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

Galaxy Research Director Alex Thorn stated that Strategy's recent capital management reforms have alleviated market concerns about its liquidity and preferred stock system in the short term, but this move is only for the sake of buying time and does not fundamentally solve structural problems. Alex Thorn emphasized that the core issue lies in the insufficient liquidity of the US dollar to cover preferred shares and capital structure obligations without harming the interests of all parties, resulting in multiple shareholder interests being squeezed against each other, rather than whether Strategy owns approximately 847000 BTC.