Bitcoin Treasury Stocks Crashed Below “Par” — Half of Buyers Shrugged It Off

Two lesser-known bitcoin-linked investments took a hit in June, but new survey data suggests the people holding them aren’t panicking. According to a BitcoinTreasuries report cited by BeInCrypto, more than half of surveyed investors who own STRC and SATA preferred shares actually bought in after the shares dropped below their $100 “par” value.

Wait, what are STRC and SATA?

Wait, what are STRC and SATA?

If you’re not deep into the world of corporate bitcoin bets, these tickers probably mean nothing to you — and that’s fine. STRC is a preferred stock issued by Strategy, the company formerly known as MicroStrategy that holds a massive bitcoin stockpile on its balance sheet. SATA is a similar instrument from Strive, another firm that leans heavily into bitcoin exposure.

Unlike buying bitcoin directly, preferred shares work more like a hybrid between a stock and a bond. Investors typically buy them at a fixed “par value” — in this case $100 — expecting regular payouts, with the promise of getting that $100 back eventually. When the market price falls below that par value, it usually signals stress: either the company looks riskier, or forced sellers are dumping shares faster than buyers can absorb them.

June’s price crash exposed some cracks

That’s exactly what happened in June. A broader price crash pushed both STRC and SATA below their $100 par value, and according to the BitcoinTreasuries survey, leveraged selling — investors who had borrowed to buy these shares getting forced out of their positions — pushed the shares down to fresh lows.

That kind of forced selling can create a nasty spiral: prices drop, margin calls trigger more selling, and prices drop further. It’s a familiar pattern to anyone who has watched leveraged crypto trading positions get liquidated during a sharp downturn.

But 52% of investors bought the dip anyway

Here’s the part that matters for everyday crypto holders watching from the sidelines: despite the drop below par, the BitcoinTreasuries survey found that 52% of respondents who hold STRC or SATA said they bought more shares while prices were below $100. In plain terms, more than half the surveyed holders treated the discount as an opportunity rather than a red flag.

That’s notable because these instruments are closely tied to how confident the market is in bitcoin-holding companies like Strategy and Strive. If investors were fleeing en masse, it would suggest doubts about the long-term viability of the “corporate bitcoin treasury” model that companies like Strategy pioneered. Instead, the survey points to a base of buyers who see short-term price weakness as separate from the underlying bet on bitcoin itself.

Why this matters even if you’ve never heard of STRC

You don’t need to own a single share of STRC or SATA for this to be relevant. These preferred stocks are a barometer for how “sticky” investor confidence is in the broader bitcoin-treasury trend — the growing number of public companies parking cash into bitcoin instead of bonds or dollars.

If that confidence cracks, it can ripple into how those companies manage their bitcoin holdings, and potentially into bitcoin’s price itself if large holders were ever forced to sell. A survey showing resilience — even after a rough month and forced liquidations — is a small but useful signal that the appetite for these leveraged, bitcoin-adjacent bets hasn’t disappeared, at least for now.

As always with anything involving leverage, the risks are real: prices below par can persist, and forced selling can return if bitcoin itself takes another leg down. This survey is a snapshot of sentiment, not a guarantee that the dip-buying will keep paying off.

Read more: One Company Now Owns Nearly 1 in 20 Ethereum Coins — Here’s What That Means for You