‘Not circular’: Benchmark defends Strategy’s STRC bitcoin accumulation model
The Block
Benchmark analyst Mark Palmer defends Strategy's STRC preferred stock model, refuting claims that the bitcoin accumulation strategy is a circular Ponzi scheme.Summary
Benchmark analyst Mark Palmer has defended the STRC preferred stock model used by Strategy to fund its aggressive bitcoin purchases. Addressing critics who label the structure as a "circular" Ponzi scheme, Palmer argued that the model is a "deliberate and durable" method of converting investor demand for yield into long-term bitcoin exposure. While Strategy has raised billions through STRC to acquire over 818,000 BTC, skeptics like Grayscale’s Zach Pandl maintain that the model functions as a risky directional bet on bitcoin prices, preferring spot ETFs as a more transparent investment vehicle.
(Source：The Block)