Strategy and Strive juggle bitcoin purchases with preferred‑stock dividend duties
Strategy and Strive balance bitcoin buying with preferred dividend duties
Strategy (MSTR) and Strive (ASST) use perpetual preferred shares to raise cash for buying bitcoin. At the same time, they must keep investors interested in the dividend‑paying shares.
Key numbers
- Preferred shares have financed purchases of about 136,000 BTC since early 2025.
- This represents roughly 0.5% of bitcoin’s total supply.
- The bitcoin‑focused preferred‑stock market is valued at about $12 billion.
- Strategy’s first preferred offering (ticker STRK) launched in February 2025 and now has five classes.
- Purchases were made over a 20‑month period.
Fidelity research on preferred‑stock funding
Fidelity Digital Assets analyst Zack Wainwright reported that the securities have bought 135,979 BTC through Oct. 5, 2026. He notes that the market’s $12 billion size is small compared with the $150 trillion global fixed‑income market, suggesting room for growth.
Analyst perspectives
Mark Palmer, senior equity research analyst at StoneX, said perpetual preferreds have opened bitcoin to income investors – a group that exchange‑traded funds (ETFs, a type of pooled investment that trades on an exchange) have not reached.
Ryan Rasmussen, head of research at Bitwise, expects ETFs to remain the larger source of bitcoin demand. He views preferred offerings as a “second tailwind” that appeals to yield‑seeking investors.
Confirmed facts
- Both companies issue perpetual preferred shares that pay regular dividends and have no voting rights.
- The shares have funded the purchase of roughly 136,000 BTC since their introduction.
- Dividends increase as more shares are issued, creating a growing cash‑outflow.
Potential constraints
Dividend obligations and share buybacks could limit the amount of cash available for future bitcoin purchases, according to the analysis.
Why it matters
Preferred‑stock financing gives bitcoin‑focused firms a way to raise capital without taking on traditional debt, while attracting investors who want regular income rather than direct exposure to the cryptocurrency.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.