Public companies continued to accumulate Bitcoin in June; however, the more significant narrative unfolded in a segment of the market that was nonexistent just a few years prior: the preferred shares utilised by treasury firms to finance their cryptocurrency acquisitions. A new report designates June as the inaugural genuine stress test for the “digital credit” market, with the findings presenting a nuanced yet revealing assessment of the trajectory of corporate Bitcoin adoption moving forward. Initially, the acquisition. Public treasuries accumulated nearly 9,000 BTC prior to sales in June, resulting in a net addition of approximately 7,300 BTC, valued at around $427 million based on the month-end price of $58,398. That constitutes moderate growth, with two entities contributing significantly to the overall performance. Michael Saylor’s strategy resulted in a net addition of 3,625 BTC, while Strive contributed an additional 3,364 BTC, with both companies investing approximately $200 million each. Exclude those two, and the remainder of the field acquired approximately 2,000 BTC.
For the complete second quarter, the report estimates net additions of 110,000 BTC, a rate that surpassed the previous two quarters. The context is significant in this scenario. Bitcoin remained significantly below its October 2025 peak of approximately $126,000, experiencing a decline to under $60,000 during the month. That backdrop established the context for the unfolding narrative in digital credit. To comprehend the significance of that drama, it is beneficial to grasp the mechanics of the model. Companies like Strategy have shifted away from using their own cash reserves to acquire Bitcoin. They issue preferred shares that promise investors a fixed or variable dividend, sell them near a $100 par value, and route the proceeds into coins. Strategy’s flagship product, STRC, and Strive’s version, SATA, emerged as the two largest instruments in this category. For a period, they fluctuated within a narrow range around par, with investors viewing them as a secure option for capital allocation while enjoying a favourable yield. That tranquillity fostered risk. As the report elucidates, a prolonged period near par allowed leverage to accumulate within STRC as purchasers borrowed to enhance the trade. When Bitcoin’s price declined, that leverage became a catalyst.
Beginning June 18, STRC and SATA declined beneath their $100 par value. Leveraged holders faced margin calls, leading to forced sales that drove prices lower, resulting in STRC reaching a low near $75. SATA experienced a decline due to a combination of internal challenges and external influences stemming from STRC. This was not a crisis of the underlying dividends, which kept flowing, but a crisis of positioning, the report framed. The recovery occurred swiftly enough to instill confidence among the loyal supporters. By July 2, STRC changed hands near 87 and SATA near 97, prices that held into the report’s July 9 publication. Neither Strategy nor Strive has missed a dividend. The report indicates that Strategy maintained 847,363 BTC at an average cost close to $75,651 and possessed a reserve of $1.1 billion in mid-June, whereas Strive retained an 18-month dividend reserve. The pitch: these are enquiries regarding cash flow, rather than concerns about solvency. Strategy did not remain static. Saylor’s firm implemented share and digital-credit buybacks, increased STRC dividends, and established a dollar reserve, a strategy designed to stabilise prices while continuing to acquire coins. Saylor framed it as a balance between commitment to Bitcoin and the “liquidity, discipline, and active capital management” that the credit strategy necessitates. Since then, Strategy has liquidated $3,588 and currently possesses 843,775 bitcoin.
The market expressed its preference through trading volume. In June, the combined trading volume of STRC and SATA exceeded $10 billion, marking a monthly record for both entities, achieved without any new at-the-market share sales contributing to the pipeline. Demand for the paper, in other words, did not disappear when the price declined. BitcoinTreasuries.net conducted a survey among its readership, which it acknowledges has a pro-digital-credit bias, revealing a greater sense of optimism than apprehension. A slim majority, 52%, did not perceive the price drop as a significant issue. Most holders maintained their positions, with 52% of all respondents acquiring STRC or SATA following June 18. Simultaneously, three-quarters anticipate that price fluctuations will reemerge, indicating that the perception of risk remains intact. Looking ahead, 77.8% anticipate an expansion in the digital-credit supply by the conclusion of 2027, with approximately one-fifth projecting it to surpass $50 billion.