Delphi warns Strategy's Bitcoin buying spree may face headwinds as its STRC preferred stock nears its $28B issuance cap.
Strategy (NASDAQ: MSTR), the largest corporate holder of Bitcoin, may soon face a slowdown in its aggressive BTC acquisition strategy. According to new research from Delphi Digital, the company's preferred stock issuance vehicle, STRC, is nearing its authorized issuance cap of $28.3 billion—a critical constraint for its primary funding engine.
STRC, introduced in July 2025, allows Strategy to raise capital for Bitcoin purchases while paying variable monthly dividends, currently at 11.5%. However, Delphi notes that once the issuance ceiling is hit, BTC accumulation could "slow or stop" unless the cap is expanded or the company pivots to alternative funding mechanisms.
Key Financial Dynamics
STRC has been a cornerstone of Strategy's Bitcoin-buying strategy, most recently contributing $100,000 to a $43 million BTC acquisition on May 11, 2026. However, the bulk of that purchase—$42.9 million—was financed through sales of the company’s Class A common stock (MSTR).这表明随着 STRC 限制的出现，Strategy 已经开始多元化其融资工作。
Michael Saylor, Strategy’s Executive Chairman, has leaned heavily on STRC to build the company’s Bitcoin reserves, which now total 818,869 BTC at an average cost of $75,540 per coin.截至 2026 年 5 月 14 日，比特币交易价格为 80,090 美元，Strategy 的未实现收益约为 37.3 亿美元。
Delphi researchers highlighted the company’s market net asset value (mNAV)—the ratio of enterprise value to the market value of its Bitcoin holdings—as a crucial indicator of its funding flexibility. Strategy 的 mNAV 目前为 1.25 倍，低于一年前的 2.11 倍。 A reading above 1 supports additional stock issuance, while a drop below 1 could limit the company’s ability to raise capital for more BTC buys.
Alternative Funding Paths
如果 STRC 达到上限，Strategy 有多种选择。 Delphi suggests the company could lean more on its At-The-Market (ATM) equity offering program, which allows direct sales of common or preferred stock into the open market at prevailing prices. This mechanism was used to launch a $44 billion ATM program in March 2026, providing flexibility for capital raises without significant market disruption.
Saylor has also signaled a potential shift in strategy, stating during the company’s Q1 2026 earnings call that selling small portions of BTC could fund dividends tied to STRC shares.虽然这标志着背离他的“永不出售”理念，但塞勒强调收购仍将远远超过任何销售。
Implications for Bitcoin
随着Strategy的BTC累积引擎接近潜在瓶颈，市场参与者将密切关注。从历史上看，该公司的积极购买一直支撑着比特币价格，其购买通常与市场反弹同时发生。 Any slowdown could dampen bullish sentiment, especially given the outsized influence of Strategy’s moves on institutional confidence in Bitcoin.
Looking ahead, Strategy faces a significant cash obligation in September 2027, which Delphi estimates can be covered by its $2.25 billion in reserves. However, near-term funding constraints will test whether Saylor’s Bitcoin-first strategy can maintain its momentum or require recalibration.
对于交易者来说，需要监控的关键指标是 STRC 发行水平、mNAV 趋势以及有关替代融资方法的任何公告。 As Strategy pivots, its decisions could ripple through the broader crypto market.