Companies including Strategy, Strive, Google and Super Micro are leaning on preferred securities to fund expansion, and bitcoin-linked preferreds are drawing heavy demand in the process. The shift comes as market participants reassess the 60/40 portfolio and the risk-free rate, with the BNY–Citadel repo arrangement putting tokenization and collateral mobility back in focus.
The GENIUS Act has moved from a legislative headline into an implementation story, according to commentary tracked this week. Jeff Park weighed in on Anthropic's IPO plans and argued that liquidity is now at a premium — and that knowing value, rather than just price, is the hardest skill in investing.
Preferreds become the funding tool of choice
The list of issuers turning to preferred securities reads like a cross-section of legacy tech and bitcoin-adjacent balance sheets. Strategy and Strive sit alongside Google and Super Micro in using the structure to raise capital. For bitcoin-native firms, the appeal is straightforward: preferreds let them raise money without diluting common shareholders at current prices.
The demand side is just as notable. Bitcoin preferred securities are seeing booming demand, with MSCI and Strategy named in that context. That's a market that barely existed a few years ago.
Liquidity, value and the Anthropic IPO question
Park's argument about Anthropic's eventual public listing centers on the same theme running through the preferreds trade: liquidity isn't free anymore. His point is that investors who can separate value from price have an edge. Everyone else is chasing the tape.
That framing lands differently when record stock volatility and market dispersion are the backdrop. Correlation between assets has been unreliable, which makes stock-picking — or in this case, security-picking — matter more than it has in years.
Rethinking the 60/40 and the risk-free rate
The traditional 60/40 portfolio and the risk-free rate are both being reconsidered, and bitcoin keeps showing up in that conversation. Bitcoin rising alongside 10-year yields above 5% is the kind of correlation that would have seemed odd not long ago. It's now part of the debate over whether owning zero bitcoin is the bigger risk.
Bitcoin as collateral and the rise of bitcoin income products are two sides of the same coin. If the asset can be pledged and can generate yield, it starts to look less like a speculative add-on and more like a portfolio building block.
Tokenization and the repo market
The BNY–Citadel repo discussion ties directly into tokenization and collateral mobility. Repo is where collateral moves fastest and where settlement friction costs the most. If tokenization can speed up that process, the demand for stablecoins as settlement rails becomes easier to forecast.
Where stablecoin demand will come from is the question hanging over that thesis. The answer, increasingly, looks like institutional collateral flows rather than retail payments.
The next concrete test is whether more corporate issuers follow Strategy and Strive into bitcoin preferreds, and whether the GENIUS Act implementation timeline produces the stablecoin clarity that repo desks are waiting on.
