A June price decline pushed MicroStrategy’s STRC and Strive’s SATA preferred shares below par, yet over half of surveyed investors capitalized on the dip, according to a BitcoinTreasuries report. The survey indicates a resilient investor base despite leveraged selling that drove the shares to new lows.
STRC and SATA are preferred shares issued by Bitcoin treasury companies MicroStrategy and Strive to finance Bitcoin purchases. Both shares typically trade close to a $100 par value. This stability was disrupted in June, described in the report as digital credit’s first major stress test. Starting June 18, both shares fell significantly below par.
The decline was primarily attributed to the accumulation of leverage in STRC. BitcoinTreasuries noted that leveraged holders faced margin calls, leading to forced selling that reduced prices further. Additionally, Bitcoin’s drop below $60,000 negatively impacted market sentiment.
Both shares reached new lows in late June before experiencing a slight recovery. As of the report, STRC traded under par at approximately $87, while SATA was near $97.
The survey revealed that 70% of respondents owned digital credit assets, with 84% of them choosing not to sell STRC or SATA during the downturn. More notably, 52% of all participants purchased STRC, SATA, or both after June 18, with many dismissing the price drop as minor.
“We note that our respondent base is strongly pro-digital credit. 87% said they had a positive view of digital credit in general, and 72% were invested in the products,” the survey highlighted.
Despite the price drops, trading activity surged, with combined STRC and SATA volumes exceeding $10 billion in June, even without any at-the-market share sales. STRC volume reached $8.7 billion, while SATA hit nearly $1.5 billion, almost doubling its volume from May, and recorded three of its four highest weekly volumes.
The report framed this period as a market absorbing pressure rather than entering a crisis. “June 18 was the most significant stress test digital credit has faced. The market absorbed it. Buyers emerged at the lows for both instruments. Both securities recovered substantially by the close,” the report stated.
Looking forward, survey respondents anticipate sector growth, with 78% projecting expansion by the end of 2027 and 22% expecting the digital credit supply to surpass $50 billion.
