Delphi Digital has released a report titled 'How Far Can Saylor Stretch It' stating that STRC has become the core tool for Strategy's Bitcoin accumulation model. The report points out that Strategy's early increase in BTC holdings relied on the high premium of MSTR relative to its BTC holdings, which resulted in an increase in BTC per share through the issuance of ordinary shares; However, with the current mNAV of approximately 1.24 times EV caliber, the issuance of ordinary shares has approached the breakeven line, weakening the efficiency of driving BTC growth per share. Convertible bonds were once attractive due to their low coupon rates and MSTR volatility, but they also left behind $8.2 billion in principal and gradually emerging repayment pressure from September 2027. Delphi believes that STRC provides Strategy with a funding source to continue buying BTC by offering 11.5% annualized, monthly dividends to income investors, while avoiding the pressure of new convertible bond maturities; But the cost is the continuous increase in dividend obligations. If BTC rises and MSTR premium is maintained, the structure can still bear the cost; If BTC is sideways, preferred stock obligations will continue to accumulate, while the efficiency of common stock issuance will decrease. https://(wublock123.com)/news/delphi-digital-strc-key-funding-tool-for-strategy-btc-accumulation-60971