Michael Saylor’s Strategy Inc. (NASDAQ:MSTR) is increasingly relying on STRC to keep buying Bitcoin (CRYPTO: BTC), but the math behind the company’s accumulation engine is becoming more difficult as dilution pressures build.
Strategy’s Centerpiece Is Now STRC
Strategy’s earlier Bitcoin purchases worked because MSTR traded at a massive premium to its underlying BTC holdings. At roughly 1.24x EV-based mNAV, however, that advantage has narrowed significantly.
Research firm Delphi Digital notes that STRC has now become the centerpiece of Strategy’s latest BTC acquisition strategy, shifting the company away from relying purely on common stock issuance and convertible debt.
It gives Strategy access to a different investor base.
Instead of selling equity upside, the company is …