Michael Saylor has again hinted that Strategy could buy more bitcoin.

On June 21, blockchain media outlet U.Today reported that Saylor posted a chart tracking the company’s bitcoin holdings and added a line saying he would add dots as usual.

Market attention is focused less on the buying signal than on funding capacity. Strategy is under heavy pressure from recent selling in STRC. STRC is a floating-rate perpetual preferred stock with a $100 par value and an annual dividend of 11.5 percent, and it has recently fallen below $89. In that case, Strategy would have to raise the dividend rate on existing issued shares, increasing annual dividend costs by about $53 million.

With that backdrop, doubts are growing in the market about whether Strategy can move immediately to buy more bitcoin. In particular, purchases through STRC, seen as a key funding source for bitcoin buying, were reported to have stopped in June.

There is also criticism that Strategy has limited capacity to issue common stock. Strategy’s mNAV, a multiple of net asset value, is around 1. Under the company’s own equity guidelines, that level is interpreted as not an appropriate range to issue new MSTR common shares.

Some in the market are questioning whether Saylor’s signal for additional purchases can lead to actual execution. Crypto commentator Byzantine General said mNAV is 1, making additional issuance of MSTR difficult, and STRC has also fallen below $100, making it hard to use. He added that tapping cash holdings would be a very reckless move.

The controversy surrounding STRC is also affecting market sentiment. Some analysts said speculation that Saylor could sell bitcoin to raise cash to restore STRC investor confidence is weighing on bitcoin prices.

Scepticism about the product itself has also been raised publicly. Bloomberg senior ETF analyst Eric Balchunas called STRC a "constant headache" and argued that Strategy should abandon such funding tools altogether.

Still, Saylor again appeared not to have backed away from his willingness to buy more. The issue, separate from that willingness, is that a sharp fall in STRC, rising dividend costs and constraints on common stock issuance have hit at the same time. With the decline in STRC and mNAV constraints overlapping, how to structure funding has emerged as a bigger variable than the question of buying more bitcoin itself.

Looks better with more dots. pic.twitter.com/saEtZTgFGH