Svmuu News: Concerns have been mounting in the market recently that Strategy (MSTR) may be heading into a "death spiral sell-off,"amid reports that the price of Bitcoin had briefly fallen to around $60,000, sparking discussions about the stability of its leveraged treasury model. However, Wall Street firms such as Benchmark and TD Cowen have released reports explicitly refuting this pessimistic narrative and maintaining their “Buy” ratings on Strategy. Benchmark analyst Mark Palmer stated that the “death spiral” hypothesis overlooks multiple layers of buffers: before any large-scale sale of “Bitcoin,” the company would first need to deplete approximately $1 billion in cash reserves to cover dividend payments, and its current $55 billion in “Bitcoin” reserves also provide a strong buffer.STRC is a class of perpetual preferred stock designed to maintain a price of approximately $100 and provide a floating annualized yield of about 11.5%. Analysts believe this mechanism creates a cycle of “yield demand → financing → increased BTC holdings,” which is viewed as the core funding engine of its long-term treasury model. TD Cowen noted that even during periods of significant pullbacks in the Bitcoin price (Bitcoin), the STRC structure demonstrated low volatility, helping to stabilize the capital structure and positioning it as a “yield and capital preservation tool” rather than merely a high-risk speculative instrument.However, there are also critical voices in the market suggesting that this structure could create a risk mechanism akin to a “negative feedback loop,” potentially triggering asset sell-off pressure under extreme conditions. (The Block)