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.

June Trading Sets New Preferred Stock Record

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.

Strategy, Strive, Metaplanet Lead in Issuer Confidence

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 Bitmine, respectively.

When asked which digital credit issuers appeared most promising, 78.4% of those who took the poll ranked Strategy first, 74.5% tapped Strive second, and Metaplanet took third spot with 49%.

Source: CryptoPotato