Digital Credit Just Passed a Test No One Wanted to Run

The BitcoinTreasuries.net June Corporate Adoption Report is now available.

June handed digital credit its first real stress test. On June 18, both Strategy's STRC and Strive's SATA broke below their $100 par values for the first time — with STRC bottoming near $75. The instruments that had traded like clockwork suddenly didn't. Then something more interesting happened: the market absorbed it, buyers stepped in at the lows, and by month-end both had recovered much of the ground.

That's the month in one line. Here's what the data shows underneath it. 

1. The stress test was structural, not a solvency scare

STRC and SATA didn't break because anything changed at Strategy or Strive. Neither issuer missed a payment or saw a drop in credit quality. What broke was the trade around them: a long stretch of near-par trading let leverage quietly build in STRC, and when Bitcoin slid under $60,000, leveraged holders were margin-called. Forced selling did the rest, with SATA caught in the spillover. The takeaway is uncomfortable but clean — par-linked instruments that sit still invite leverage, and the longer they sit, the more violent the unwind can be.

2. Prices fell. Volumes hit records anyway.

Combined STRC and SATA trading volumes topped $10 billion in June — new monthly records for both — and they did it with zero ATM proceeds. STRC alone printed $8.7 billion, including two of its five highest-volume weeks ever. SATA traded close to $1.5 billion, nearly double its May figure. A month that looked like capitulation on the price chart was, by volume, the most active these instruments have ever seen.

3. Our readers didn't flinch — they bought

We surveyed our audience mid-crash. The results cut against the narrative: most respondents don't see the decline as a significant issue, the overwhelming majority sold neither STRC nor SATA, and more than half bought below par. Looking ahead, 78% expect the digital credit supply to keep growing through 2027. Confidence in the structure held even as prices didn't.

4. Strategy's quietest month — and its answer

Strategy added the most Bitcoin of any company (3,625 BTC net), but by its own standard this was a restrained month: it raised far more through its MSTR ATM than it spent on Bitcoin, choosing discipline over pace. In response to the STRC dislocation, the company rolled out repurchase programs, a higher STRC dividend, and a dedicated dollar reserve. Strive, meanwhile, kept buying — adding 3,364 BTC and posting the sector's standout percentage growth.

Also in this month's report: BitMine's BMNP — the first preferred share tied to an Ethereum treasury — and its first weeks of trading. Adam Back's BSTR is taking its next step toward a top-five launch. New digital credit plans taking shape at Capital B, the Smarter Web Company, and Metaplanet. And a full look at the ~$20 billion altcoin treasury landscape.

The topics in this report are going beyond the page. On September 28, industry leaders meet in one room in New York City to discuss corporate Bitcoin adoption. Capacity is capped at 300 — get your ticket while they last. 🎟️

For further analysis, or to discuss the trends driving your investment or treasury strategy, reach out to our research team at [email protected]. 

Onward, The BitcoinTreasuries.net Team

Special thanks to our partners:

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• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

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