[Galaxy Research Director: Strategy Capital Strategy Buys Time, but Structural Pressure Remains Unresolved] Galaxy Research Director Alex Thorn stated in an article that the recent capital management reforms introduced by Strategy (MSTR) have effectively alleviated market concerns regarding its liquidity and preferred stock system pressures in the short term. However, this is more about 'buying time' rather than fundamentally resolving structural issues. Alex Thorn emphasized that the core issue is not whether Strategy holds enough BTC (approximately 847,000), but rather the insufficient dollar liquidity to cover preferred stock and capital structure obligations without harming any party's interests, thereby leading to conflicts among the interests of various shareholder groups.