# Bitcoin Preferred Shares Account for $12 Billion of Fixed-Income Market By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/36855 Published: 2026-10-21T16:57:11.000Z Updated: 2026-10-21T16:57:11.000Z Section: Investing > The financing channel facilitated the accumulation of 135,979 BTC through Oct. 5. For issuers, the model depends on Bitcoin gains exceeding dividend costs. Bitcoin (BTC) focused preferred shares account for about $12 billion of the global fixed-income market, giving companies a way to finance Bitcoin purchases while offering investors dividends tied to the issuing company. That remains a small share of a market valued at roughly $150 trillion. The securities have no maturity date, and issuers can sell additional shares when their trading price rises above par value. They can then use the proceeds to acquire BTC. The model depends on Bitcoin appreciating faster than the issuer's dividend costs. If its historical rate of appreciation persists, the shares may support yields above those of many cash investments. Shareholders also face risks tied to the issuing company and Bitcoin's long-term performance. Preferred-share financing had facilitated [the accumulation of 135,979 BTC through Oct. 5](). That total reflects Bitcoin accumulated through the financing channel, rather than purchases made directly by every issuer. Strategy provided an early example in July 2025 with its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The offering generated about $2.521 billion in gross proceeds and about $2.474 billion in estimated net proceeds. Strategy used the net proceeds to purchase 21,021 BTC. The shares serve a different purpose from spot Bitcoin exchange-traded products, which give investors direct exposure to Bitcoin. Preferred-share investors receive dividends from an issuer whose financing strategy is linked to the asset. Spot products accumulated 888,185 BTC in the first year after their January 2024 launch, though that figure covers a different period from the preferred-share total. Dividend payments on preferred shares do not make them equivalent to cash investments. Their value and the issuer's ability to sustain the financing model remain exposed to the company's condition and Bitcoin's performance. ## Links in this article - [the accumulation of 135,979 BTC through Oct. 5](https://www.tokenpost.com/news/investing/36378)