Strategy submitted an 8-K to the SEC today, releasing a "Digital Credit Capital Framework" that includes five components: US dollar reserve policy, STRC dividend adjustment, preferred stock repurchase, common stock repurchase, and BTC monetization plan. As of June 28th, the US dollar reserves amounted to 2.55 billion US dollars (including the unsold and unsettled portion of ATMs), and the current annualized preferred stock dividends and debt interest expenses are approximately 1.76 billion US dollars, covering approximately 17.4 months. The board of directors has set a hard bottom line: reserves must not be less than 12 months of coverage, and any shortfall requires separate approval from the board of directors. This is the first time Strategy has drawn a red line for its cash management. The STRC dividend yield has been raised to an annualized rate of 12.00% from July 1st, with half month payments. The company's clear goal is to bring the trading price of STRC back to the range of $99 to $100 (face value of $100), but at the same time declares that it will not automatically raise interest rates just because STRC is below face value. Monthly evaluations will be conducted in the future, taking into account factors such as STRC trading prices, market returns, credit spreads, BTC price fluctuations, and reserve coverage. The meaning of this statement is: dividends are one of the tools, not the only tool, and companies retain flexibility. There are two authorizations for repurchase, each worth 1 billion US dollars. Both repurchases do not use US dollar reserves. One option is to repurchase preferred stocks such as STRC, STRF, STRD, and STRK, with STRC being the primary target. Another item is used to repurchase Class A common stock MSTR, with the trigger condition being that the management believes the stock price is below its intrinsic value. The most crucial change is the BTC monetization plan. The board of directors authorizes the sale of BTC for three purposes: the first is to raise up to $1.25 billion to supplement US dollar reserves; The second layer is to sell BTC to pay dividends and interest when the management determines that selling BTC is more profitable than issuing stocks; The third layer is to sell additional coins to provide funding for two repurchase plans. Combined calculation, the reserve of 2.55 billion and the realization limit of 1.25 billion BTC provide a total liquidity coverage of approximately 25.9 months. The three executives each have their own wording. Saylor said, 'Strategy still relies on Bitcoin as its core treasury reserve asset, but digital credit requires liquidity, discipline, and active capital management.'. CEO Phong Le said that 'Strategy is shifting from one-way capital issuance to active capital management'. The most direct statement from CFO Andrew Kang is, "Bitcoin is capital Reading the words of three people together, Strategy's positioning of BTC has shifted from a "never selling faith asset" to a "capital tool that can be deployed". The company also attached a disciplinary statement for ATM stock issuance: when the trading price of common stock approaches 1 times the mNAV, it will maintain restraint in issuing shares. This means that if the MSTR premium narrows to near net asset levels, ATM financing will no longer be viable, and selling coins will become the main source of funding. Overall, this framework addresses the core concerns of the market regarding Strategy one by one: the significant discount of STRC that nobody cares about, tight cash coverage, and the one-way model of only issuing and not buying make preferred stock investors lack confidence. Raising dividends, setting up buybacks, drawing reserve red lines, and establishing monetization channels are all steps towards restoring the credibility of the capital structure. But the cost is equally clear. A 12% dividend yield means greater annualized cash consumption, with buyback funds either coming from issuing shares (diluting ordinary shareholders) or selling coins (reducing BTC holdings). The BTC monetization plan officially puts an end to the narrative of "only buying, not selling". Strategy has made a rebalancing between BTC faith and healthy capital structure, choosing discipline.