The debate surrounding Strategy's financing model of continuously increasing its Bitcoin holdings through preferred stock STRC continues to widen. In a recent report, Benchmark analyst Mark Palmer stated that the interpretation of the STRC model as a "circular financing or Ponzi scheme" is a "serious misinterpretation," emphasizing that the mechanism is an "intentionally designed and sustainable capital framework" whose core logic is to translate market demand for returns into long-term Bitcoin exposure. According to SEC 8-K filings, Strategy raised approximately $3.5 billion in the first three weeks of April, with over 85% coming from STRC issuance. In the following three weeks, it purchased a total of 51,364 Bitcoins in three separate transactions, worth approximately $3.9 billion. Currently, Strategy's Bitcoin holdings have increased to 818,334, with a market capitalization of approximately $62.5 billion, and have recently returned to a floating profit of approximately $700 million. Benchmark believes that this structure does not rely on continuous issuance to operate and could even pay preferred stock dividends if necessary by selling a portion of the Bitcoin. However, significant skepticism remains in the market, with some arguing that selling off leveraged assets to pay dividends could be seen as a risk signal, triggering broader market pressure. (The Block)