Bitcoin treasury company acquires nearly 136,000 BTC through preferred stock financing, exceeding 0.5% of Bitcoin's maximum supply.

October 25 - Fidelity data shows that since 2025, as of October 5, Bitcoin treasury companies such as Strategy and Strive have supported the purchase of 135,979 BTC through related preferred stock financing, exceeding 0.5% of Bitcoin's maximum supply. The market size of this type of preferred stock is approximately $12 billion. Analysts point out that these companies are facing the challenge of balancing Bitcoin purchases financed through perpetual preferred stock with continuous dividend payments.

Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract income-oriented investors unwilling to directly hold Bitcoin. However, as issuance scale expands, dividend expenses also increase. Analysts say that sustained financing for Bitcoin purchases depends on preferred stock trading at or near par value; if it falls below par value, the attractiveness of new issuance declines, and companies may be more inclined to repurchase.

James Butterfill, Head of Research at CoinShares, noted that Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, while purchasing only 267 BTC during the same period, and raised its preferred stock repurchase authorization to $3 billion. He stated that repurchases can reduce future dividend costs but also compete with current Bitcoin purchases for capital.

Ryan Rasmussen, Head of Research at Bitwise, expects that ETFs will remain a larger source of Bitcoin demand in the long term, while perpetual preferred stock covers a different group of income-oriented investors, providing a second stream of demand support. Butterfill believes that preferred stock may amplify market cycles: when financing conditions are favorable, it supports Bitcoin purchases; when sentiment deteriorates, this support weakens.