When Bitcoin treasury companies issue preference shares at parity levels, it typically signals aggressive BTC accumulation strategies ahead. Here's the key takeaway: regardless of whether market NAV metrics look stretched, this capital structure move pushes more cash into actual Bitcoin purchases. The mechanism is straightforward—preference shares financing creates liquidity pressure that forces management to deploy capital into BTC holdings. For investors tracking institutional behavior, this preference share issuance pattern becomes a reliable early indicator of bullish positioning, independent of traditional valuation signals.