Fidelity Report Highlights Perpetual Preferred Stock as Catalyst Behind 136,000 Bitcoin Treasury Purchases

Research from Fidelity reveals that issuances of perpetual preferred stock have funded the cumulative corporate acquisition of roughly 136,000 Bitcoin ($BTC), absorbing over 0.5% of the cryptocurrency's maximum 21 million supply. Crypto analyst Scott Melker highlighted the data, noting that the hybrid fixed-income vehicle has become a primary funding mechanism for corporate treasury allocations.
Preferred stock functions as a hybrid, bond-like equity instrument that pays predetermined periodic yields without carrying a fixed maturity date. According to Fidelity's analysis, companies are increasingly deploying this structure to raise U.S. dollar capital to purchase digital assets as an inflation and debasement hedge, allowing firms to expand treasury reserves without diluting the voting control of common shareholders.
Regulatory filings indicate that major placements executed between March and May raised more than $7 billion to acquire upwards of 95,000 $BTC alone, with firms like MicroStrategy ($MSTR) and Strive leading adoption. Markets are monitoring upcoming quarterly SEC filings in November to assess ongoing cost of capital and corporate reserve totals across issuers.