The company is issuing perpetual preferred shares called “Stretch” (variable dividend ~11.25%, structured near $100 par) to attract lower‑volatility institutional investors and reduce equity swings. It raised about $370M via common stock and $7M via preferreds in the past three weeks, has raised ~$5.5B through preferred offerings in 2025, and used proceeds to increase holdings to ~714,000 BTC (~$48B). Management says it will continue buying Bitcoin each quarter and will not sell its BTC; preferreds are pitched as limiting dilution and refinancing risk vs convertibles.

Issuing high‑yield perpetual preferreds to institutional buyers funded recent equity purchases ( ~$370M common, $7M preferred recently; ~$5.5B in preferreds YTD) that pushed holdings above ~714,000 BTC; management says it will keep buying and will not sell — these are concrete, bullish demand signals for BTC.