In June, public companies continued to buy Bitcoin. But the real story of the month was in an area of the market which did not exist two years ago. It is the preferential shares used by treasury departments now in order to purchase coins.
The new report from BitcoinTreasuries.net calls June the first true stress test for this “digital credit” The results are mixed, but they offer an indication of where the corporate Bitcoin adoption is headed.
First of all, let’s talk about the purchasing. In June, public treasuries purchased close to 9,000 BTC, before any sales, which is about 7,300 BTC net, and worth approximately $427,000,000 at the end-of-month price of $58,398. Two names were responsible for the majority of this growth.
Michael Saylor’s Strategy Strive, on the other hand, added 3,364 BTC and Strive 3,625 BTC. Each company spent in the vicinity of $200,000,000.
Remove these two from the equation and you get a field of about 2,000 BTC. Report estimates that 110,000 BTC were added to the market in the entire second quarter. This pace is faster than it was the two previous quarters.
Context is important. Bitcoin was well below the October 2025 price. peak The credit card balance dropped to under $60,000. This backdrop was the setting for drama surrounding digital credit.
The fuel for bitcoin is preferred shares
Understanding how the system works is essential to understanding why this drama is so important. Strategy and other companies no longer use their own funds to purchase Bitcoin. The issue preferred shares If you want to sell coins that offer a variable or fixed dividend, then set the price at $100. Then, convert your proceeds into coin.
Strategy is the flagship product. STRCStrive is the latest version. SATAThese two instruments became the largest. They were traded around the par value for some time, with investors treating them as a safe place to invest money.
The calm created risk. The report describes how a run at par allowed leverage to build in STRC, as buyers took out loans to increase the trade. This leverage was triggered when Bitcoins’ price fell.
STRC and SATA both fell below $100 on June 18. The margin call was made on leveraged investors, while forced sales drove prices lower. STRC hit a bottom near $75. SATA’s performance was affected by both its own internal pressures as well as spillovers from STRC.
Report framed this as a position crisis and not one of dividends.
It was fast enough for the faithful to be reassured. STRC and SATA were trading at around $87 by July 2. These prices remained the same until July 9, when the report was published. Strive and Strategy both paid dividends.
Strategy’s Bitcoin holdings
In the report, it is noted that Strategy had 847,363 BTC, at an average price of $75,651, and a reserve worth $1.1 billion dollars in mid-June. Strive, on the other hand, kept a dividend reserve for 18 months. This is a cash flow question, not a solvency one.
The strategy was not static. Saylor’s business rolled out Share and digital-credit purchases, STRC dividends and a dollar reserve were all part of a package designed to stabilize prices as it continues buying coins. Saylor described it as an effort to strike a balance in terms of commitment to Bitcoin while also keeping the dollar reserve. “liquidity, discipline, and active capital management” Credit strategy is a must.
Strategy has evolved since then. sold 3 588 $ and Now holds 843,775 bitcoin.
Volume was the vote of the market. STRC combined with SATA traded over $10 billion dollars in June. This was an all-time monthly high for each and it happened without any new share purchases at the market. In other words, the demand for the paper didn’t disappear just because the price went up.
BitcoinTreasuries.net polled its readers, an audience it concedes leans pro-digital-credit, and found more optimism than fear. The price decline was not a big problem for a slim majority (52%). A majority of owners remained steadfast, with 52% buying STRC or SATA following June 18
Three quarters also expect the price swings will recur. So, nobody can say that the risk has been eliminated. Looking forward, 77.8% of respondents expect digital credit to increase by 2027. About a fifth believe it will reach $50 billion.
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Source: bitcoinmagazine.com
