Strategy, formerly known as MicroStrategy, unveiled a new capital‑management framework after its preferred stock, STRC, slipped to $71.25 on June 26. The preferred security, pegged to a $100 stated value, fell sharply, raising concerns about the firm’s ability to fund a 12% annual dividend without selling Bitcoin, issuing additional common stock, or eroding confidence in its securities. The company responded by raising the dividend rate, adopting a dollar reserve policy, authorizing up to $1 billion in preferred‑stock repurchases, approving a $1 billion common‑stock buyback, and launching a Bitcoin monetization program that would let it sell selected BTC holdings. MSTR shares rose 18% this week to around $100, while STRC climbed 17% to about $87. Analysts said the package halted the immediate selloff but pushed the underlying capital‑structure issues further into the future. Alex Thorn of Galaxy Digital described the overhaul as a smart move that gives Strategy more flexibility during weak Bitcoin prices and stressed preferred‑security conditions. Jeff Dorman of Arca called the plan a temporary fix that may delay debate for one to two years, noting that pressure could return if Bitcoin’s price does not rally. Matt Hougan, chief investment officer of Bitwise, said he does not expect Strategy to become a large seller of Bitcoin and that the firm is likely to remain a net buyer if prices rise, though its role may diminish as institutional investors increase participation. Hougan highlighted growing involvement from firms such as Morgan Stanley, Wells Fargo, Texas’s state reserve, and various sovereign wealth funds, suggesting that demand for Bitcoin may shift from a single corporate buyer to a broader institutional base. Whether Strategy can preserve its leveraged Bitcoin exposure while managing debt and dividend obligations will shape its relevance in the next market cycle.