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

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Source: Delphi Digital Researchers at Delphi Digital pointed out that Strategy has other capital-raising mechanisms, which largely depend on its market net asset value (mNAV), which measures the ratio between a company’s enterprise value and the total value of its cryptocurrency holdings. “Strategy will use STRC as its main accumulation vehicle as long as MSTR mNAV stays low,” Delphi's head of research, Ceteris, told Cointelegraph. “If MSTR mNAV expands again it would be prudent to start more ATM MSTR sales to acquire BTC.” Strategy’s mNAV stood at 1.25x on Thursday, down from 2.11x a year ago, Strategy's dashboard shows. This means that the company is trading at a premium to its Bitcoin holdings. Strategy MSTR mNAV, other key metrics. Source: Strategy.com An mNAV reading below 1 limits a company’s capital raising ability, while a reading above 1 enables the issuance of more stock to fuel Bitcoin acquisitions. Related: Capital B raises $17.8M to expand its Bitcoin treasury Strategy is approaching its next major cash obligation in September 2027, which is set to be fully covered by its $2.25 billion of cash reserves, according to Delph Digital researcher Aatharv D, who authored the report. “The financials do not read panicky,” he told Cointelegraph, adding: “If management believes the cycle bottom is in, the posture is to lean into BTC accumulation, not pull back.” Strategy is currently using its At-The-Market (ATM) equity offering program to service the preferred dividend payments. However, provided that Strategy’s mNAV expands, common issuance may become accretive again, enabling Strategy to “redirect” the ATM proceeds towards Bitcoin accumulation, giving STRC stock some “breathing room,” explained the researcher. Strategy’s ATM program enables the company to sell common stock (MSTR) or preferred stock such as STRC directly into the open market at prevailing prices, enabling capital raising without large offerings. Strategy debuted its latest $44 billion ATM program on March 24. More on the subject

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