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Fidelity says preferred stock has funded 136,000 Bitcoin purchases since 2025

Bitcoin treasury firms such as Strategy and Strive are weighing fresh preferred stock sales against dividend bills and buybacks, Fidelity Digital Assets says, as the securities fund large Bitcoin purchases.

Why it matters: Preferred stock has become a funding channel for corporate Bitcoin buying, and its dividend costs and buyback needs now shape how much demand treasury firms can add.

InvestIn.News NewsDesk · 1 min read
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Picture from CoinDesk for: Fidelity says preferred stock has funded 136,000 Bitcoin purchases since 2025
Image: CoinDesk
Original reporting: Will Canny, CoinDesk

Key points

  • Preferred stock funded purchases of 135,979 Bitcoin from 2025 through 5 Oct, Fidelity analyst Zack Wainwright wrote.
  • Fidelity puts the Bitcoin-focused preferred market at about $12bn, against a $150tn global fixed-income market.
  • Strategy spent $193m repurchasing STRC in its latest weekly update while buying just 267 Bitcoin, per CoinShares' James Butterfill.

Strategy, the largest corporate Bitcoin holder, dominates the market with five classes of preferred shares, the first of which, STRK, debuted in February 2025. Fidelity estimates the Bitcoin-focused preferred market at roughly $12bn, small next to the $150tn global fixed-income market.

Butterfill said US spot Bitcoin ETFs have drawn about $57bn in cumulative net inflows and hold around $106bn in assets. ETF creations add to funds' Bitcoin holdings, while preferred issuance leaves spending to management's discretion but carries a continuing dividend commitment.

Read the full story on CoinDesk

Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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