The New Capital Framework Strategy Triggers Market Disagreement, Benchmark Maintains "Buy" Rating

BlockBeats News, June 30th, after Strategy announced a new capital management framework, it has sparked different market views. Benchmark Equity Research reiterated its "Buy" rating on Strategy Class A common stock (MSTR) and maintained a $570 price target for the next 12 months, believing that the new framework will enhance the company's capital management flexibility.

Under the new framework, Strategy has been authorized to sell up to $1.25 billion worth of Bitcoin when necessary to raise funds, no longer relying solely on stock or bond issuance for financing. At current prices, this is equivalent to approximately 21,000 BTC, representing about 2.5% of the company's approximately 847,000 BTC holdings. Strategy had previously sold 32 BTC in May 2026 and had sold 704 BTC in 2022 for tax planning purposes, subsequently repurchasing a similar amount.

Benchmark believes that this move has shifted Strategy from a one-way Bitcoin accumulation model to actively managing both ends of the balance sheet, helping alleviate previous market concerns about its capital structure.

However, some market participants remain cautious. Arca's Chief Investment Officer, Jeff Dorman, stated that Strategy may need to sell about $2 billion to $3 billion worth of Bitcoin to eliminate the market's long-standing sell pressure expectations. Ripple CEO Brad Garlinghouse criticized that an excessive reliance on financial engineering cannot create long-term value and believes that the related strategy has had a negative impact on the overall market.