Permanent preferred shares containing Bitcoin offer 13-15% returns... The conditions for sustainability are

Bitcoin-focused investor Cole Macro proposed funding bitcoin purchases through perpetual preferred stock that pays 13–15% dividends, with surplus returns flowing to common shareholders, in a November 13 interview on Anthony Pompliano's X account. The structure pairs bitcoin holdings with cash reserves to cover dividend payments and cushion sharp drawdowns, and Macro framed the no-maturity preferred issuance as a permanent short position against the U.S. dollar, whose debasement he expects to continue unabated. The approach matters because it offers yield-seeking investors bitcoin-linked income without direct coin exposure while letting the sponsor retain upside. Watch whether the dividend rate holds through volatility and whether cash buffers prove sufficient in a deep bitcoin selloff.