Public companies continued accumulating Bitcoin in June, yet the month’s defining narrative unfolded in a market segment that barely existed two years ago: the preferred shares treasury firms now rely on to fund their coin acquisitions.
A new report from BitcoinTreasuries.net identifies June as the first genuine stress test for this “digital credit” market, delivering a mixed but instructive verdict on the trajectory of corporate Bitcoin adoption.
On the acquisition front, public treasuries added nearly 9,000 BTC before sales in June, netting roughly 7,300 BTC valued at approximately $427 million based on the month-end price of $58,398. This represents moderate growth, driven predominantly by two entities. Strategy, led by Michael Saylor, added a net 3,625 BTC, while Strive acquired 3,364 BTC, with each deploying around $200 million. Excluding these two, the remainder of the field purchased roughly 2,000 BTC. For the full second quarter, the report estimates net additions of 110,000 BTC, a pace exceeding the prior two quarters.
Context is critical here. Bitcoin traded well below its October 2025 peak near $126,000 and dipped under $60,000 during the month, setting the stage for turbulence in the digital credit space.
Preferred Shares Power Bitcoin Accumulation
Understanding the significance of this turbulence requires grasping the mechanics of the model. Firms like Strategy no longer depend solely on operating cash to buy Bitcoin. Instead, they issue preferred shares offering fixed or variable dividends, typically sold near a $100 par value, channeling the proceeds directly into cryptocurrency holdings.
Strategy’s flagship instrument, STRC, and Strive’s equivalent, SATA, emerged as the two largest such vehicles. For a period, both traded in a narrow range around par, attracting investors seeking a healthy yield on a cash-equivalent position.
That stability bred latent risk. As the report details, the extended trading near par encouraged leverage to build within STRC as buyers borrowed to amplify returns. When Bitcoin’s price declined, that leverage became a catalyst for forced liquidation.
Beginning June 18, both STRC and SATA broke below their $100 par value. Leveraged holders faced margin calls, triggering forced sales that drove STRC down to a low near $75. SATA weakened due to a combination of idiosyncratic pressures and contagion from STRC’s decline.
The report characterizes this not as a crisis of underlying dividend coverage—which continued uninterrupted—but as a crisis of positioning.
The recovery was swift enough to reassure core holders. By July 2, STRC traded near $87 and SATA near $97, levels maintained through the report’s July 9 publication date. Neither Strategy nor Strive missed a dividend payment.
Strategy’s Bitcoin Holdings and Defensive Measures
The report highlights that Strategy held 847,363 BTC at an average cost near $75,651 and maintained a $1.1 billion dollar reserve in mid-June, while Strive held an 18-month dividend reserve. The analysis frames these as cash-flow management issues rather than solvency concerns.
Strategy responded proactively, executing share and digital-credit buybacks, increasing STRC dividends, and establishing a dollar reserve—a package designed to stabilize prices while continuing coin accumulation. Saylor described the approach as balancing commitment to Bitcoin with the “liquidity, discipline, and active capital management” the credit strategy demands.
Since the reporting period, Strategy has sold $3,588 worth of holdings and now holds 843,775 bitcoin.
Market participation signaled enduring demand. Combined June trading volume for STRC and SATA surpassed $10 billion, a monthly record for each, achieved without new at-the-market share sales feeding supply. Demand for the paper, in essence, did not evaporate when prices broke.
BitcoinTreasuries.net surveyed its readership—an audience the site acknowledges leans pro-digital-credit—and found optimism outweighing fear. A slim majority of 52% did not view the price drop as a major problem. Most holders maintained positions, and 52% of respondents reported buying STRC or SATA after the June 18 decline.
At the same time, three-quarters of respondents anticipate recurring price volatility, suggesting the risk is not considered eliminated. Looking forward, 77.8% expect the digital-credit supply to expand by the end of 2027, with roughly one-fifth projecting it to surpass $50 billion.