Wu Says learned that crypto investment firm ParaFi Capital said that the monthly trading volume of preferred shares in crypto asset reserve companies, calculated at face value, rose to about $13 billion in June 2026, setting a historical high, while it was about $4 billion in January this year. ParaFi said that, driven by the listing of STRC issued by Strategy and the listing of 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 space, with Alphabet and Super Micro Computer each launching or announcing the issuance of convertible preferred shares in June to raise funding for AI infrastructure and business expansion.