STRC, SATA Hit Record $10 Billion Monthly Trading Volume Amid Bitcoin Sell-Off
Bitcoin-backed preferred shares STRC and SATA achieved their highest combined monthly trading volume on record in June, exceeding $10 billion. This surge occurred even as a sell-off in Bitcoin (BTC) pushed both securities below their $100 par value.
According to data from BitcoinTreasuries.net (BTN), Strategy’s STRC generated $8.7 billion in trading volume last month, while Strive’s SATA recorded $1.5 billion. This activity took place as the price of BTC declined, approaching the $57,000 level.
The latest corporate adoption report from BitcoinTreasuries indicates that the $8.7 billion volume for STRC represented a 20.8% increase from May’s $7.2 billion and was 11.5% higher than April’s $7.8 billion. This figure also marked a more than 52% jump compared to the shares’ performance in March, following a more subdued start to the year.
Strategy’s perpetual preferred stock volumes had reached $2.2 billion in February, before climbing 159.1% in March. January saw $2.4 billion in volume, following $1.2 billion in December 2025.
The BTC treasuries market aggregator identified June as the first significant stress test for these digital credit products. Both STRC and SATA dropped well below their $100 par value starting June 18. The firm noted that margin calls compelled leveraged traders of STRC and SATA to liquidate their positions after an extended period of trading near par.
Following Bitcoin’s drop below the $60,000 mark, STRC recovered to approximately $87 by July 2, after having fallen as low as $75. SATA, meanwhile, traded near $97. A survey conducted by BTN revealed that investors remained largely resolute despite the volatility. More than half of the respondents indicated that the price decline was not a significant concern. Furthermore, 84% of investors did not sell either stock during the decline, and 52% purchased one or both after June 18.
“The instinct after June 18 is to ask whether STRC and SATA are safe,” the survey stated. “That is the wrong question. Strategy holds 847,363 BTC acquired at an average cost of approximately $75,651. The dividend obligation is a cash flow question, not a solvency question.”
The report also highlighted that none of the issuers had missed a payment, and their credit quality remained unchanged since mid-June.
In the investor confidence segment of the BTN study, respondents projected the strongest issuance potential for Strategy. The most common expectation was for new digital credit issuance between $10 billion and $30 billion for the Michael Saylor-led firm by the end of 2027.
Strive secured second place with a forecast of $2 billion to $5 billion in additional issuance. Metaplanet, Smarter Web Company, and Bitmine followed, respectively.
When asked which digital credit issuers appeared most promising, 78.4% of poll participants ranked Strategy first, 74.5% selected Strive as second, and Metaplanet took third place with 49%.
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