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Strategy raises Bitcoin buying funds through preferred shares, financing structure draws attention

An analysis said Bitcoin treasury-strategy firms are shifting fundraising from convertible bonds to perpetual preferred shares. BlueCoin Capital CIO Mike Treidl said the change reflects more flexible payment terms that may support long-term Bitcoin holding strategies. He said Strategy’s preferred share price returning to par could revive fundraising and add capacity for more Bitcoin purchases. Treidl highlighted “satoshis per share” and described Strategy’s structure as leverage without margin calls.