Saylor announced a new active capital management framework on 6.29. Last week, through MSTR's additional share issuance financing, cash positions were restored. The framework consists of 5 parts:

- USD Reserve Policy (Build a $2.55 billion reserve, dedicated to preferred share dividends + debt interest payments, minimum coverage of 12 months, current reserve can cover 17.5 months)

- STRC dividend increased to 12%

- $1 billion credit line to repurchase preferred shares (STRC, etc.)

- $1 billion credit line to repurchase MSTR common shares

- BTC Monetization: $1.25 billion credit line to sell BTC to replenish reserves, pay interest, and fund repurchases

We previously discussed Saylor facing the bear market "impossible triangle" of "STRC 100", "BTC per share", and "BTC holdings". It now appears Saylor chose to first secure "STRC 100", and will maintain "BTC per share" through repurchases, while "BTC holdings" will shift from buy-only to active management. This is equivalent to Saylor acknowledging the fragility of the "only in, never out" pure Hold model under a structure with high fixed costs (high dividends), thus requiring the establishment of defensive tools.

From market feedback, it's clearly positive for STRC holders. After the dividend increase and cash reserve build-up, STRC's face value has also rebounded significantly.

For MSTR, the repurchase authorization is positive, but BTC monetization introduces potential selling pressure. However, in the short term, the risk of a blow-up FUD has eased somewhat, and MSTR has also rebounded strongly.

I believe upgrading from "simple holding" to an "active asset management strategy" greatly reduces the risk of a death spiral blow-up from being forced to sell coins at low prices during a bear market. The extreme narrative of "only buying, never selling" is less important than survival; not blowing up is the top priority. What BMNR can learn from this is that, although it doesn't have debt, interest payment pressure, or other blow-up risks, its mNAV has already fallen to 0.83, and the previously authorized $4 billion repurchase has also reached its theoretical execution window.

Active management encompassing strategies for common shares, preferred shares, USD reserves, repurchase discipline, etc., should be the next stage of evolution for all DAT companies. MSTR is once again leading the way.

$Strategy(MSTR.US)$Microstrategy Inc Pref Shares STRC 9.0 Perp(STRC.US)

$BitMine Immersion Tech(BMNR.US)