Self rescue and safeguarding liquidity have cut off the market's expectation of MSTR heading towards a 'death spiral'. The day before yesterday, Strategy launched a "Digital Credit Capital Framework". From a personal perspective, the biggest significance of this framework is that it directly interrupts the previously noisy "death spiral" expectations in the market. The core of the framework consists of five points: 1) The US dollar reserve policy approved by the board of directors must cover a minimum of 12 months of preferred stock dividends and interest expenses. At present, they have a reserve of 2.55 billion yuan, plus authorized BTC monetization quota, with a total coverage of 25.9 months. 2) STRC's dividend policy adjustment directly raised the annualization rate to 12% (effective from July 1st), while tightening the dividend adjustment mechanism, no longer simply increasing prices due to low prices. 3) A $1 billion digital credit securities repurchase program (including STRC). 4) A $1 billion common stock repurchase plan. 5) BTC monetization program: allows selective sale of a portion of Bitcoin to replenish reserves, pay dividends, repay debts, repurchase, but does not affect core long-term holdings. Previously, the most frustrating thing in the market was Mstr constantly issuing preferred stocks to raise money and buy BTC. The dividend burden continued to increase, and in the event of a bear market, they were forced to sell coins, forming a death spiral. Now this framework has established clear rules and priorities for reserves, repurchases, and liquidations, which is equivalent to imposing a "disciplinary constraint" on the entire capital structure. It not only protects the interests of preferred stockholders, but also clarifies that long-term BTC positions will not be easily moved. The narrative space of the death spiral has been greatly compressed. Upon closer examination, the safety margin of Mstr's underlying assets is actually quite deep: holding over 847000 BTC, having sufficient cash reserves, and no short-term pressure to repay large debts. The most crucial thing is that these preferred stocks (including STRC) are essentially equity instruments, not rigid debts (without a fallback obligation), and dividends can be adjusted. In extreme cases, there are also repurchases and limited liquidations to support the bottom line. So the core of the new framework discussed at the beginning is self rescue and safeguarding liquidity, cutting off the market's expectation that Mstr will fall into a "death spiral". These days seem to have had some effect.