Strategy’s key funding source for bitcoin purchases, its STRC preferred stock, is nearing an issuance cap of about $28.3 billion, raising the possibility that bitcoin buying could slow or stop within a year, an analysis said. Delphi Digital said the cap could become a major constraint. It said dividend obligations would remain even if issuance hits the limit. The analysis highlighted mNAV and stock issuance conditions as key variables for future fundraising and bitcoin accumulation.

Strategy bought 535 more bitcoin, taking its total holdings to 818,869 BTC. The company spent about $43 million from May 4 to 10 at an average price of $80,340 per bitcoin. Its total bitcoin holdings were valued at about $66.5 billion. Chairman Michael Saylor said the average cumulative purchase price was $75,540 per bitcoin and total acquisition cost was about $61.9 billion.