Sata

Strategy has lifted its dollar assets to $6.69 billion, nearly matching about $6.75 billion of outstanding convertible debt and bringing net leverage close to zero. The bitcoin treasury company is also supporting STRC through repurchases as the preferred stock trades below its $100 par value.

Strategy’s massive bitcoin position has swung back into an unrealized profit as BTC rallied sharply over five straight days. The rebound has also supported Strategy’s stock and improved sentiment around its preferred securities.

Strive CEO Matt Cole said the sharp drop in STRC and SATA was a leverage liquidation event driven by margin calls and forced selling. He argued the move reflected market structure stress, not a deterioration in issuer credit quality.

Strategy’s bitcoin-backed preferred stock is trading well below its $100 par value, raising fresh questions about dividend coverage and investor demand. At the same time, Strive’s SATA is attracting attention with a higher yield and daily dividend payments.