Strive's SATA rebounds to near par, lifting Bitcoin treasury sector
Strive's SATA preferred shares have recovered from a June selloff to trade near their $100 par value, signaling renewed investor confidence in a funding model that allows Bitcoin treasury firms to raise capital without diluting common equity.
Strive’s SATA preferred shares have rebounded to roughly $97, erasing most of a June selloff that pushed the stock as low as $83.30. The recovery brings the variable-rate perpetual preferred stock back within 3% of its $100 par value, according to Yahoo Finance data.
Introduced in November 2025, SATA adjusts its dividend rate to maintain a price near par. This mechanism allows Strive to fund its Bitcoin purchases without issuing common shares, preserving equity for existing shareholders.
The rebound could have knock-on effects across a nascent market segment often described by Strategy as "digital credit." Strategy, the world’s largest public corporate Bitcoin holder with 843,775 BTC, saw its own comparable product, STRC, plummet during the same late-June selloff. STRC has since recovered partially but continues to trade below par at approximately $87.
Samson Mow, CEO of Jan3, said the price movements of these competing products are interconnected. "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. "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."
For Strive, maintaining confidence in SATA is essential to continuing its Bitcoin accumulation. The company currently holds 19,921 BTC, ranking seventh globally among public companies, according to BitcoinTreasuries.NET. If the preferred-share model lost credibility, firms would risk losing a vital source of non-dilutive capital.
The broader Bitcoin treasury sector is actively refining these funding structures to prevent future panics. Lyn Alden’s Orange Juice launched on July 15 as a new entrant, utilizing a different approach aimed at securing a lower Bitcoin cost basis. Mow noted that these ongoing capital-raising adjustments support his view that Bitcoin has already found its bottom.
