Bitcoin treasury companies Strategy and Strive are turning to high-yield preferred stock offerings to sustain their crypto accumulation strategies as traditional financing models come under pressure. Strive completed a $630 million preferred stock offering on Tuesday, exceeding its original target by approximately 25%. The securities carry a nominal annualized yield of 15%, with an effective yield approaching 17% due to issuance at a discount—levels comparable to distressed debt returns and far above one-year U.S. Treasury yields. Strategy faces similar challenges. Its STRC preferred stock, offering a 12% annualized dividend, has not been reissued since prices declined in June. The company is now pursuing daily dividend payments and continues raising capital through additional common stock issuance to purchase Bitcoin, resulting in equity dilution for existing shareholders.