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Strategy’s last-ditch strategy

Financial Times Markets •
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We need to output JSON with fields: seo_title, summary, key_entities (companies, people, locations), expert_faq (question, answer), internal_link_anchor, primary_keyword, secondary_keywords, content_type.

We need to write a polished 180-250 word summary, split into exactly 3-4 paragraphs, each paragraph 45-65 words. Must bold a few key details with **.

We must not invent facts. Use only source info.

Let's extract key facts:

- Strategy (formerly MicroStrategy) stock MSTR down 45% past month, Stretch preferred STRC down 20% past month.

- Announced five-part "Digital Credit Capital Framework".

- Cash reserve: $2.55bn for interest and preferred dividends, representing 17.4 months coverage at current run-rates, or 25.9 months if include $1.25bn of Board-authorised reserve-building BTC monetisation capacity (bitcoin authorised to sell but not yet sold).

- Increase dividend on Stretch to 12% per annum (over 15% current yield).

- Repurchase $1bn of preferred securities, Stretch priority; repurchases not funded from cash reserve but can be financed via bitcoin sales.

- $1bn common stock buyback.

- BTC Monetization Program: board authorised management to sell bitcoin for three purposes: replenish cash reserve up to $1.25bn; fund preferred dividends and interest if more advantageous than issuing equity; fund repurchases of preferred stock or equity.

- Michael Saylor's previous stance: never sell bitcoin; now selling.

- Phong Le quote: "Strategy is evolving from one-way capital issuance to active capital management."

- Phong Le collected $130mn from stock sales since Strategy pivoted to bitcoin August 2020.

- Strategy has approx $15.5bn perpetual preferred stock, $6.7bn outstanding convertibles, annual dividend and interest expense $1.76bn, investor puts $5.91bn on convertibles between Sep 2027 and Sep 2028.

- Legacy software business generates no cash.

- Taking into account $2.55bn cash reserve, need around $6.9bn in next two years if nothing changes.

- Company holds 847,3