Strategy’s Bitcoin-Backed Shares Hit a $10B Trading Record — Even as Prices Cracked

Two lesser-known corners of the Bitcoin world just had their busiest month ever — and it happened while their prices were falling. STRC and SATA, preferred shares issued by Strategy and Strive that are effectively backed by each company’s Bitcoin stash, saw combined monthly trading volume top $10 billion in June, according to data from BitcoinTreasuries.net (BTN). That’s a record, even though both shares dropped below their $100 “par” (face) value during the month.

If you’ve never heard of STRC or SATA, you’re not alone — these aren’t coins you buy on Coinbase. They’re stock-market instruments, sold by companies that hold large Bitcoin treasuries, designed to pay investors a steady dividend while giving the issuer extra cash to buy more BTC. Think of them as a bridge between traditional finance and Bitcoin’s balance sheet. What happened to them in June says something useful about how confident big money still is in Bitcoin, even during a rough patch.

A stress test arrives as Bitcoin slides

Strategy’s STRC generated $8.7 billion in trading volume in June, up 20.8% from May’s $7.2 billion and more than 52% above March’s level, BTN’s data shows. Strive’s SATA added another $1.5 billion. The surge came as Bitcoin itself fell toward the $57,000 area, dragging both preferred shares below their $100 par value starting June 18 — the first real stress test either instrument has faced since launch.

BTN reported that the price slide triggered margin calls, forcing some leveraged traders to sell out of their positions after both shares had spent an extended stretch trading close to par. STRC fell as low as $75 before recovering to about $87 by July 2, while SATA settled near $97 over the same stretch — still below face value, but well off the bottom.

Why holders didn’t panic-sell

A BTN survey of investors found surprisingly little alarm. More than half of respondents said the price drop wasn’t a major concern, 84% said they didn’t sell either stock during the decline, and 52% said they actually bought more of one or both after June 18. That’s a notably calm response to a double-digit price wobble in an asset most people have never even heard of.

BTN’s survey framed the situation this way: “The instinct after June 18 is to ask whether STRC and SATA are safe. 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 noted that no issuer missed a scheduled payment and no issuer’s credit quality changed during the sell-off.

What this means if you’re not a shareholder

Most everyday crypto holders won’t ever own STRC or SATA directly — they’re aimed at investors comfortable with corporate preferred stock, not typical wallet holders. But the story still matters for anyone holding Bitcoin, because it’s a real-time gauge of how patient large, sophisticated investors are being with Bitcoin-linked products during volatility.

When a $10 billion month of trading happens right as prices dip below face value, and most holders choose to sit tight or buy more rather than bail, it suggests confidence in the underlying Bitcoin exposure hasn’t cracked — even if short-term prices have. BTN’s survey also found investors expect Strategy to issue between $10 billion and $30 billion more in these Bitcoin-backed instruments by the end of 2027, with Strive, Metaplanet, Smarter Web Company and Bitmine following behind. That’s a signal that this niche corner of the market is expected to keep growing, not shrink, which could mean more indirect institutional demand feeding back into Bitcoin itself over time.

Read more: Your Bag Is Down Again, But Bitwise Says Crypto’s Foundations Are Getting Stronger