On June 29th, Strategy made relevant disclosures regarding the latest ATM through the submitted 8-K: Common stock financing of 1.15 billion US dollars. There is still a remaining available quota of 24.2 billion US dollars. Zero BTC purchases and 100% cash reserves have increased the reserve size from 1.4 billion last week to 2.55 billion US dollars. In a bear market, the role of the supply side in shaping the bottom is much greater than that of the demand side. At least at this stage, whether micro strategies can sell a large number of coins is more important than whether they can still raise funds to buy coins. And this time, the Strategy has increased its cash reserves to cover 17 months of dividend payments and formulated a strategy of "reserves not less than 12 months", which basically eliminates the tail risk of being forced to sell coins. That is to say, in the next 17 months, Strategy will not be forced to sell coins for interest payments. This is not a death spiral! Salyor replaced the survival question of "whether one can survive" with the time question of "how long one can last". It's a bet on whether BTC can rise back before the micro strategy completely crashes. As for the "authorized sale of $1.25 billion worth of BTC" specified in the framework, I personally believe that as a sale, it is small enough to be ignored; As a signal, it returns to changing the qualitative. Never selling coins used to be one of the psychological foundations of high premiums. Now, if selling coins is written as a permanent authorization, even if not a single one is sold, the original absolute promise has been invalidated. Afterwards, the micro strategy will shift from being a permanent hoarder to an actively managed credit fund for BTC, which should have enjoyed lower multiples. This is irreversible. But no matter what, the most important thing now is to "live first". There must be a "1" first, and then the "0" will become meaningful.