Alex Thorn: Strategy capital strategy is only for buying time, not addressing structural issues

Galaxy Research Director Alex Thorn stated that Strategy's recent capital management reforms have eased short-term liquidity and preferred stock system pressures, but have not fundamentally addressed structural issues. Alex Thorn emphasized that the core issue lies in the insufficient liquidity of the US dollar to cover preferred stocks and capital structure obligations, resulting in multiple types of shareholder interests being squeezed against each other. Although the BTC monetization mechanism brings short-term stability, it has raised concerns in the market about whether Strategy may sell 847000 BTC, weakening its narrative foundation of never selling coins. The new framework of Strategy has provided the company with a time window to wait for more favorable market conditions.