Public companies continued to pile into bitcoin in June, but the real story of the month played out in a corner of the market that didn’t exist two years ago: preferred stocks that treasury companies now use to fund their purchases of the coin.
new a report From BitcoinTreasuries.net describes June as the first real stress test for this “digital credit” market, and the results offer a mixed but telling verdict about the next direction for corporate Bitcoin adoption.
First, purchase. The public treasury added nearly 9,000 BTC ahead of sales in June, or about 7,300 BTC on a net basis, worth about $427 million at the end-of-month price of $58,398. This is considered moderate growth, and two names have done most of the work.
Michael Saylor strategy It added 3,625 net BTC, and Strive added 3,364, with each company spending in the $200 million range.
Exclude these two and buy the rest of the field for about 2,000 Bitcoin. For the entire second quarter, the report estimates 110,000 BTC in net additions, a pace that outpaced the previous two quarters.
Context is important here. Bitcoin remains well below its October 2025 level summit Nearly $126,000 fell to less than $60,000 during the month. This backdrop set the stage for the drama in digital credit.
Bitcoin feed favorite stocks
To understand why this drama is important, it helps to know how the model works. Companies like Strategy no longer rely on their own funds to purchase Bitcoin. They export Preferred stock Which promises investors a fixed or variable dividend, sells them near the face value of $100, and converts the proceeds into coins.
The main product of the strategy, STRCand Strive version, satabecame the largest of the two such tools. For a long time, it traded in a narrow range around the rate, and investors treated it as a place to park money with a healthy return.
This calm generates risks. As the report explains, the long term near par allowed leverage to build within the STRC as buyers borrowed to amplify the trade. When the price of Bitcoin fell, this leverage turned into a catalyst.
As of June 18, the price of STRC and SATA has dropped below $100. Leveraged holders were called to margin, forced selling sent prices lower, and STRC bottomed near $75. SATA is weakened by a combination of its own stresses and STRC extensions.
This was not a fundamental earnings crisis, which continued to trickle down, but a positioning crisis, the report made clear.
Recovery came quickly enough to reassure the faithful. By July 2, STRC shares were trading near $87 and SATA near $97, prices that remained steady until the report was published on July 9. Neither the strategy nor the struggle missed any dividends.
Bitcoin holdings strategy
The report notes that Strategy held 847,363 BTC at an average cost of close to $75,651 and had a reserve of $1.1 billion in mid-June, while Strive held an 18-month profit reserve. The idea: These are cash flow questions, not solvency questions.
The strategy did not stand still. Saylor Company Rolled stock and digital credit buybacks, raised STRC’s dividend, and created a dollar reserve, a package aimed at stabilizing prices as it continues to buy coins. Saylor framed it as a balance between a commitment to Bitcoin and the “liquidity, discipline and active capital management” that a credit strategy requires.
Since then, it has become a strategy Sold $3,588 and now He carries 843,775 Bitcoin.
Market voice with volume. The combined turnover of STRC and SATA exceeded $10 billion in June, a monthly record for each, and that came without new market share sales to feed the pipeline. In other words, the demand for paper did not disappear when the price fell.
BitcoinTreasuries.net surveyed its readers, an audience that admits to leaning towards digital credit, and found more optimism than fear. A small majority, 52%, do not see falling prices as a major problem. Most owners stuck around, and 52% of all participants bought STRC or SATA after June 18th.
Meanwhile, three-quarters of them expect a repeat of the price fluctuations, so no one says the risk is over. Looking ahead, 77.8% expect digital credit supply to grow by the end of 2027, and about a fifth expect it to reach $50 billion.
