Preferred shares perk up: SATA hugs par, STRC plays catch-up 🥄

Strive's SATA preferred shares have clawed back most of their June slide, rising from a low of $83.30 to roughly $97 and trading within about 3% of their $100 par value, according to Yahoo Finance data. The variable-rate perpetual preferred, introduced in November 2025 to fund the expansion of Strive's Bitcoin treasury, is designed to hover near par by adjusting its dividend, giving Strive a way to raise capital for its BTC holdings without issuing additional common stock.

SATA is one of a growing slate of preferred-share products tied to Bitcoin treasury strategies, a segment Strategy has branded "digital credit." Strategy's STRC, launched in 2025 under the same par-tracking premise, also dropped sharply in late June before partially recovering, though it continues to trade below par at around $87.

Strategy remains the largest public corporate Bitcoin holder with 843,775 BTC, while Strive ranks seventh with 19,921 BTC, per BitcoinTreasuries.NET. Strive separately raised $263.5M through MSTR sales as part of its ongoing capital efforts.

Jan3 founder and CEO Samson Mow told Cointelegraph that the recent moves by Bitcoin treasury companies are beginning to restore confidence in preferred-share products and reinforce his view that Bitcoin has already bottomed. "I think every action that Strategy has undertaken to strengthen their balance sheet and encourage STRC to go back to par is also working," Mow said, adding: "But everything sort of works in tandem. I think as SATA returns to par, you're going to see STRC return to par too, because people say, 'OK, this model's not broken.' Everyone is capitalized for three or more years of dividend payments... there was no reason to panic all along."

Mow framed the improved performance of preferred-share products as part of a broader recalibration across the Bitcoin treasury sector, pointing to the July 15 launch of Lyn Alden's Orange Juice treasury company as another entrant refining the model with a lower Bitcoin cost basis.