Delphi Digital: Ngưỡng giới hạn ủy quyền STRC sắp đến, chiến lược tích lũy BTC của chiến lược đối mặt với áp lực cấu trúc

The latest report from crypto research firm Delphi Digital indicates that Strategy’s current BTC accumulation model heavily relies on STRC preferred stock financing. As the premium of MSTR’s stock price narrows to approximately 1.24x mNAV, the dilutive effect of common stock issuance on BTC per share has significantly diminished. STRC continues to fund BTC purchases by attracting income-oriented buyers with an annualized dividend yield of 11.5%, paid monthly, while avoiding the maturity pressure of convertible bonds—but 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 stock issuance will significantly increase structural pressure. Additionally, approximately $8.2 billion in principal remains outstanding from previously issued convertible bonds, entering a repayment cycle starting September 2027. Strategy’s current $2.25 billion reserve can cover the approximate $1 billion in repayments due this period, but no clear solution exists for the larger debt maturities in 2028. The report notes that STRC’s current authorized limit is $28.3 billion; should this cap be reached without an extension, BTC purchasing activity may slow or halt, while dividend obligations will continue to accumulate.