Bitcoin treasury companies Strategy (MSTR) and Strive (ASST) face a growing tension between funding their BTC purchases and sustaining investor demand for perpetual preferred stock, according to Fidelity Digital Assets analysts. The securities — which carry regular dividend payouts but no voting rights or fixed maturity — have financed approximately 136,000 bitcoin in the 20 months since their introduction, representing more than 0.5% of Bitcoin's maximum supply. Fidelity research analyst Zack Wainwright noted in a Tuesday report that as preferred shares in circulation grow, so do dividend obligations, creating a balancing act for issuers. Strategy, the largest corporate bitcoin holder with five classes of preferred shares, debuted its first offering STRK in February 2025 and serves as a bellwether for the model's durability. Fidelity estimates the bitcoin-focused preferred market at roughly $12 billion, still small compared to the $150 trillion global fixed-income market. The structure allows treasury companies to reduce refinancing pressure while attracting yield-oriented investors who are reluctant to hold bitcoin directly.