CEX Research: The debt of Strategy is not ordinary debt and will not lead to forced selling of BTC, thus triggering a price spiral fall.

[CEX Research: The debt of Strategy is not ordinary debt and will not lead to forced selling of BTC, thus triggering a price spiral decline] On November 15, CEX Research published a study on Strategy's new issuance scale of approximately $3 billion in debt instruments called Stretch. Stretch aims to maintain price stability by adjusting the dividend rate monthly based on bond market prices, but Strategy can abandon the price stability target and can drop the dividend by up to 25 basis points each month. Based on the current 10.5% dividend rate, this could potentially drop to zero in three and a half years. As the dividend rate decreases, the cost of paying dividends will also decrease. This is very favorable for Strategy, making the current dividend payments sustainable and affordable. This is yet another attempt by Saylor to invade the financial system, with the aim of accumulating more Bitcoin. CEX Research indicates that Strategy's debt may not necessarily lead to a forced sell-off of Bitcoin, triggering a price spiral drop, ultimately resulting in Strategy's bankruptcy, as some skeptics might expect. It is important to understand that Strategy's debt instruments are highly innovative and not ordinary debt instruments, but are specifically designed for its own needs. Michael Saylor is a genius of our time, often utilizing some unique mechanisms (whether debt or equity) to raise billions of dollars for the company. Regardless of Bitcoin's price trends or changes in capital flow, Strategy can remain unscathed.