Bitcoin Strategy, Strive Face Balancing Act Between BTC Buying and Dividends

balancing act — Public Bitcoin holders Strategy (MSTR) and Strive (ASST) must balance their aggressive bitcoin accumulation with the growing dividend obligations of their preferred stock issuance, according to a Fidelity Digital Assets report cited by CoinDesk.

Since 2025, perpetual preferred stock sales have financed purchases of nearly 136,000 bitcoin, according to Fidelity data through October 5. These shares have become a primary funding channel for corporate bitcoin treasuries, offering a way to raise capital without diluting common equity.

However, the structure creates a financial tension. The companies must service the shares’ dividend payments, which are cumulative obligations. As more preferred stock is issued to fund further bitcoin buys, the total cash required for dividends increases, potentially constraining capital available for additional BTC purchases. Analysts note that buybacks of the preferred shares could also divert funds from bitcoin accumulation.

Bitwise expects spot Bitcoin ETFs to remain the larger source of demand for the cryptocurrency, with the preferred stock market attracting a different investor base focused on yield. The dynamic highlights a key channel for institutional bitcoin demand that operates alongside the dominant ETF flows.