The short answer: About 136,000 bitcoin. Fidelity Digital Assets says bitcoin-focused perpetual preferred stock financed purchases of 135,979 BTC through October 5, 2026, more than 0.5% of Bitcoin's maximum supply. On The Pomp Podcast, Pomp called these vehicles a new "net new buyer" for Bitcoin, similar to the spot ETFs.
Drawing on The Pomp Podcast, hosted by Anthony Pompliano (anthonypompliano.com), in which Polina Pompliano, founder of The Profile, interviewed Pomp (episode released October 29, 2026).
When Polina Pompliano asked Pomp what's going on with Bitcoin, one of the first things he pointed to was a new source of demand: perpetual preferred stock. "Where is a net new buyer going to come from in order for price to continue to appreciate?" he asked. His answer was ETFs, individuals and, increasingly, preferreds. Here is what the numbers say.
What is a perpetual preferred stock?
It is a type of share that pays a steady dividend and never matures. Bitcoin treasury companies sell these shares to income investors and use the cash to buy bitcoin. Fidelity says the idea was first launched by Strategy in July 2025 and has since spread to other issuers. For a deeper explainer, see What Is Bitcoin Digital Credit?
How much bitcoin have perpetual preferreds bought?
135,979 BTC as of October 5, 2026, according to an October 20 report from Fidelity Digital Assets. Fidelity said the products raised more than $7 billion and bought over 95,000 BTC between March and May 2026 alone. It puts the bitcoin-focused preferred market at about $12 billion, CoinDesk reported.
Pomp cited the same figure: "if you can now take 135,000 Bitcoin off the market and they go into these perpetual preferred vehicles, that is very similar to the ETFs."
How does that compare with Bitcoin ETFs?
ETFs are still far bigger. On the show Pomp said "something like 800,000 Bitcoin have gone into the ETFs." Current data shows more than that: U.S. spot Bitcoin ETFs held about 1.29 million BTC as of October 30, 2026, with BlackRock's IBIT alone holding about 815,000, according to CryptoETF.today. Fidelity notes spot ETFs took in 888,185 BTC in their first year, compared with about 136,000 for preferreds in just over a year.
How much bitcoin did Strive buy last week?
Pomp said "Strive took I think five or 6,000 Bitcoin in the last week" with proceeds from its preferreds. According to Strive's October 26 SEC filing, it bought 6,182 BTC in the week ended October 23 at an average of $82,732 per coin, bringing its holdings to 43,000 BTC. Learn more in What Is Strive?
What are the risks?
Fidelity spelled out the key assumption: "For issuers, the strategy only works if the appreciation of the underlying asset outpaces the cost of yield." Dividends come due whether or not Bitcoin rises, and as more shares are sold, the payments grow. Preferred holders also face issuer, liquidity and interest-rate risk on top of Bitcoin price risk.
Key takeaways
Fidelity says perpetual preferreds funded purchases of 135,979 BTC through October 5, 2026.
Pomp sees them as a "net new buyer" for Bitcoin, similar to the ETFs.
U.S. spot Bitcoin ETFs hold about 1.29 million BTC, well above the 800,000 Pomp estimated on the show.
Strive bought 6,182 BTC in the week ended October 23, funded in part by preferred stock.
The model only works if Bitcoin rises faster than the dividends cost.
Best quotes from this episode
"Where is a net new buyer going to come from in order for price to continue to appreciate?"
"if you can now take 135,000 Bitcoin off the market and they go into these perpetual preferred vehicles, that is very similar to the ETFs."
"Strive took I think five or 6,000 Bitcoin in the last week"
FAQ
How much bitcoin have perpetual preferred stocks bought?
Fidelity Digital Assets says 135,979 BTC through October 5, 2026, more than 0.5% of Bitcoin's maximum supply.
Who issues bitcoin perpetual preferred stock?
Strategy launched the first in July 2025. Strive and other bitcoin treasury companies have followed.
How much bitcoin do U.S. spot ETFs hold?
About 1.29 million BTC as of October 30, 2026, according to CryptoETF.today.
Why does Pomp care about perpetual preferreds?
He sees them as a new source of buying that takes bitcoin off the market, much like the ETFs did.
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Disclosure: Anthony Pompliano is Chairman and CEO of Silvia, Inc (Nasdaq: SVIA). For educational purposes only; not financial advice.
Watch or listen to the full episode
Hear Pomp explain where the next Bitcoin buyers are coming from.
"My Biggest Bitcoin Regret Ever" with Anthony and Polina Pompliano, October 29, 2026. The preferred stock discussion starts around the 4-minute mark.
Sources
About The Pomp Podcast
The Pomp Podcast is hosted by Anthony Pompliano and covers the future of business, finance and technology. The show features Pomp's conversations with founders, investors and economists about bitcoin, markets, AI and the economy. Follow The Pomp Podcast on X.
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This article reflects the opinions of the guests and host as shared on The Pomp Podcast. It is guest opinion, not investment advice. Do your own research before making any investment decision.
