Benchmark analyst Mark Palmer stated that the market's interpretation of Strategy's STRC model as "revolving financing or Ponzi structure" is a "serious misreading" and referred to it as a "intentionally designed and sustainable capital framework". According to the SEC 8-K filing, Strategy raised approximately $3.5 billion in the first three weeks of April, with over 85% coming from the issuance of STRC, and subsequently purchased a total of 51400 bitcoins worth approximately $3.9 billion three times in the following three weeks. At present, Strategy's Bitcoin holdings have increased to 818300, with a market value of approximately $62.5 billion, and have returned to a floating profit of approximately $700 million. Benchmark believes that this structure does not rely on continuous issuance, and if necessary, preferred stock dividends can be paid through the sale of Bitcoin, but the market still has doubts about its potential risks.
