Wu learned that, according to crypto investment firm ParaFi Capital, the monthly trading volume of preferred stock held by crypto asset reserve companies—converted at par value—rose to about $13 billion in June 2026, a new all-time high, from about $4 billion in January this year. ParaFi said that, driven by the listing of STRC issued by Strategy and more new preferred shares, this segment is gradually developing into an asset class with higher liquidity and more mature pricing. In addition, the preferred equity financing model is expanding into the AI infrastructure sector: in June, Alphabet and Super Micro Computer respectively launched or announced the issuance of convertible preferred shares to raise funds for AI infrastructure and business expansion.