Delphi Digital reports that Strategy's Bitcoin accumulation strategy faces increasing structural pressure due to reliance on STRC preferred stock financing. As the premium of MSTR's stock price over its mNAV narrows to 1.24x, the dilutive impact of common share issuances on BTC per share has decreased. STRC attracts investors with an 11.5% annualized dividend yield, but each financing round adds perpetual dividend obligations. The report highlights that approximately $8.2 billion in convertible bond principal remains outstanding, with repayments starting in September 2027. Strategy's $2.25 billion cash reserve can cover $1 billion in repayments, but larger debt maturities in 2028 lack a clear solution. With STRC's authorized ceiling at $28.3 billion, reaching this limit without extension could slow or halt BTC purchases, while dividend obligations continue to grow.