Strategy · Bitcoin · CryptoSlate
Preferred-stock treasury products are sold around yield, stated amount, and recurring payments
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Once the central questions become discount to par, reserve coverage, dividend resets, repurchases, and possible asset sales, the instrument starts trading like credit.
Key facts
- During June 22-28, Strategy reported no preferred-stock ATM sales, 12,669,017 MSTR shares sold, and $1.1524 billion in MSTR net proceeds
- Yet Strategy's June 28 BTC update reported 847,363 BTC held at an average purchase price of $75,651
- In its June 29 update, Strive disclosed that it held the same 505,000 STRC shares on June 18 and June 26, while the fair value of that position fell from $44.738 million to $37.658 million
- Strive still reported 19,864 BTC held, cash and equivalents of $141.7 million as of June 26, and 7,829,502 shares outstanding of its own SATA preferred stock
Summary
01 Strive disclosed the same 505,000 STRC shares, but their fair value fell $7.08 million in eight days. 02 The mark-down shows Bitcoin treasury preferreds can move through another company’s books before any default or forced sale. 03 Whether STRC discounts widen or Strive’s SATA stake follows will show if stress stays isolated or spreads further. Bitcoin treasury preferred stocks are moving from a simple income story into a credit test on Bitcoin balance sheets. Strategy remains the center of gravity, but Strive, the 7th largest public Bitcoin holder, has now put the spillover in public numbers: another Bitcoin treasury company held a Strategy preferred stock and watched that position become a market signal of stress.