14 May 2026 · 14:42 UTC

Strategy’s Bitcoin engine faces $28B STRC ceiling: Delphi Digital

Strategy is approaching the $28 billion issuance limit on its STRC stock, but Delphi researchers pointed to other capital-raising mechanisms that may fuel its BTC accumulation. Strategy’s preferred stock funding engine could hit a key constraint within the next year, potentially slowing the company’s Bitcoin purchases unless it expands issuance capacity or leans more heavily on common-stock sales, according to Delphi Digital. Delphi said Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, has become one of the company’s main Bitcoin-buying tools but has an authorized issuance cap of about $28.3 billion. If the cap is reached without an extension, Strategy’s Bitcoin accumulation could “slow or stop while the dividend obligation remains,” the report said.