**[BitMEX Research: Strategy's Debt Instrument Design is Unique and Will Not Lead to Forced Bitcoin Sell-offs]** On November 15, BitMEX Research published an analysis of Strategy's $3 billion debt instrument, Stretch. Stretch maintains price stability by adjusting the dividend rate monthly. Strategy can abandon the price stability target and reduce the dividend by up to 25 basis points per month. The current dividend rate of 10.5% may drop to zero within three and a half years, with payment costs decreasing as the dividend rate declines. Dividend payments remain sustainable and affordable. BitMEX Research pointed out that Strategy's innovative debt instrument design will not lead to forced Bitcoin sell-offs, causing a price spiral or bankruptcy. Michael Saylor has utilized this innovative mechanism to raise funds for the company. Regardless of Bitcoin's price or capital flows, Strategy can remain stable.