Bitcoin’s New Demand Driver

NYDIG’s Greg Cipolaro and Pete Janney discuss how perpetual preferred stock issuance has become a new driver of bitcoin demand, with instruments like Strategy’s STRC helping digital asset treasury companies raise capital to expand their bitcoin holdings. They break down how these products work, why they have resonated with investors, and the key risks tied to bitcoin price exposure, corporate credit, and dividend sustainability. The conversation also compares the current market drawdown with the 2022 cycle, highlighting the limited fallout from a recent bankruptcy and the signs of a more resilient, better-capitalized crypto industry.