Perpetual preferred stock issued by Bitcoin treasury companies financed purchases of 135,979 BTC through Oct. 5, 2026, representing more than 0.5% of Bitcoin’s total supply, Fidelity Digital Assets said in an Oct. 20 report. Fidelity also described the securities as a new catalyst for Bitcoin demand, saying issuance helped raise funds to buy more than 135,000 BTC over the past year. It said Bitcoin’s increasing scarcity makes it a particularly attractive complement to preferred stock. Issuers raised more than $7 billion from March through May, funding purchases of more than 95,000 BTC; nearly 30,000 BTC were bought in one week in April. Fidelity says the structure could open access to the fixed-income market, which it estimates at around $150 trillion, and asserts that the securities can offer yields above many traditional cash equivalents. The model traces back to Strategy’s first perpetual preferred offering in July 2025, with Strive also named as a pioneer. The securities have no maturity date but carry ongoing dividend obligations, leaving issuers and investors exposed if Bitcoin prices fall or demand for new offerings weakens.