A June 18 crash driven by leverage and Bitcoin slipping below $60,000 pushed MicroStrategy’s STRC and Strive’s SATA preferred shares below their $100 par, with STRC near $87 and SATA around $97, yet 52% of surveyed investors bought the dip and 84% of digital credit holders sold nothing. Trading volumes set records as combined STRC and SATA topped $10 billion in June (STRC $8.7B, SATA $1.5B), the report framed the event as a crypto stress test the market absorbed, and 78% of respondents expect digital credit adoption and growth by end-2027 with 22% forecasting supply above $50 billion.

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In Brief

Over half of surveyed investors bought STRC or SATA after prices fell below par.
STRC and SATA broke monthly volume records, topping $10 billion combined in June.
84% of digital credit holders sold nothing during the June downturn.

A June price crash pushed MicroStrategy’s STRC and Strive’s SATA preferred shares below par, yet more than half of surveyed investors bought the dip, according to a BitcoinTreasuries report.

The survey points to a resilient investor base even as leveraged selling pushed the shares to new lows.

STRC and SATA Fell in June, and 52% Saw a Buying Chance

STRC and SATA are preferred shares issued by Bitcoin (BTC) treasury companies MicroStrategy and Strive to fund their Bitcoin purchases. Both are structured to trade close to a $100 par value.

That stability broke in June. The report described the month as digital credit’s first major stress test. Starting June 18, both shares slid well below par.

Several factors drove the decline. BitcoinTreasuries noted that the main one was the buildup of leverage in STRC. Leveraged holders faced margin calls, and the resulting forced selling pushed prices down. Bitcoin’s decline below $60,000 weighed further on sentiment.

Both shares reached new lows in late June before staging a modest recovery. As of press time, STRC still traded under par near $87, while SATA sat close to $97.

STRC, SATA, and BTC Price. Source: TradingView

Investors Held Firm and Volumes Surged

The survey found that 70% of respondents owned digital credit. Of those holders, 84% sold neither STRC nor SATA during the downturn.

Meanwhile, 52% of all respondents bought STRC, SATA, or both after June 18. Most also dismissed the price drop as an insignificant issue.

“We note that our respondent base is strongly pro-digital credit. 87% said they had a positive view of digital credit in general, and 72% were invested in the products,” the survey revealed.

How Investors Traded the STRC and SATA Shares Crash. Source: BitcoinTreasuries

While prices dropped, trading activity set records. The report highlighted that combined STRC and SATA volumes topped $10 billion in June, even without any at-the-market share sales.

STRC volume reached $8.7 billion. SATA hit nearly $1.5 billion, nearly double its May figure, and logged three of its four highest weekly volumes on record.

The report framed the episode as a market that absorbed pressure rather than one in crisis.

“18 June was the most significant stress test digital credit has faced. The market absorbed it. Buyers emerged at the lows for both instruments. Both securities recovered substantially by the close.”

Looking ahead, respondents expect the sector to expand. Some 78% project growth by the end of 2027, and 22% expect the digital credit supply to pass $50 billion.

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