Delphi Digital has highlighted potential constraints on Strategy's Bitcoin acquisition strategy due to the $28.3 billion cap on its Series A perpetual Stretch preferred shares (STRC). These shares have been a key financing tool for Bitcoin purchases, but reaching the cap could slow or halt acquisitions unless Strategy expands its issuance capacity or shifts to common stock sales. Strategy recently purchased 535 bitcoins for $43 million, primarily funded through Class A common shares rather than STRC. The company faces a significant cash obligation in September 2027, but its $2.25 billion cash reserve is expected to cover this. Delphi Digital suggests that as Strategy's market net asset value (mNAV) changes, the company may adjust its financing approach, potentially increasing common stock sales to fund further Bitcoin purchases.