An analysis said fundraising tools used by Bitcoin treasury-strategy companies are shifting from convertible bonds to perpetual preferred shares. It said if Strategy’s preferred share price returns to par, fundraising for additional Bitcoin purchases could also gain momentum.

On Oct. 14, local time, blockchain media outlet Bitcoin Magazine reported that Mike Treidl (마이크 트라이들), chief investment officer at crypto-focused asset manager BlueCoin Capital, made the remarks while analysing Strategy’s Bitcoin buying structure.

The key is a change in the nature of fundraising tools. Treidl cited flexibility in payment terms as a reason Bitcoin treasury-strategy companies are turning from convertible bonds to perpetual preferred shares. He said this reduces the burden of fixed redemption and interest payment schedules and leaves more room to maintain a long-term Bitcoin holding strategy.

He also cited Strategy’s preferred share price as a key variable. Treidl said if the preferred shares return to par, it could create a "second engine" for Bitcoin purchases. He said if fundraising through preferred shares becomes smooth again, capacity for additional buying could also increase.

He presented "satoshis per share" as a metric that differentiates investing in Strategy from holding Bitcoin directly. He said what matters is how much the amount of Bitcoin held per share increases. He said if a company raises that figure through fundraising and additional purchases, investors could expect the effect of increasing Bitcoin holdings per share without buying more shares.

He also cited leverage as a differentiating factor. Treidl described Strategy’s structure as "leverage without margin calls". He said unlike typical leveraged investing, the structure does not directly create a risk of forced liquidation when prices plunge, and that was cited as an advantage. He said this is a factor worth considering when institutional money approaches the highly volatile Bitcoin market.

He also raised the possibility of growing institutional demand. Treidl said pension funds and fund-type money could create the next wave of institutional adoption. He added that the comments were made to explain changes in the capital structure of Bitcoin treasury-strategy companies, not to recommend buying a specific asset.

That trend is also intertwined with a rebound in Bitcoin’s price, he said. Treidl referred to Bitcoin returning to around $83,000 that day and said the market should look at both the exhaustion of selling supply and the buying mechanisms of treasury-strategy companies. He said not only the direction of Bitcoin’s price but also how funds are raised and how consistently purchases can be sustained is emerging as a variable that separates corporate value and market influence.

There are 2 points to watch going forward. The first is whether Strategy’s preferred shares actually return to around par value and whether this fundraising structure spreads to other Bitcoin treasury-strategy companies. If Bitcoin-buying companies move beyond a simple race to hold and into competition over capital structure, funding inflow channels and the sustainability of buying could emerge as more important variables in the crypto market.