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Fidelity said perpetual preferred stock issued by Bitcoin treasury companies is a new catalyst driving Bitcoin demand.
According to BitcoinTreasuries, Fidelity said preferred stock issuance helped raise the funds needed to buy more than 135,000 BTC over the past year, equal to about 0.5% of total supply. Fidelity added that as Bitcoin becomes scarcer, it forms a particularly attractive complementary relationship with preferred stock.