The self rescue of MSTR's new capital framework brings new potential arbitrage opportunities. Recently, @ Bitget_zh has made the UTA loop function of rSTRC smoother. In addition, Mstr has just increased the STRC dividend to 12% and launched a repurchase plan, and the discount has begun to rise. Many people have started discussing this gameplay. RSTRC is the on chain packaged version of STRC on Bitget, with prices following the spot market and currently hovering around $80. The so-called higher return strategy is the rSTRC UTA cyclic placement strategy (capturing the dual alpha of preferred stock discounts and dividends in micro strategies): Deposit margin → leverage to borrow USDT → buy rSTRC → pledge and borrow again → continue to buy, forming a leverage cycle. The core source of income has not changed, it is still high dividend care (currently with an effective rate of return of 14%), plus capital gains from future discounts narrowing. With the addition of leverage, the dividend portion can be significantly amplified, and the returns will also increase synchronously when the price recovers. After the release of the Mstr digital credit capital framework, the underlying safety margin has indeed become more solid, and STRC's credit quality and liquidity are clearly supported. But it must be made clear: the prerequisite for controllable risks is strong execution ability. Because once you cycle in UTA, the lever becomes an amplifier. A 3x cycle, with a liquidation line around $50-55, means that a further drop of around 25-30% from the current price may trigger it. This is not a theoretical risk, it is a real possibility that may occur. So it is also necessary to clarify that this strategy is not a low-risk lying win tool, but a carry strategy that requires high-level operation and strong wind control. The requirements for traders are very high, and risk control must be done well: 1) Let's start with low leverage. Don't start with 3x right away. Start with 1.5x and get a clear understanding of UTA's borrowing costs, maintenance rate, strong leveling mechanism, and dividend payment process. Wait until you are truly proficient before considering mentioning leverage ratio. 2) The position must be tightly controlled. It is recommended to control the funds allocated for this strategy within 30-40% of the total funds. A single revolving position should not be too large and sufficient buffer should be left. 
 3) There must be clear rules for reducing inventory. If the price drops to the current range of 15-20%, take the initiative to reduce some positions and lower the leverage first. Don't expect 'once the framework is established, it will definitely not fall', market fluctuations never make sense. 4) Treat dividends as living water. Every two weeks, the money deposited into the account can be reinvested in a loop or withdrawn to reduce overall leverage, depending on the market environment and one's risk preference at the time. Exit should be planned in advance. When the discount is restored to a similar price, you can gradually reduce your position and lower the leverage to below 1x. Ultimately, the introduction of the digital credit capital framework has made the underlying logic of rSTRC clearer, and concerns about the death spiral have been significantly alleviated by the reserve and repurchase mechanisms within the framework. But ultimately, the issue of leverage loop still depends on execution. People with strong risk control discipline and the ability to operate strictly according to rules have the opportunity to use this strategy to profit from high dividends and discounted repairs. Those with average execution or blindly pursuing high leverage will quickly turn risks into reality. For those who want to play, it is recommended to first practice with small funds in UTA, verify the actual impact of the entire process and framework, and then consider increasing the quantity. The market always has new variables, and discipline is the hardest moat.