Benchmark analyst Mark Palmer has defended Strategy's STRC model, dismissing claims that it resembles a Ponzi scheme. Palmer argues that the model is a sustainable capital framework designed to convert market demand for yield into long-term Bitcoin exposure. Strategy raised approximately $3.5 billion in April through STRC issuances, using the funds to purchase 51,364 bitcoins worth about $3.9 billion, increasing its holdings to 818,334 bitcoins valued at $62.5 billion. Despite the model's success, market skepticism persists, with concerns that selling Bitcoin to pay dividends could signal risk and trigger market pressure. Benchmark maintains that the structure does not depend on continuous issuance and can sustain itself by selling a portion of its Bitcoin if necessary.