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Bitcoin treasury companies purchased nearly 136000 BTC, exceeding 0.5%BlockBeats reports that,October 25, according to Fidelity data, 2025 since, as of October 5, bitcoin treasury companies such as Strategy and Strive have used related preferred stock financing to support the purchase of 135,979 BTC, exceeding 0.5%, with the preferred stock market valued at approximately 12000000000 USD. Analysts point out that these companies face the challenge of balancing bitcoin purchases financed through perpetual preferred stock with the continued payment of dividends.
Perpetual preferred stock has no fixed maturity date, which can reduce refinancing pressure and attract yield-oriented investors unwilling to hold bitcoin directly. However, as issuance expands, dividend expenses will also increase. Analysts said that continued financing for bitcoin purchases depends on preferred stock trading at or near par value; if it falls below par, the appeal of new issuance declines, and companies may be more inclined to buy back the stock.
CoinShares Head of Research James Butterfill noted that Strategy’s latest weekly report showed the company spent 193000000 USD buying back STRC, while purchasing only 267 BTC during the same period, and raised its preferred stock repurchase authorization to 3000000000 USD. He said buybacks can reduce future dividend costs, but they will also compete with current bitcoin purchases for funding.
Bitwise Head of Research Ryan Rasmussen expects ETF to remain the larger source of bitcoin demand over the long term. Perpetual preferred stock, meanwhile, covers a different group of yield-oriented investors and provides a second source of demand. Butterfill believes preferred stock may amplify market cycles: when financing conditions are favorable, it supports bitcoin purchases; when sentiment deteriorates, that support weakens.
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