Strategy is closing in on the $28 billion issuance limit on its STRC stock — a ceiling that, once hit, would effectively shut off the company's primary vehicle for raising cash to buy Bitcoin. With that boundary in sight, researchers at Delphi Digital have flagged other capital-raising mechanisms they say could fuel the next leg of Strategy's accumulation. No formal announcement has come from the firm, but the clock is ticking.
The $28 billion ceiling
STRC is Strategy's preferred stock product, designed specifically to raise funds for Bitcoin purchases. Since its launch, the company has leaned heavily on the instrument, issuing shares in regular tranches. But the structure carries a hard cap: $28 billion in total issuance. Public filings show the company is now within striking distance of that limit.
Exactly how close? The most recent data suggests only a few billion dollars of room remain. At the pace Strategy has been issuing, that buffer could disappear in a matter of weeks. The company hasn't disclosed a specific plan for what happens after the cap is breached, but the math is straightforward — once the limit is hit, STRC is done.
What Delphi sees next
Delphi Digital's analysts this week published a note pointing to alternative fundraising methods Strategy could turn to. They didn't name specific products or structures, but the implication is clear: the company will need to get creative if it wants to keep its Bitcoin buying spree running at full throttle.
The researchers highlighted that Strategy has a history of financial engineering — from convertible bonds to equity offerings. With STRC maxed out, the next move might involve a new stock class, a debt instrument tied to Bitcoin holdings, or something the market hasn't seen yet. Delphi's note didn't speculate on timing, but the pressure is building.
For now, Strategy itself is staying quiet. No press release, no investor call scheduled. That silence may be telling — the company is known for moving quickly once it decides on a path.
Strategy owns one of the largest corporate Bitcoin treasuries in the world. Every new dollar raised through STRC has gone straight into more coins. If that pipeline narrows, the pace of accumulation slows — unless a replacement appears.
The market has already started watching. Strategy's stock price tends to move in tandem with its Bitcoin buying activity. A prolonged pause in purchases could weigh on sentiment, even if the long-term thesis remains intact. Delphi's note didn't mince words: the company needs a Plan B, and soon.
Strategy hasn't confirmed any alternative yet. But with the STRC limit days or weeks away, the next announcement — whatever form it takes — will define the next chapter of the company's Bitcoin strategy.
