Galaxy Research's breakdown of Strategy's new framework is quite insightful. Short-term liquidity has eased, but the real challenge lies in the $670 million convertible bonds and preferred stock dividends in 2027-2028. A conservative strategy using BTC lending or options might be the most practical choice for now.

Galaxy Research stated that Strategy has launched a digital credit capital framework, establishing a U.S. dollar cash reserve, adjusting STRC dividends, authorizing up to $1 billion in preferred stock and buybacks, and introducing a Bitcoin monetization mechanism to alleviate short-term liquidity pressure. However, long-term structural issues remain to be addressed, requiring responses to approximately $670 million in convertible bonds maturing in 2027-2028 and rising preferred stock dividends. It recommends conservatively lending BTC or using options to generate profits in order to reduce financing pressure.