Fidelity identifies preferred stocks as a demand catalyst for Bitcoin

Wall Street has found a new way to buy Bitcoin, and it looks a lot like something your grandparents owned. According to a report from Fidelity Digital Assets, perpetual preferred stocks issued by Bitcoin treasury companies have financed the purchase of 135,979 BTC in just over a year. That figure, measured as of October 5, 2026, represents more than 0.5% of Bitcoin’s total supply. The report, published October 20, 2026, frames these instruments as a real source of demand for Bitcoin. It also positions them as a bridge to the much larger world of fixed-income investors. The numbers behind the preferred stock push Think of a perpetual preferred stock as a bond that never matures. Investors hand over cash, the company pays them a steady dividend, and there is no date when the principal comes back. For Bitcoin treasury companies, that structure is useful. They raise money from income-focused investors and use it to buy more Bitcoin, without issuing new common shares or taking on traditional debt. The pace picked up sharply in 2026. Between March and May, issuers raised more than $7 billion through these offerings, according to Fidelity. That capital went toward more than 95,000 BTC dur...