Facing a stock that had fallen below the value of its own Bitcoin, Michael Saylor’s company unveiled a sweeping new capital framework that lets it sell Bitcoin, buy back its battered shares, and shore up its preferred stock. Strategy adopted a “Digital Credit Capital Framework” that overhauls the financing model behind its Bitcoin bet. The headline change is a $1.25 billion Bitcoin monetization program, giving the company formal permission to sell BTC to build cash, fund dividends, and cover interest. It also authorized $2 billion in buybacks, split evenly between common stock and preferred shares, to deploy during market dislocations without touching its cash reserve.