Bitcoin treasury companies now hold approximately 1.3 million BTC across 180 publicly listed firms, raising questions about how long their purchasing strategies can withstand financing pressures. Bitfinex warns that growing discounts on preferred shares could weaken investor demand.
Consequently, companies may struggle to raise fresh capital without selling Bitcoin to cover dividend obligations. The holdings represent approximately 6.2% of Bitcoin’s maximum 21 million supply. Strategy dominates the sector with 848,517 BTC, while newer entrants continue expanding their reserves.
Preferred Share Strategies Face Growing Pressure
Bitfinex’s October 30 analysis highlights the financing models behind Strategy and Strive. Both companies use preferred shares to attract investors and fund additional Bitcoin purchases.
However, investor demand depends partly on share prices and dividend returns. Strategy recently introduced daily dividends for its STRC preferred stock, effective November 1. The company expects more frequent payments to reduce price fluctuations around dividend dates.
STRC closed at $99.34 on October 29, recovering from June’s $71.25 low. Additionally, Strategy plans daily dividends for STRF, STRK, and STRD from January 2027.
Strive Expands Bitcoin Holdings Through Preferred Shares
Meanwhile, Strive has already introduced daily SATA dividend payments. Its preferred offerings include SATA, carrying a variable 13% dividend, and SATS, offering 15% annually.
Strive raised $630 million through a discounted SATS offering in October. Moreover, it purchased 6,182 BTC, increasing its holdings to 43,000 BTC. Its cash reserves also climbed to $504.4 million by October 23. Nevertheless, Bitfinex warns that continued fundraising could become difficult if preferred shares lose investor appeal.
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