Saylor's announcement is a significant turning point in the development history of BTC Treasury Company. Why do you say that? Because this is not a simple capital operation, but rather a transformation of the model. An important turning point from the original "one-way leverage accumulation" to "two-way active capital management". Startegy's historical positioning began as a "Bitcoin leverage machine" and gradually evolved: There are three main stages in history: 2020-2024: Classic Convertible Bond+Common Stock Issuance "is used to buy BTC. MSTR has become the purest leveraged BTC tool in the market, trading at a high premium on mNAV (modified net asset value). From 2025 to the first half of 2026: The era of digital credit. Introduce Bitcoin backed perpetual preferred stock products such as STRC (Variable Rate Permanent Preferred Stock), STRK, STRF, and STRD. The goal is to strip away the volatility of Bitcoin and create high-yield "digital credit" products that attract fixed income funds while continuing to buy BTC. After the announcement on June 29, 2026: Implementation of Active Capital Management Framework: One is the US dollar reserve policy (establishing a reserve of 2.55 billion US dollars, which can only be used for dividends and interest, with a minimum coverage of 12 months); Secondly, the STRC dividend has been raised to 12%; Thirdly, a $1 billion digital credit repurchase authorization+a $1 billion MSTR repurchase authorization; Fourthly, the core change of the BTC monetization plan is to sell a portion of the currency when necessary, instead of stubbornly buying and not selling; Fifth, the issuance discipline of common stocks (cautious issuance when approaching 1x mNAV). In plain language, Saylor acknowledges that the pure HODL model of "only in, not out" is vulnerable to high fixed costs (preferred stock dividends~$17.6/year), and is now establishing defensive tools while retaining offensive capabilities. What is the impact of this announcement? The most crucial part is actually the coin selling section. Saylor has repeatedly emphasized in the past that he will never sell Bitcoin, Now officially authorized to sell under specific conditions. Although there are constraints: Selling BTC can only be used for three purposes: replenishing US dollar reserves (up to $1.25 billion), paying dividends/interest, and repurchasing one's own securities; 2. The total liquidity coverage reaches 3.8 billion US dollars, approximately 25.9 months of dividends and interest expenses. 3. It's not random buying, there are restrictions, clear limits and purposes, it's tactical monetization. Actually, doing so is a more rational behavior. For BTC in the long run, overall it is positive, breaking the original market expectations, and the strategy has become sustainable, no longer a mine that can explode at any time. Because preferred stock dividends are mandatory obligations. In extreme bear markets with liquidity depletion, without active asset management tools, the result may be: The suspension of dividends leads to credit default risk, and then can only dilute common shareholders by issuing new shares at extremely low valuations, ultimately forcing them to sell BTC at a low price in a death spiral. With this framework, Saylor's Strategy can trade limited BTC for time and credit stability in stress testing scenarios. Similar to establishing a lender of last resort mechanism for "digital credit" products, but this lender of last resort is their own BTC reserve. Specifically, in terms of impact, For preferred stockholders: Clearly favorable. STRC is currently trading at around $74-76 (far below the $100 face value target), and is expected to return to face value after increasing dividends and reserve endorsements. For common stock (MSTR) shareholders: a double-edged sword. Repurchase authorization is positive (especially at the current low level), but BTC monetization introduces a "potential selling pressure" narrative that may compress MSTR's premium on mNAV. Saylor himself: Diluting the narrative of 'Bitcoin purity'. His voice in the BTC community has declined. However, for him, survival is the top priority, and not detonating mines is the top priority. For the BTC community, it is also a good thing, as dilution of influence is more beneficial for the long term than concentration. Assuming Saylor sells $1.25 billion worth of BTC, based on current holdings of~847000 BTC, the amount of BTC involved is relatively controllable (not a catastrophic sell-off). However, it depends on the implementation of discipline, whether it is only used when truly necessary, and whether it is replenished during a bull market. At this point, launching a framework is essentially a defensive approach, preparing in advance and giving the market an expectation. The overall evaluation is: In the long run, it is beneficial for BTC because a treasury company with huge BTC reserves has begun to adopt proactive asset management strategies, making it controllable and greatly reducing the probability of a death spiral caused by forced low-priced selling. Upgrade from 'simple holding' to 'manageable balance sheet business'. At the same time, it will also lower the psychological threshold for other traditional companies/institutions to adopt Bitcoin as a reserve asset. Digital credit has become a narrative of trust, no longer an unsustainable narrative of "buying without selling", In the future, other BTC treasury companies can also adopt the same framework of active asset management: "US dollar reserve policy+limited realization+repurchase discipline". However, there are also potential risks: Selling coins in a bear market may create potential selling pressure. Breaking the extreme narrative of "absolute scarcity+never sell" has a psychological impact on the market; it may have a slight negative effect on BTC prices in the short term.