In June, the combined monthly trading volume for STRC and SATA—the preferred shares of Bitcoin-focused firms Strategy (MSTR) and Strive (ASST)—reached an all-time high of $10 billion, even as underlying Bitcoin prices fell below $60,000. STRC accounted for $8.7 billion, a 20.8% jump from May's $7.2 billion, while SATA contributed $1.5 billion. The record activity signaled robust investor appetite for Bitcoin-exposed instruments during market stress.
Bitcoin’s drop triggered a sell-off in the preferred shares: STRC fell to an all-time low of $75, a 25% discount to its $100 par value, and SATA slipped to $88, triggering margin calls. In response, Strategy raised STRC’s annualized dividend to 12% and maintained a $2.55 billion cash reserve, enough to cover 17 months of preferred dividends and interest. Both firms continued accumulating Bitcoin, adding a net of 3,625 BTC (Strategy) and 3,364 BTC (Strive) in June, spending about $200 million each.
By the end of the reporting period, STRC recovered to $87 and SATA bounced back to $97, with the secondary market absorbing the volume surge. The resilience prompted international expansion: on July 10, 2026, Japan’s Metaplanet—holder of 43,000 BTC—announced a joint feasibility study to issue tokenized credit instruments. The consortium includes Siiibo Securities, yen stablecoin issuer JPYC, and the security token platform Progmat, aiming to use Bitcoin as backing for digital debt products. A survey by BitcoinTreasuries.net found that 78% of participants expect the Bitcoin credit market to expand steadily through late 2027, with optimistic forecasts projecting the structured debt class could surpass $50 billion globally.
