MicroStrategy Preferred Stock Acquires 77,000 BTC YTD, Surpassing Spot ETFs Tenfold
MicroStrategy’s perpetual preferred stock has funded the purchase of about 77,000 BTC year-to-date, ten times spot ETF net acquisitions of 8,000 BTC. Trading near $100 par with an 11.5% annual dividend, the instrument channels issuance proceeds into bitcoin, lifting holdings to 815,061 BTC and targeting 1 million by late 2026.
1. YTD Bitcoin Accumulation
MicroStrategy’s perpetual preferred stock has acquired roughly 77,000 BTC since the start of 2026, compared with about 8,000 BTC net from US spot ETFs over the same period. The rapid pace underscores a unique corporate-driven accumulation channel that dwarfs passive fund demand.
2. Instrument Structure and Dividend
Trading near its $100 par value on Nasdaq, the preferred instrument pays a variable annual dividend currently set at 11.5%, distributed monthly in cash. When trading at or above par, new shares are issued and proceeds flow directly into bitcoin purchases, preserving common stock share count.
3. ETF Comparison
US spot Bitcoin ETFs recorded approximately $238 million in net inflows on April 20, marking five consecutive days of positive flows. Despite steady ETF demand, cumulative purchases remain a fraction of the volume generated by the preferred stock issuance.
4. Future Outlook
At the current issuance rate, projections indicate MicroStrategy could surpass 1 million BTC by late 2026. This strategy leverages credit market demand and yield-focused equity to bolster the bitcoin balance sheet without common share dilution.