Fidelity: Bitcoin Preferred Stock Could Tap $15T Fixed-Income Market

The framing here is the story: preferred stock is being pitched less as a crypto curiosity than as a yield instrument competing for fixed-income allocations, which is a different buyer base with different risk tolerances than spot ETF flows. Strategy's disclosed holdings and Strive's same-day close show the structure is no longer a single-issuer experiment, though the concentration of bitcoin purchases in a narrow March-to-May window raises questions about how much of this demand was opportunistic rather than structural. Whether preferred issuance keeps pace once bitcoin's momentum cools is the open question.