PANews reported on May 12th that, according to Delphi Digital's latest report, "How Far Can Saylor Stretch It," STRC has become the core financing tool for Strategy's current BTC accumulation model. With MSTR's current EV-based mNAV falling to approximately 1.24x, the traditional model of achieving "increased BTC per share" through high-premium issuance of common stock has significantly weakened.

The report points out that Strategy previously relied on convertible bond financing to obtain low-coupon funds, but it still faces approximately $8.2 billion in outstanding principal and a significant debt repayment deadline starting in September 2027. STRC, on the other hand, attracts income-oriented investors with an 11.5% annualized dividend, providing a new source of financing for continued BTC purchases while avoiding the pressure of new convertible bond maturities.

However, Delphi believes that the STRC structure will continue to accumulate dividend-paying liabilities. If BTC continues to rise and the MSTR valuation premium remains, Strategy may be able to absorb this cost; but if BTC trades sideways for a long period, the efficiency of common stock issuance will decrease, while the pressure of preferred stock liabilities will continue to increase. The report also points out that Strategy's current $2.25 billion in cash reserves can cover approximately $1 billion in repayment pressure in 2027, but a new solution will be needed for the larger debt in 2028.