Saylor's Strategy May Slow BTC Buys after $28B STRC Issuance Cap: Delphi
Delphi Digital warns that Strategy's Bitcoin accumulation could decelerate as its STRC preferred stock issuance approaches a $28.3 billion cap.Summary
According to a report by Delphi Digital, Strategy faces a potential bottleneck in its Bitcoin acquisition strategy due to an authorized issuance cap of $28.3 billion on its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). If the company reaches this limit without extending it, it may be forced to slow or halt its Bitcoin purchases unless it pivots to selling more common stock or increases its issuance capacity. While STRC has been a primary tool for funding, the firm retains flexibility through its At-The-Market (ATM) equity program, which allows for common stock sales depending on the company's market net asset value (mNAV). Analysts note that the firm's financial position remains stable as it prepares for debt obligations in 2027.
(Source：Cointelegraph)