Half of Investors Bought the STRC Dip — Par for the Course? 📉

A June selloff dragged MicroStrategy's STRC and Strive's SATA preferred shares below their $100 par values, yet 52% of surveyed investors treated the decline as a buying opportunity, according to a BitcoinTreasuries report. The survey of digital credit holders described the month as the asset class's first major stress test, one that ended with prices recovering and trading volumes hitting record highs.

Both instruments are structured to trade near par, but that peg broke beginning June 18, when leveraged holders of STRC faced margin calls that triggered forced selling. Bitcoin's drop below $60,000 compounded the pressure, pushing both shares to fresh lows late in the month. As of press time, STRC traded near $87 and SATA near $97, according to TradingView data cited in the report. Despite the slide, 84% of digital credit holders said they sold neither STRC nor SATA during the downturn, and 70% of all respondents reported owning digital credit at all.

Trading activity told a similarly bullish story. Combined STRC and SATA volumes topped $10 billion in June, a figure that excludes any at-the-market share sales. STRC alone accounted for $8.7 billion in volume, while SATA posted nearly $1.5 billion — roughly double its May total — and logged three of its four highest weekly volumes on record. The survey framed the episode as a market that absorbed selling pressure rather than one in crisis, stating that "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."

Sentiment among holders remained firmly positive, with 87% of respondents expressing a favorable view of digital credit and 72% reporting they were invested in the products. Looking ahead, 78% of those surveyed projected sector growth by the end of 2027, while 22% expected total digital credit supply to surpass $50 billion. The findings point to an investor base that, at least according to this survey, viewed the June