Bitcoin Treasury Firms Shift Towards Preferred Stocks for Financing: New Analysis

A fresh category of Wall Street securities has transformed from a mere experiment into a significant multibillion-dollar market within just two years. A research report released in June 2026 by BitcoinTreasuries.net indicates that this expansion is only in its early stages.

The report, created in collaboration with the DeFi protocol Apyx, outlines the ascent of preferred shares issued by publicly traded companies with backing from their bitcoin holdings. These shares now boast a cumulative market valuation of approximately $13 billion, representing roughly 1% of the $1.3 trillion total global preferred market. The report’s authors anticipate that this share could increase to between 3% to 5% by the year 2030, and potentially reach as high as 10%, equating to $130 billion, in the years that follow.

The Financing Challenge for Bitcoin-holding Companies

This financial instrument plays a crucial role in addressing the challenges faced by firms that maintain bitcoin as a treasury asset. Companies such as Strategy, under the leadership of Michael Saylor, seek to secure long-term capital to acquire additional bitcoin while avoiding the dilution of common shareholders and sidestepping fixed-date debt repayment obligations. However, the inherent volatility of bitcoin's price complicates this balance.

For instance, while bitcoin was trading near $124,720 in October of 2025, it plummeted to below the $60,000 mark by mid-June in 2026, marking a decrease of nearly 47% in a mere eight months.

Preferred Shares: A Solution to Dilution and Repayment Issues

Preferred shares provide a feasible solution to this dilemma. When a company issues these shares, the total count of common shares remains unchanged, thus protecting existing shareholders from dilution. Furthermore, since these shares are categorized as equity rather than debt, they come without a maturity date and do not require forced repayments. In return, holders receive dividends that take precedence over those for common stock.

This structure effectively adapts bitcoin’s volatility into a yield product, making it appealing to income investors who might otherwise be excluded from the asset's growth.

Yield Comparisons and Market Dynamics

The yields on these preferred shares significantly surpass those offered in the fixed-income markets. The five primary bitcoin-backed preferred securities in the U.S. yield between 10.8% and 15.2%, in stark contrast to the 3% to 4% available from high-yield savings accounts.

Most of the market is dominated by Strategy’s offerings—STRF, STRC, STRK, and STRD—which collectively hold nearly $12.5 billion in market value. Additionally, Strive, which has transformed from an asset manager into a bitcoin treasury company, has issued a fifth product, SATA, boasting a market value of around $330 million.

The report emphasizes that demand currently exceeds supply. With institutions such as mutual funds, banks, pensions, and insurers controlling $10.9 trillion in U.S. treasuries, even a minor shift of 10 to 20 basis points from this pool could generate demand of between $10.9 billion and $21.8 billion, sufficient to independently validate the short-term market outlook.