A new report from Fidelity Digital Assets highlights perpetual preferred stocks as a significant driver of Bitcoin demand. These instruments, issued by Bitcoin treasury companies, have financed the purchase of 135,979 BTC in just over a year, as of October 5, 2026. This volume accounts for more than 0.5% of the total Bitcoin supply.
The structure functions as a bond without a maturity date, allowing companies to raise capital from income-focused investors to acquire Bitcoin. Between March and May 2026, issuers raised over $7 billion through these offerings. A peak occurred in April 2026, when nearly 30,000 BTC were purchased in a single week.
Fidelity identifies Strategy and Strive as pioneers of this model, which launched in July 2025. The firm views these products as a bridge to the fixed-income market, estimated at $150 trillion. While these vehicles aim to offer competitive yields, they carry risks, as dividend obligations remain regardless of Bitcoin price volatility.
For comparison, spot Bitcoin ETFs launched in January 2024 and accumulated 888,185 BTC in their first year. Fidelity emphasizes that the primary value of perpetual preferred stocks lies in their ability to reach a broader investor base rather than raw volume alone.
