ParaFi Capital documented what the Capitalist tier has been calling for a year: trading activity in crypto treasury preferreds accelerated sharply in 2026, with monthly par-normalized volume reaching approximately $13 billion in June. The step-change was driven by STRC and a growing number of new preferred listings, transforming what was once a niche into a market with institutional depth. Phong Le reposted from the Strategy handle. The read is direct: Saylor did not just build a wrapper — he built the derivative market for the wrapper. Every new listing that follows STRC’s template raises the aggregate volume, which lowers the cost of capital, which compounds the treasury class’s edge. The Three-Layer Play is now a market, not a spreadsheet.