Fidelity Digital Assets reports that perpetual preferred stocks issued by Bitcoin treasury companies have financed the purchase of 135,979 BTC since late 2024, representing over 0.5% of Bitcoin's total supply. These preferred stocks act like bonds with no maturity, allowing companies to raise capital from income-focused investors and buy more Bitcoin without issuing new common shares or traditional debt. The trend accelerated in 2026, with more than $7 billion raised between March and May, buying over 95,000 BTC in that period alone. This method taps into the large fixed-income market and offers yields potentially higher than traditional cash equivalents, creating a new demand catalyst for Bitcoin. However, risks remain as dividend obligations persist regardless of Bitcoin's price volatility, testing the model's sustainability in downturns.
Fidelity's report on preferred stocks financing Bitcoin purchases provides context for cryptocurrency market activity. For readers following major cryptocurrencies, here is Pluang's market snapshot as of Oct 21, 2026 03:41 WIB: out of 50 major cryptocurrencies, 45 rose and 4 fell today. Notable movers include AXS at Rp18.925 with a 5.20% increase and 100% sell order activity, SNX at Rp4.060 up 4.96% with 75% buy orders, and MANA at Rp1.569 rising 4.74% with 87% sell orders.
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