Delphi Digital: STRC Authorization Cap Approaching; Strategy's BTC Accumulation Faces Structural Pressure

According to the latest report by crypto research firm Delphi Digital, Strategy’s current BTC accumulation model is heavily reliant on STRC preferred stock financing. As the premium of MSTR’s stock price over its mNAV narrows to approximately 1.24x, the dilutive impact of common share issuances on BTC per share has significantly diminished. STRC continues to fund BTC purchases by attracting income-oriented investors with an annualized dividend yield of 11.5%, paid monthly, while avoiding the maturity pressure associated with convertible bonds—though each financing round adds new perpetual dividend obligations. If BTC prices remain range-bound, the accumulation of preferred stock obligations alongside declining efficiency of common share issuances will significantly increase structural pressure. Additionally, approximately $8.2 billion in principal from previously issued convertible bonds remains outstanding and enters a repayment phase starting September 2027. Strategy’s current $2.25 billion cash reserve can cover approximately $1 billion in upcoming repayments, but no clear solution exists for the larger debt maturities scheduled for 2028. The report notes that STRC’s current authorized ceiling is $28.3 billion; should this limit be reached without an extension, BTC purchasing activity may slow or halt entirely, while dividend obligations will continue to accumulate.