Strategy’s STRC stabilizes near $85, SATA trades at $97.9 amid Bitcoin pressure
Two Bitcoin-backed perpetual preferred stocks are holding their ground as crypto markets stay choppy, but the gap between them tells a story worth reading.
Strategy Inc. and Strive Inc. are both running perpetual preferred equity instruments backed, at least philosophically, by their Bitcoin treasury positions. One trades at a discount to par. The other is nearly flat.
Strategy’s STRC is currently stabilizing around $85, against a target par value of $100. Strive’s SATA is trading closer to par, somewhere in the $97 to $98 range.
What these instruments actually are
Both are Nasdaq-listed perpetual preferred stocks, meaning they have no maturity date and sit ahead of common shareholders when it comes to residual asset claims. Neither is directly collateralized by Bitcoin holdings.
STRC currently carries a variable dividend yield in the 11.5% to 12% range. SATA offers a slightly higher annualized rate of 13%. Both emerged in 2025 as part of a broader wave of Bitcoin treasury companies trying to raise capital without diluting their common equity or taking on conventional debt.
STRC has more than $10 billion in notional outstanding. SATA sits at roughly $500 million.
What happened in June and why it matters
June 2026 was not kind to either security. Leverage unwinds and declining Bitcoin prices pushed both STRC and SATA lower during the month.
SATA made a structural move in mid-June that has become a talking point among investors following these securities. Strive shifted SATA to daily dividend payments, contrasting with STRC’s bi-monthly schedule.
Strategy holds a substantially larger Bitcoin reserve than Strive. The company has accumulated hundreds of thousands of Bitcoin over several years. Strive’s position is estimated at somewhere between 13,000 and 20,000 BTC.
What investors should think about before stepping in
STRC trading at $85 against a $100 par target means buyers today are getting the dividend yield plus a potential 17% upside if the instrument ever trades back to par.
SATA trading near par at a 13% annualized rate on a near-par instrument is a cleaner yield calculation than STRC’s discounted setup, which has a return profile that depends heavily on where you think the price goes from here.