What is Strategy’s STRC stock programme?

Strategy created STRC, or Variable Rate Series A Perpetual Stretch Preferred Stock, as a funding tool to raise capital for buying Bitcoin. The preferred stock pays variable monthly dividends and operates as a perpetual security without a fixed maturity date.

Why is Strategy approaching a funding limit?

According to Delphi Digital, Strategy’s STRC programme has an authorised issuance cap of roughly $28.3 billion. If the company reaches that ceiling without increasing capacity, its ability to fund additional Bitcoin purchases through STRC could become constrained.

Why does this matter for Bitcoin investors?

Strategy is the world’s largest corporate Bitcoin holder, so its buying activity is closely watched by crypto markets. A slowdown in Strategy’s BTC purchases could reduce one of the largest ongoing sources of institutional Bitcoin demand.

Could Strategy stop buying Bitcoin if the STRC cap is reached?

Delphi researchers warned Bitcoin accumulation could “slow or stop” if the issuance limit is reached and no expansion occurs. However, Strategy still has alternative fundraising methods including common stock sales and ATM programmes.

What is Strategy’s ATM programme?

An At-The-Market (ATM) programme allows Strategy to sell shares directly into the public market over time. The company uses these sales to raise capital more flexibly without launching large secondary offerings.

How much Bitcoin did Strategy recently buy?

Strategy recently purchased another 535 BTC for around $43 million. Most of the funding reportedly came from Class A common stock sales rather than new STRC issuance.

What is Strategy’s market net asset value ratio (mNAV)?

The market net asset value ratio compares the company’s enterprise value with the value of its Bitcoin holdings. A higher mNAV allows Strategy to raise capital more efficiently because investors are willing to pay a premium for exposure to its Bitcoin strategy.

Why is Strategy’s mNAV important for future Bitcoin buying?

When Strategy trades at a premium to its Bitcoin holdings, issuing new shares becomes more attractive because it can raise more capital relative to the underlying BTC value. A declining premium can reduce the efficiency of future fundraising efforts.

Strategy nears $28B limit on Bitcoin funding tool

Written by Mahathir BayenaPublished May. 15 2026Last Updated May. 15 2026

Strategy could face a key constraint on its Bitcoin acquisition strategy as its STRC preferred stock programme approaches a $28.3 billion issuance limit, according to research from Delphi Digital.

Delphi said Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, has become one of the company’s primary funding tools for accumulating Bitcoin.

Researchers warned that if the STRC issuance cap is reached without expansion, Strategy’s Bitcoin purchases could “slow or stop while the dividend obligation remains.”

The report came after Strategy disclosed another Bitcoin purchase this week, acquiring 535 BTC for approximately $43 million, with most of the funding sourced through sales of Class A common stock rather than STRC issuance.

STRC was introduced in July 2025 through a $2.5 billion initial public offering and currently pays variable monthly dividends of around 11.5% while operating as a perpetual preferred security.

Delphi researchers said Strategy could continue funding Bitcoin purchases through alternative capital-raising mechanisms, including additional At-The-Market stock sales, depending on the company’s market net asset value ratio.

Strategy’s market net asset value ratio stood at roughly 1.25x on Thursday, indicating the company continues trading at a premium to the value of its Bitcoin holdings despite the declining premium compared with last year.

At the time of reporting, Bitcoin price was $80,968.22.