Bitcoin-backed preferred shares STRC and SATA posted their highest combined monthly trading volume on record in June, surpassing $10 billion amid a BTC sell-off that pushed both 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, and this happened with the price of BTC falling near the $57,000 level.
BitcoinTreasuries’ latest corporate adoption report shows that the $8.7 billion recorded by STRC represented a 20.8% jump from the $7.2 billion in May and 11.5% above April’s $7.8 billion. The amount was also more than 52% higher than what the shares generated in March after a much quieter start to the year.
Strategy’s perpetual preferred stock volumes had reached $2.2 billion in February before climbing 159.1% in March. January recorded $2.4 billion, following $1.2 billion in December 2025.
The BTC treasuries market aggregator pointed to June as the first major stress test for the digital credit products after STRC and SATA both dropped well below their $100 par value beginning June 18. According to the firm, margin calls forced STRC and SATA leveraged traders to liquidate positions after an extended period of trading near par.
After weathering Bitcoin’s fall to a price level below $60,000, STRC recovered to about $87 by July 2 after falling as low as $75, while SATA traded near $97. A survey by BTN found that investors were quite headstrong despite the volatility, with more than half of respondents saying that the price decline was not a significant concern. 84% did not sell either of the stocks during the decline, and 52% bought one or both of them after June 18.
“The instinct after June 18 is to ask whether STRC and SATA are safe,” the survey read. “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.”
It also pointed out that none of the issuers had missed a payment, and none of them had seen their credit quality change from mid-June.
In the investor confidence part of the BTN study, respondents projected the strongest issuance potential for Strategy, with the most common expectation placing new digital credit issuance between $10 billion and $30 billion for the Michael Saylor-led firm by the end of 2027.
Strive came in second place on a forecast between $2 billion and $5 billion in additional issuance, followed by Metaplanet, Smarter Web Company, and Bi
小靓分析：
🦊 小靓解读
STRC和SATA在BTC跌至$57,000时月交易量突破$100亿，显示市场对比特币相关结构化产品的投机热情不减，即便价格跌破面值$100，资金仍在博弈反弹。
📊 市场影响
高交易量但价格低于面值，说明抛压仍占主导，短期STRO/SATA可能继续承压；若BTC企稳回升至$60,000以上，这些产品有望迎来修复性买盘，否则流动性或逐步衰减。
💡 操作建议
建议关注BTC价格能否站稳$57,000并放量上行，作为STRO/SATA的先行指标；当前溢价偏低，适合风险偏好高的短线交易者捕捉波动，但注意仓位控制，避免在趋势未明前重仓。
风险提示：
该资讯来源于公开渠道，仅供参考。Traceless 无痕智盈平台不对此信息准确性做任何保证。