Strategy, Strive and others have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for over 0.5% of Bitcoin's maximum supply

Odaily: Since 2025, as of October 5, Bitcoin treasury companies such as Strategy and Strive have financed the purchase of 135,979 BTC through preferred stock offerings, accounting for more than 0.5% of Bitcoin's maximum supply; the related preferred stock market is approximately $12 billion. Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract yield-oriented investors who are unwilling to hold Bitcoin directly; however, expanding issuance also increases dividend expenses. Sustained financing for Bitcoin purchases depends on preferred stock trading at or near par value. If prices fall below par, the appeal of new issuance may decline, and companies may turn to buybacks. James Butterfill, Head of Research at CoinShares, said Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, bought 267 BTC during the same period, and raised its preferred stock repurchase authorization to $3 billion. Buybacks can reduce future dividend costs but also compete with Bitcoin purchases for capital. Ryan Rasmussen, Head of Research at Bitwise, expects ETFs will remain a larger source of Bitcoin demand over the long term, while perpetual preferred stock covers a different group of yield-oriented investors and provides another source of demand support for the market. Butterfill believes preferred stock may amplify market cycles: when financing conditions are favorable, it supports Bitcoin purchases; when market sentiment weakens, that support may diminish.