According to a report from Fidelity Digital Assets published on October 20, 2026, perpetual preferred stocks issued by companies holding Bitcoin in treasury have funded the purchase of 135,979 BTC in just over a year, representing more than 0.5% of Bitcoin’s total supply. Between March and May 2026, issuances raised over $7 billion to acquire more than 95,000 BTC, with the peak reached in April at nearly 30,000 BTC purchased in a single week. These instruments are presented as a way to access the fixed-income market, estimated at around $150 trillion, and follow the model pioneered by Strategy starting in July 2025. The model carries risks related to dividend obligations and Bitcoin volatility.
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