#内容挖矿升级 A research institution has recently focused on MicroStrategy's new thing called "Stretch"—a $3 billion debt instrument. Sounds pretty scary? But the design logic of this thing may be rewriting the rules of the game for institutions hoarding Bitcoin.

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First, let’s talk about the core mechanism. Stretch can adjust the dividend rate every month, and it is currently 10.5%. The key point is that Strategy holds the adjustment power: it can cut up to 25 basis points each month. A little calculation makes it clear— even if the dividend rate is reduced to zero over the next three and a half years, the payment pressure will gradually decrease. What does this mean? The market’s biggest fear of "being forced to sell off to pay debts" will not happen at all.

Traditional collateralized lending has a fatal flaw: if the coin price falls below the liquidation line, you have to sell coins to make up for the collateral, and the more you sell, the more it falls, creating a spiral. Stretch directly bypasses this pitfall—its repayment obligation is completely unrelated to how much Bitcoin you hold. Saylor's move is ruthless: financing is financing, holding is holding, and the two lines do not interfere with each other.

Looking again at the resilience of the funding side. The dynamic adjustment of the dividend yield essentially installs a "shock absorber" for the company. When a bull market comes, they can distribute more; when a bear market hits hard, they can lower costs. No matter how the market fluctuates, the pressure of capital outflow remains controllable. This is simply a lifeline for listed companies - they can allocate Bitcoin assets without worrying about their financial reports being dragged down by volatility.

To put it broadly, the significance of this matter goes beyond a single company. When traditional enterprises realize that "this is a way to play," the threshold for Bitcoin as an asset allocation option for companies has lowered. There is no need to gamble on short-term fluctuations, no need to worry about being forced to liquidate, and risk management becomes operational—this is the real logic that attracts institutional funds to enter the market.

While the market is still jumping up and down on the K-line, some have already solved the long-term holding concerns through financial engineering. The Stretch case proves that embracing Bitcoin can be more proactive, and the key is to find the right tools.