Alex Thorn: Strategy capital strategies can only alleviate short-term pressure and cannot solve structural problems

Galaxy Research Director Alex Thorn stated that Strategy's recent introduction of capital management reforms has alleviated market concerns about its liquidity and preferred stock system in the short term, but this move only buys time and does not fundamentally resolve the structural issues. Alex Thorn emphasized that the core issue lies in the lack of dollar liquidity sufficient to cover obligations for preferred stock and capital structure without harming the interests of all parties, resulting in various shareholder interests being squeezed, rather than whether Strategy possesses about 847,000 BTC.