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Galaxy Research Director: Strategy's Capital Approach Gains Time, but Structural Pressures Remain

AirdropBlackHole
Alex Thorn, the director of research at Galaxy, stated that the recent capital management reform launched by Strategy (MSTR) has effectively alleviated market concerns about its liquidity and preferred stock system in the short term, but it is more about 'buying time' rather than fundamentally resolving structural issues. Thorn emphasized that the core problem is not whether Strategy has enough BTC (approximately 847,000 coins), but rather that the dollar liquidity is insufficient to cover preferred stock and capital structure obligations without harming any party's interests, leading to a squeeze on various shareholders' interests. While the 'BTC monetization mechanism' may bring short-term stability, it also raises market concerns about whether Strategy might sell Bitcoin, thereby weakening its narrative of 'never selling coins' 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, the new framework from Strategy has, to some extent, provided the company with a time window to wait for more favorable market conditions.
MSTR0.77%
BTC0.59%
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