The new security group of Wall Street has grown from an attempt to become a multi-billion dollar market within two years, and the June 2026 research report from. BitcoinTreasuries.net he argues that expansion has only just begun.
The report, made in collaboration with the DeFi protocol Apyx, follows the rise of favorite parts issued by public companies and supported by their bitcoin holdings. Such shares now have a combined market value of about $13 billion. This number represents about 1% of the $1.3 trillion global market, a share that the report’s authors expect will reach 3 to 5% by 2030 and up to 10%, or $130 billion, beyond that.
The tool is at the center of the financial picture of the companies that manage bitcoin as a financial asset. Companies like Strategy, led by Michael Saylor, want long-term capital to buy more bitcoin without diluting common shareholders or taking on debt that must be repaid on a fixed date. The volatility of Bitcoin prices makes this difficult.
Bitcoin sold nearby $124,720 in October 2025, then dropped to the $60,000s by mid-June 2026, down nearly 47% in eight months.
Favorite parts provide a way around this problem. When a company issues them, its number of shares does not increase, so existing shareholders avoid dilution. Shares are classified as equity instead of debt, which means there is no maturity date and no mandatory repayment. In exchange, shareholders receive a share that ranks ahead of the common stock.
For investors who get locked into bitcoin’s upside, the feature turns the volatility of the token into a commodity.
Interest rates are pushing the growth of Bitcoin
The yield exceeds what the regular market pays. The five largest bitcoin-backed trusts in the US earn a good yield between 10.8% and 15.2%, compared to 3 to 4% offered in high-yield savings accounts.
Strategy Process account for most of the market: STRF, STRC, STRK and STDR together have a market value close to $12.5 billion. Try, the asset manager turned bitcoin treasury company, offered a fifth security, SATAwith a market value of about $330 million.
The main thrust of this report is that demand outstrips supply. Fixed income institutions such as mutual funds, banks, pensions and insurance companies hold $10.9 trillion in the US Treasury. A change of 10 to 20 points from that pool would increase $ 10.9 billion to $ 21.8 billion, enough to ensure that the market is close to self-sustaining.
Contributions, however, depend on the amount of bitcoin that is held as collateral. Of the 20 million bitcoins in circulation, exchanges, ETFs and mining companies are not included as client assets or operating reserves.
That leaves 1.26 million bitcoins held in the company’s treasury, worth about $83 billion. The method alone controls about 845,000 of them, or 67%.
The value of the collateral is the component that the report relies on to make the security case. Bitcoin-backed preferences maintain a ratio of 3.8 to 4.5 times, which means that donors pay $3.80 to $4.50 per bitcoin for every $1 of preferred investment.
By comparison, the average loan for the major banks in the third quarter of 2025 rose 76 cents against every dollar of home value. “The security of these instruments is much higher than 95% of bonds in the market,” said Jeff Walton, chief risk officer at Strive in the report, “because they are backed by capital, not futures.”
Not every company is the right provider. Walton established the requirements: a white paper with no secured debt, a scale to support the issuance of $100 million or more, and a team that is well versed in tax, contract drafting and distribution policies.
He also said that the existing bitcoin, is ahead of his preferences and would prevent many transactions. Try to use SATA’s $225 million in cash in January to retire loans it received from Semler Scientific, a move that left all of its cash.
The risks are permanent and not subtle. The strategy’s common stock, MSTR, acts as a volatility amplifier, and has fallen more than bitcoin in the past year. “When the price of bitcoin decreases, the strategy is to dip more,” said Tony Lau, an investment partner at Primitive Ventures, who explained the possible fall in the stock.
Three out of four Strategies tend to sell at a discount of up to $100 off their original price. The earnings are based on the company’s ability to continue to raise capital against rising bitcoin prices, although both Strategy and Strive disclosed cash reserves sufficient to cover at least twelve months’ worth of cash.
Strategy CEO Phong Le he said investors in February that the company’s hard currency will hold unless bitcoin falls to $8,000 and stays there for five or six years.
Meanwhile, the report’s frames favored equity as a tool in the “0 to 1 minute” – a market where demand exceeds what providers can offer, and where the difference is in favor of companies that want to make a profit.
