From 2025 to October 5th, companies such as Strategy and Strive purchased 135,979 Bitcoins through preferred stock financing, reaching a market size of $12 billion. James Butterfill, Head of Research at CoinShares, stated that Strategy repurchased $193 million of STRC and bought 267 Bitcoins, increasing its preferred stock repurchase authorization to $3 billion. Ryan Rasmussen, Head of Research at Bitwise, expects ETFs to remain a larger source of demand, with perpetual preferred stock covering different income-oriented investors. Butterfill believes that favorable preferred stock financing conditions support cryptocurrency purchases, while support may weaken when market sentiment deteriorates.
