Key Takeaways
- • Preferred stock issuance has financed the purchase of about 136,000 bitcoin since 2025, equal to more than 0.5% of bitcoin's total supply, according to Pluang's report on the story.
- • Strategy and Strive are named as the companies using preferred shares to attract yield-focused investors without giving them direct bitcoin exposure.
- • Rising dividend payments and share buybacks compete with capital that could otherwise fund further bitcoin acquisitions, a constraint on this channel's growth.
- • ETFs remain the dominant source of bitcoin demand, with preferred stock offering a complementary channel aimed at income investors.
Summary
Since 2025, preferred stocks have financed the purchase of roughly 136,000 bitcoin, representing more than 0.5% of bitcoin's total supply, according to the source article published by Pluang. The structure allows companies such as Strategy and Strive to issue preferred shares that appeal to yield-focused investors who want no direct exposure to the cryptocurrency, and the approach sits alongside the larger spot bitcoin ETF market, which the report describes as the dominant source of demand.
The report highlights a structural tension in the model. Rising dividend payments on preferred shares, along with share buybacks, draw on the same capital that would otherwise be used to acquire additional bitcoin. As a result, the growth of preferred-stock-funded accumulation may be constrained by these financial obligations and by prevailing market conditions.
The article was published against a weak backdrop for digital assets, noting that only 3 of 50 major cryptocurrencies rose on the day. Pluang's accompanying market snapshot as of October 24, 2026 at 23:21 WIB showed Harmony (ONE) down 9.35% to Rp24, COTI down 8.94% to Rp192, and Axie Infinity (AXS) down 8.48% to Rp16,694. These figures are reported as market data points and are not directly tied to the preferred-stock analysis.
The report highlights a structural tension in the model. Rising dividend payments on preferred shares, along with share buybacks, draw on the same capital that would otherwise be used to acquire additional bitcoin. As a result, the growth of preferred-stock-funded accumulation may be constrained by these financial obligations and by prevailing market conditions.
The article was published against a weak backdrop for digital assets, noting that only 3 of 50 major cryptocurrencies rose on the day. Pluang's accompanying market snapshot as of October 24, 2026 at 23:21 WIB showed Harmony (ONE) down 9.35% to Rp24, COTI down 8.94% to Rp192, and Axie Infinity (AXS) down 8.48% to Rp16,694. These figures are reported as market data points and are not directly tied to the preferred-stock analysis.
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