Author: Jeff Park
Compiled by: Shenchao TechFlow
Shenchao Introduction: Preferred shares were once exclusive financing tools for banks and insurance companies. Today, crypto companies like Strategy have transformed them into a highly liquid and sustainably tradable asset class. More critically, this path has evolved from crypto to traditional tech—Alphabet and Super Micro Computer are using it to finance AI infrastructure, with individual deal sizes reaching $80 billion. This is no longer a niche game.
In 2026, trading activity for crypto company preferred shares accelerated sharply, with monthly trading volume standardized at par value reaching approximately $13 billion in June. This surge was primarily driven by STRC and the increasing number of new preferred share listings, transforming a once-customized financing niche dominated by financial institutions (banks and insurance companies) into a broader, more liquid, and increasingly evergreen asset class.
Beyond higher trading volume, a key signal is the maturity of the preferred share market itself. As liquidity deepens, these instruments have become more efficient not only in terms of coupon rates and issuer quality but also in secondary market depth, relative value, and the persistence of investor demand. This evolution is beginning to extend beyond crypto: in June, Alphabet launched its inaugural convertible preferred share issuance as part of an equity financing exceeding $80 billion to fund AI infrastructure; meanwhile, Super Micro Computer announced the issuance of $3.75 billion in convertible preferred shares within a $7 billion capital raise for AI expansion, highlighting the increasingly vital role of preferred shares as a scalable financing tool across industries.
Note: The selected scope includes trading volume for STRK, STRF, STRD, STRC, SATA, and BMNP standardized on a par value basis. Par-value standardized turnover is calculated as reported traded share count multiplied by the $100 per share stated liquidation preference for each security. It does not represent actual dollar trading volume and, viewed alone, cannot establish market liquidity. Source: Twelve Data. Data as of June 30, 2026.
Important Disclosure: ParaFi Signals are for informational purposes only and should not be considered or construed as financial, legal, tax, or investment advice. The information above should not be regarded as a recommendation to buy or sell any particular security.
