So the BTC micro strategy has changed from never selling BTC to selling Btc to pull stocks, and the narrative of never selling has changed, still unable to escape the fate of US stock commodities Strategy， Release BTC based capital management framework ✅ Regarding dividends and USD reserves -Strategy currently holds a USD Reserve of approximately $2.55B in size -The reserves are basically only used to pay preferred stock dividends and debt interest -At present, the annual preferred stock dividend and interest expenses are at a level of approximately $1.76B, and the current reserves alone can cover approximately 17.4 months -Maintain the ability to pay dividends/interest for at least 12 months ✅ STRC dividend yield raised to 12% -Strategy raises STRC's annual dividend yield to 12.00% -The goal is to enable STRC to trade around a face value of $100 in the long term, specifically within the range of $99 to $100 -But this is not a guarantee. In the future, the dividend yield can be adjusted monthly based on STRC prices, market interest rates, BTC prices, volatility, credit spreads, USD reserves, and other factors ✅ Approve a maximum of $1B preferred stock repurchase plan -Approval to repurchase digital credit securities such as STRC, STRF, STRD, and STRK, with a maximum size of $1B -The initial priority order mentioned is likely to be STRC -The logic is that if preferred stocks are traded at a discount relative to face value, the company's repurchase can reduce future dividend burdens and improve capital structure -Repurchase preferred stocks traded at low prices has the effect of reducing future dividend costs for the company ✅ MSTR common stock can also be repurchased up to $1B -Strategy has also approved its own stock repurchase plan for MSTR Class A common stocks with a maximum size of $1B -If it is determined that the MSTR stock price is below its intrinsic value, long-term shareholder value can be increased through self owned stock buybacks ✅ BTC Monetization Program -The Strategy board has approved a plan to sell a portion of BTC -Raise up to $1.25B to strengthen USD Reserve -Used to pay preferred stock dividends and debt interest, or to supplement USD Reserve -Prepare funds for repurchasing preferred shares and MSTR's own stocks