CoinMeta data: According to Coindesk, research by Fidelity Digital Assets shows that since 2025, Bitcoin treasury companies such as Strategy and Strive have raised funds by issuing perpetual preferred stocks. As of October 5th, they have collectively supported the purchase of 135,979 BTC, with a related market size of approximately $12 billion. Preferred stocks attract income-oriented investors through regular dividends, but as the issuance scale expands, the dividend burden continues to increase. STRC under Strategy currently has a dividend yield of about 12%. Recently, the company spent $193 million on repurchasing STRC, but only purchased 267 BTC during the same period. Analysts point out that when the price of preferred stocks falls below par, the attractiveness of new issuances for financing decreases, and repurchase and dividend expenditures will compete with funds for Bitcoin purchases. In contrast, the cumulative net inflow into US spot Bitcoin ETF is about $57 billion, which remains the main channel for funds.