Delphi Digital: STRC is becoming a core funding tool for Strategy's Bitcoin accumulation.

CoinFeed 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 currently 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 its 11.5% annualized dividend, providing a new source of financing for continued BTC purchases while avoiding the pressure of new convertible bond maturities.