Bitcoin Treasury Firms Face Dividend Pressures After Preferred Stock Purchases Reach 135,979 BTC

Perpetual preferred stock issuances have funded the acquisition of 135,979 Bitcoin through October 5, 2026, creating a $12 billion niche market. However, issuers such as Strategy and Strive now face growing financial friction from high recurring dividend yields of roughly 12% to 15%. To manage these commitments, Strategy recently directed $193 million toward repurchasing its STRC preferred shares while acquiring just 267 Bitcoin, alongside lifting its buyback authorization to $3 billion. Between March and May 2026 alone, companies raised over $7 billion across three months, purchasing more than 95,000 Bitcoin to expand institutional demand.