Woofun AI notes that Galaxy Research Director Alex Thorn views Strategy's recent capital management adjustments as a prudent but incomplete solution to its structural challenges. The company announced a USD reserve policy, revised STRC dividends to 12%, and authorized $1 billion in repurchases for both preferred and common stock. Thorn highlights that while these measures improve cash coverage to approximately 17 months, significant liabilities including $6.7 billion in convertible bonds maturing in 2027 and 2028 remain. He argues that Strategy should explore generating yield from its Bitcoin holdings through conservative lending or option strategies instead of selling spot BTC, which could undermine the company's long-term narrative.