A new class of Wall Street securities has grown from an experiment into a multibillion-dollar market in under two years, and a June 2026 research report from BitcoinTreasuries.net argues the expansion has just begun.
The report, produced in partnership with the DeFi protocol Apyx, tracks the rise of preferred shares issued by public companies and backed by their bitcoin holdings. Such shares now carry a combined market value of about $13 billion. That figure represents close to 1% of the $1.3 trillion global preferred market, a share the report’s authors expect to reach 3 to 5% by 2030 and as much as 10%, or $130 billion, beyond that horizon.
The instrument sits at the center of a financing puzzle facing companies that hold bitcoin as a treasury asset. Firms such as Strategy, led by Michael Saylor, want long-duration capital to buy more bitcoin without diluting common shareholders or taking on debt that must be repaid at a fixed date. Bitcoin’s price swings make that balance difficult.
Bitcoin traded near $124,720 in October 2025, then fell to below $60,000s by mid-June 2026, a drawdown of about 47% in eight months.
Preferred shares offer a path around the problem. When a company issues them, its common share count does not rise, so existing owners avoid dilution. The shares are classified as equity rather than debt, which means no maturity date and no forced repayment. In exchange, holders receive a dividend that ranks ahead of common stock.
