STRC traded as low as $82.50. SATA fell from par into the low 90s. And Strive CEO Matt Cole wants you to know that none of it had anything to do with the actual creditworthiness of the issuers behind those instruments.
Cole took to X on June 19 to address the sharp sell-off in both preferred securities, attributing the damage to a leveraged liquidation event. In plain English: someone (or multiple someones) got margin called, triggering forced selling that cascaded through thinly traded instruments.
What happened and why it matters
STRC is the perpetual preferred stock issued by Strategy, the Michael Saylor-led company formerly known as MicroStrategy. It yields roughly 11.5%. SATA is Strive’s own perpetual preferred equity product, offering a variable yield of approximately 13%, with daily dividend payments that began in mid-June 2026. SATA launched more recently, debuting in November 2025, making it the younger and smaller sibling of the two.
Both instruments sit in what Cole has branded the “digital credit” market, a nascent asset class designed to give investors high-yield exposure to Bitcoin without the baggage of corporate debt entanglements.
