Two of the most aggressive corporate Bitcoin buyers just had a very busy June. Strategy Inc. and Strive Inc. collectively added 6,989 BTC to their treasuries, funded almost entirely through preferred equity instruments rather than traditional stock sales or debt offerings.
Strategy picked up 3,625 BTC on a net basis, while Strive added 3,364 BTC. Each company deployed approximately $200 million raised from their respective preferred equity products: STRC for Strategy and SATA for Strive.
The preferred equity playbook
Neither company went the conventional route of issuing new common shares or tapping revolving credit lines. Instead, both relied on preferred equity instruments designed to trade near $100 par value with effective yields ranging from 11% to 13% or higher.
For Strategy, the STRC instrument has become the primary engine for Bitcoin accumulation. The company did sell 32 BTC during the month to cover STRC dividend obligations, which is why the net figure comes in at 3,625 rather than the gross amount purchased.
