This article is written more clearly, and everyone can refer to my article today and look at the progress, opportunities, and risks of micro-strategies from another perspective in conjunction with this article.

This article explains the operational mechanism of the STRC capital market refinery very comprehensively, especially the logic of the dual-track ATM and fixed-income funds entering BTC, which is very valuable.

When the chain of BTC → MSTR premium → STRC / ATM financing → buying BTC operates smoothly, it will strengthen the upward trend; STRC is indeed currently an extremely unbeatable existence, even reshaping the cyclical structure of BTC.

But it is also bringing BTC into a stronger reflexive system, which is also a part I cannot avoid.

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