Corporate Bitcoin Buying Stays Strong as Digital Credit Expands
Public corporations kept buying Bitcoin in June, but the real story was happening with preferred shares used by treasury firms to buy cryptocurrency. This market sector didn’t exist a few years ago, but now it’s essential. The latest research paints a detailed but illuminating picture of the future of corporate Bitcoin adoption, and it names June as the first real stress test for the “digital credit” industry. At first, there was the purchase. At the end of June, public treasuries had about 9,000 BTC, which was a net addition of about 7,300 BTC, or around $427 million at the price of $58,398 per coin. With two companies making substantial contributions to the overall performance, that represents moderate growth. Strive put in an extra 3,364 BTC, and Michael Saylor’s strategy added 3,625 BTC net; the two firms invested almost $200 million apiece. After removing those two, the rest of the field managed to earn almost 2,000 BTC.
Net additions for the entire second quarter were estimated at 110,000 BTC, which was higher than the rate seen in the previous two quarters, according to the research. The setting plays a key role in this situation. During the month, Bitcoin fell to less than $60,000, which is a considerable distance from its October 2025 high of almost $126,000. The story of digital credit is developing against that background. Learning the ins and outs of the model will help you make sense of that drama. Strategy and similar companies have moved away from buying Bitcoin with their own money. They sell preferred shares near $100 par value, wherein investors can choose between fixed and variable dividends, and then they turn the money into coins. Among these instruments, the two most prominent players were STRC (Strategy’s flagship product) and SATA (Strive’s equivalent). During that time, they moved in a tight range around par, and investors saw them as a safe way to allocate capital while still getting a good return. In that calmness, danger flourished. The research explains that STRC’s leverage grew throughout a lengthy time near par because buyers borrowed to improve the deal. That leverage was a driving factor in the Bitcoin price drop.
Starting on June 18th, the value of STRC and SATA fell below $100. The forced sales of leveraged assets caused values to plummet, and STRC hit a low of about $75 as a consequence. A mix of internal difficulties and external forces resulting from STRC led to SATA’s collapse. In the report’s interpretation, the issue was one of positioning rather than the underlying dividends, which continued to flow. The recuperation happened quickly enough to give the faithful believers faith. By July 2, STRC was trading at around 87 and SATA at around 97, levels that persisted until the report was released on July 9. There has been no dividend missed by either Strategy or Strive. Midway through June, Strategy had a reserve of $1.1 billion and 847,363 BTC at an average cost of over $75,651, according to the report, while Strive had an 18-month dividend reserve. Proposal: we are not worried about solvency, but rather about cash flow. The approach changed throughout time. To stabilise prices while continuing to acquire coins, Saylor’s firm built a dollar reserve, increased STRC dividends, bought back shares and digital credits, and launched share and credit buybacks. Saylor described it as a middle ground between absolute Bitcoin devotion and the “liquidity, discipline, and active capital management” required by the credit approach. Strategy has since sold $3,588 worth of bitcoin and now owns 843,775 bitcoin.
The market’s preference was made clear by the amount of trades. With no fresh at-the-market share sales added to the pipeline, STRC and SATA reached a monthly record in trading volume in June, surpassing $10 billion. In other words, even though the price of the paper went down, demand for it remained. BitcoinTreasuries.net surveyed its audience, which it admits leans toward digital credit, and found more optimism than fear. Just over half(52%) of people didn’t think the price cut was a big deal. The majority of holders kept their positions; after June 18, 52% of respondents bought STRC or SATA. Concurrently, 75% think price swings will come back, showing that risk perception is still there. In the future, about eighty-one percent expect the supply of digital credits to increase by the end of 2027, with about 20% predicting it will exceed $50 billion.
