, it also raises concerns that Strategy might sell Bitcoin, thereby weakening its "never sell" narrative foundation and potentially creating a reflexive cycle of price and confidence.

Although the current Bitcoin market environment is relatively weak and may not have bottomed out yet, Strategy's new framework has somewhat bought the company a time window to wait for more favorable market conditions.