MicroStrategy's recent moves are quite interesting. They spent $3.38 billion to aggressively buy Bitcoin, while also making a major shift in their financing approach—from convertible bonds to STRC perpetual preferred stock. It may seem like a simple financial adjustment, but the underlying logic is quite deep. Perpetual preferred stock never matures, which means the company no longer has to worry about the pressure of repayment upon maturity, nor will it be forced to sell Bitcoin during market downturns to raise funds. The financing costs can also stabilize, and the flexibility in fundraising is actually higher. Analyst Dylan LeClair's view is spot on—this combination of strategies gives the company a more stable capital chain, allowing them to confidently continue their Bitcoin accumulation plan. In essence, it’s about using smarter financial tools to safeguard the long-term cryptocurrency asset strategy.