[Strategy, Strive, and others have purchased 135,979 bitcoins through preferred stock financing, representing over 0.5% of the maximum supply] According to Odaily Planet Daily, as of October 5, 2025, Bitcoin treasury companies such as Strategy and Strive have purchased 135,979 bitcoins through preferred stock financing, representing over 0.5% of the maximum bitcoin supply; the related preferred stock market size is approximately $12 billion. Perpetual preferred stock has no fixed maturity date, which can alleviate refinancing pressure and attract income-oriented investors who do not want to directly hold bitcoins; however, the increased issuance size will also increase dividend payouts. Continuous financing for bitcoin purchases relies on preferred stock trading at or near par value. If the price falls below par value, the attractiveness of new issuances may decrease, and companies may turn to share buybacks. James Butterfill, Head of Research at CoinShares, stated that Strategy's latest weekly report shows the company spent $193 million to repurchase STRC, while simultaneously buying 267 Bitcoins and increasing its preferred stock repurchase authorization to $3 billion. Repurchases can reduce future dividend costs, but they also compete with Bitcoin purchases for funds. Ryan Rasmussen, Head of Research at Bitwise, predicts that ETFs will remain a larger source of Bitcoin demand in the long term, while perpetual preferred stock covers different income-oriented investor groups, providing another source of demand support. Butterfill believes that preferred stock may amplify market cycles: it supports purchases when financing conditions are favorable, but this support may weaken when market sentiment weakens.