**[Benchmark Refutes "Circular Financing" Concerns: Strategy STRC Bitcoin Model Is Not a Ponzi Scheme]** Odaily Planet Daily News – Market divisions continue to widen regarding Strategy's financing model of continuously increasing Bitcoin holdings through preferred shares STRC. Benchmark analyst Mark Palmer stated in his latest report that external interpretations of the STRC model as "circular financing or a Ponzi scheme" are "severely misguided." He emphasized that the mechanism is a "deliberately designed and sustainable capital framework," with the core logic being to convert market demand for returns into long-term Bitcoin exposure. According to SEC 8-K filings, Strategy raised approximately $3.5 billion in the first three weeks of April, with over 85% coming from STRC issuance. Subsequently, within three weeks, it made three consecutive purchases totaling 51,364 Bitcoins, valued at approximately $3.9 billion. Currently, Strategy's Bitcoin holdings have increased to 818,334 Bitcoins, with a market value of approximately $62.5 billion, recently returning to a floating profit of around $700 million. Benchmark believes that the structure does not rely on continuous issuance to sustain operations and could, if necessary, pay preferred share dividends by selling a portion of its Bitcoin holdings. However, significant market skepticism remains, with some opinions suggesting that selling financing assets to pay dividends could be perceived as a risk signal, potentially triggering broader market pressure. (The Block)