Strategy and Strive finance 136,000 bitcoin via preferred stocks

Strategy and Strive have utilized preferred stocks to finance the acquisition of nearly 136,000 bitcoin. Since 2025, these instruments funded the purchase of 135,979 BTC through October 5. This financing method has been active for 20 months since the introduction of such shares.

Strategy, the largest corporate bitcoin holder, serves as a bellwether for the durability of this model. Its first preferred offering, STRK, debuted in February 2025. Fidelity estimates the bitcoin-focused preferred market is roughly $12 billion. Perpetual preferreds have brought bitcoin to income investors who were not reached by ETFs. STRC raised $7.5 billion during 2026 through late July and currently pays a variable dividend around 12%. The stock trades around $99.40.

Bitcoin treasury companies face a balancing act between needing cash for purchases and maintaining investor appetite for preferred stock sales. Strategy spent $193 million repurchasing STRC alongside purchases of just 267 bitcoin in its latest weekly update. The company increased its preferred-stock repurchase authorization to $3 billion. Strategy has already sold some bitcoin to fund preferred dividends.

U.S. spot bitcoin ETFs have attracted approximately $57 billion in cumulative net inflows and hold around $106 billion in assets. Bitwise expects ETFs to remain the larger demand source for bitcoin over the long run.