Cryptocurrency firms’ preferred stock trading volume surged to $13 billion, with Strategy and Alphabet spearheading the “new financing tools” that are breaking into the mainstream

Author: Jeff Park

Compiled by: Deep Tide TechFlow

Deep Tide Guide: Preferred stock used to be an exclusive financing tool for banks and insurance companies; today, crypto firms like Strategy are turning it into an asset class that has strong liquidity and can be traded sustainably. More importantly, this path has moved from crypto to traditional tech—Alphabet and Super Micro Computer are both using it to finance AI infrastructure, with a deal size of $80 billion per transaction. This is not a game for a small circle.

In 2026, trading activity in crypto company preferred stock accelerated sharply. In June, the standardized monthly trading volume by par value reached about $13 billion. This leap was driven mainly by STRC and a growing number of newly listed preferred stocks, transforming a customized financing niche market once dominated by financial institutions (banks and insurance companies) into a broader, more liquid, and increasingly evergreen asset class.

Beyond higher trading volume, the key signal is the maturity of the preferred stock market itself. As liquidity deepens, these instruments are becoming not only more efficient in coupon rates and issuer quality, but also increasingly more efficient in secondary-market depth, relative value, and the durability of investor demand. This evolution is starting to extend beyond crypto: in June, Alphabet launched its first convertible preferred stock offering as part of an equity financing totaling more than $80 billion, to fund AI infrastructure; and Super Micro Computer announced it would issue $3.75 billion of convertible preferred stock in a $7 billion capital raise, to support AI expansion—highlighting the growing importance of preferred stock as a cross-industry, scalable financing tool.

Note: The selected scope includes STRK, STRF, STRD, STRC, SATA, and BMNP, covering trading volume on a standardized-by-par-value basis. The par-value standardized turnover rate is calculated as the reported traded share count multiplied by the stipulated liquidation preference of $100 per security. It does not represent actual dollar trading volume, and looking at it alone cannot establish market liquidity. Source: Twelve Data. Data as of June 30, 2026.

Important Disclosures: ParaFi signals are for reference only and should not be regarded as or understood as financial, legal, tax, or investment advice. The information above should not be treated as a recommendation to buy or sell any specific security.