Preferred share financing by Bitcoin treasury companies including Strategy and Strive supported purchases of 135,979 BTC from the start of 2025 through October 5, according to Fidelity data cited by BlockBeats. That amount exceeded 0.5% of the maximum Bitcoin supply, the report said.
Dividend costs compete with Bitcoin purchases
The report put the market for these preferred shares at about $12 billion. Analysts cited by BlockBeats said perpetual preferred shares ease refinancing pressure because they have no fixed maturity, but expanding issuance increases dividend costs.
CoinShares research head James Butterfill said share buybacks could reduce future dividend costs while competing with Bitcoin purchases for cash.
Source: BlockBeats, 2026-10-24 16:13:14 UTC.