Fidelity Digital Assets published a research report on October 20: As of October 5 (UTC+8), Bitcoin treasury companies had raised money to buy coins by issuing “perpetual preferred stock,” accumulating approximately 135,979 $BTC —more than 0.5% of Bitcoin’s total supply.
In plain English: Companies sell a type of preferred stock with no maturity date to investors who like receiving fixed dividends, then use the cash to buy Bitcoin. Strategy (formerly MicroStrategy) pioneered this approach in July 2025, and others, including Strive, followed.
The pace has been brisk. Over the three months from March to May this year, companies raised more than $7 billion through this type of financing and bought over 95,000 BTC; in April, purchases peaked at nearly 30,000 BTC in a single week. Fidelity sees this as another visible channel of buying demand, following spot ETFs. The global fixed-income market is worth about $150 trillion, while this type of preferred stock totals only around $12 billion, leaving plenty of room to grow.
There’s a clear condition: Bitcoin’s gains must exceed the dividends owed on the preferred stock. When Bitcoin prices fall, the preferred shareholders’ claims become more significant.
#BTC #富达 #行情 This does not constitute investment advice.
In plain English: Companies sell a type of preferred stock with no maturity date to investors who like receiving fixed dividends, then use the cash to buy Bitcoin. Strategy (formerly MicroStrategy) pioneered this approach in July 2025, and others, including Strive, followed.
The pace has been brisk. Over the three months from March to May this year, companies raised more than $7 billion through this type of financing and bought over 95,000 BTC; in April, purchases peaked at nearly 30,000 BTC in a single week. Fidelity sees this as another visible channel of buying demand, following spot ETFs. The global fixed-income market is worth about $150 trillion, while this type of preferred stock totals only around $12 billion, leaving plenty of room to grow.
There’s a clear condition: Bitcoin’s gains must exceed the dividends owed on the preferred stock. When Bitcoin prices fall, the preferred shareholders’ claims become more significant.
#BTC #富达 #行情 This does not constitute investment advice.