According to information from Woofun AI, global asset management giant Fidelity recently released an in-depth research report focusing on an emerging financial instrument: Bitcoin-focused perpetual preferred shares.
The report reveals that in just over a year, such products have accumulated more than 135,000 Bitcoins.
Although this scale currently represents only a tiny fraction of the global fixed income market, Fidelity believes that if the product's popularity rises further, the capital inflow effect it triggers will profoundly change the supply and demand fundamentals of the Bitcoin market, becoming another key source of incremental demand following spot ETFs.
The core logic of this new financing mechanism is that companies raise funds by issuing perpetual preferred shares with highly attractive yields, and specifically use the proceeds to buy and hold Bitcoin for the long term, betting that Bitcoin's long-term price appreciation will cover the cost of dividend payments.
Compared with traditional preferred shares, these instruments pay dividends at a significantly higher frequency, typically increased from once every half month to daily dividends, and their product design keeps trading prices closely aligned with face value, thereby giving issuers the ability to repeatedly issue additional shares and continuously increase Bitcoin holdings.
Strategy (MSTR.US) pioneered this model in July 2025, and the market's follow-the-leader effect quickly emerged.
Entering early 2026, this mechanism has driven a large-scale purchasing wave.
Data compiled by Woofun AI shows that in the three-month window from March to May 2026 alone, related products raised more than $7 billion in funds and purchased over 95,000 Bitcoins, demonstrating astonishing capital absorption efficiency.
From the perspective of cumulative scale and market potential, as of October 5, 2026, Bitcoin-themed perpetual preferred shares have helped the market accumulate 135,979 Bitcoins over more than a year, accounting for more than 0.5% of Bitcoin's total supply.
As a reference point, Bitcoin spot ETPs accumulated 888,185 Bitcoins in their first year after launching in January 2024.
Although the current demand scale for preferred shares is far smaller than that of spot ETPs, their substantive significance as a brand-new demand channel cannot be ignored.
This product precisely targets investors who are worried about inflation, seek high yields, and want indirect Bitcoin exposure, sitting at the intersection of demand for fixed income assets and digital assets.
It is worth noting that by the end of 2025, only about 5% of Bitcoin remained to be mined, and combined with the upcoming next halving, Bitcoin's scarcity stands in sharp contrast to fiat currency supply expansion and U.S. debt growth, further consolidating its position as a long-term store of value.
The global fixed income market is approximately $150 trillion in size, while such preferred shares currently total only about $12 billion.
This means that as long as the product's yields remain competitive relative to Bitcoin's historical performance, its future adoption space is extremely broad, and even a small amount of fixed income capital entering could significantly reverse Bitcoin's supply and demand landscape.
Fidelity emphasized in the report that both spot ETPs and perpetual preferred shares originate from the traditional financial system and possess transparency, and institutions will continue to track changes in these two types of demand.
Behind this judgment is a deeper market shift: over the past several years, the attractiveness of fixed income assets to investors has continued to weaken, and combined with various risk issues exposed in the private credit market, a large amount of capital is urgently seeking alternative tools with greater safety and more attractive returns.
Whether perpetual preferred shares are the answer still awaits verification over time in terms of ultimate adoption.
But it is undeniable that this innovative model combining traditional fixed income structures with Bitcoin's scarcity has attracted great attention from top global financial institutions, and its early growth momentum signals that Bitcoin's sources of demand are undergoing a structural shift.
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