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Delphi Digital has released a report titled 'How Far Can Saylor Stretch It', analyzing Strategy's Bitcoin funding expansion mechanism. The report points out that STRC has become the core financing tool for Strategy's continuous purchase of Bitcoin, but the BTC/share thickening effect of the common stock issuance is close to breakeven. The accumulated principal of convertible bonds is about 8.2 billion US dollars, and they will face centralized repayment pressure after 2027. STRC provides an annualized monthly dividend of approximately 11.5%, supporting BTC purchases but also increasing the dividend burden. If BTC prices remain flat and MSTR premiums cannot be recovered, financing gains may be diluted and dividend obligations offset. Although the company's $2.25 billion cash reserves can cover the $1 billion redemption pressure in 2027, the debt and dividend issues in 2028 still need to be resolved. The current authorized issuance limit of $28.3 billion may restrict the ability to purchase new BTC.