Strive’s SATA preferred shares have recovered nearly 16% from their June low to about $97, leading Jan3 CEO Samson Mow to say the rebound could help Strategy’s STRC move back toward its $100 par value.

Data from Yahoo Finance show SATA has climbed from $83.30 and is now trading within roughly 3% of the level it was designed to track. The recovery has reversed most of the preferred stock’s late-June decline. STRC, meanwhile, remains about 13% below par, even as major U.S. exchange-traded funds have increased exposure to the security.

According to Mow, actions taken by Bitcoin treasury companies to strengthen their balance sheets and support their preferred shares have begun to rebuild confidence in the products. He told Cointelegraph that SATA’s move back toward $100 could reassure investors that the funding structure used by Strive and Strategy remains intact.

“I think every action that Strategy has undertaken to strengthen their balance sheet and encourage STRC to go back to par is also working.”

Mow said he expects the two securities to move in tandem because investors are evaluating whether Bitcoin-linked preferred shares can continue funding their dividends while trading close to their stated values.

“But everything sort of works in tandem. I think as SATA returns to par, you’re going to see STRC return to par too, because people say, ‘OK, this model’s not broken.’ Everyone is capitalized for three or more years of dividend payments… there was no reason to panic all along,” he added.

SATA recovery reinforces confidence in Bitcoin preferred shares

Strive introduced SATA in November 2025 to raise capital for expanding its Bitcoin holdings without issuing additional common stock. The variable-rate perpetual preferred shares use dividend adjustments intended to encourage trading around their $100 par value.

Preferred shares typically sit between common stock and debt in a company’s capital structure, offering stated dividend terms while still trading on the market. For Bitcoin treasury companies, the appeal of these instruments is that they can raise capital without immediately issuing more common equity, but their usefulness depends partly on whether investors are willing to buy and hold them near their stated value.

By changing the payout rate when necessary, Strive can make SATA more or less attractive to investors as its market price changes. According to the company’s stated treasury strategy, the structure was designed to provide recurring access to capital while limiting dilution for common shareholders.

Strategy launched STRC in 2025 under a similar model. The preferred stock also uses a variable dividend intended to keep its price near $100, placing it in a category Strategy describes as “digital credit.”

Both products fell well below their intended levels during the late-June selloff. SATA has since recovered to around $97, while Yahoo Finance data show STRC closed at $86.89 on July 24 after rising 2.29% during the session. It later traded at $87.14 in after-hours activity.

Mow views the gap between the recoveries of SATA and STRC as temporary rather than evidence that STRC’s structure has failed. His outlook depends on investors treating SATA’s rebound as evidence that preferred shares issued by Bitcoin treasury companies can recover after a sharp decline.

Mow also pointed to companies refining how they raise capital and manage their Bitcoin holdings. He cited Lyn Alden’s Orange Juice treasury company, launched on July 15, as an example of a new entrant using a different operating model and beginning with a lower Bitcoin acquisition cost.

BitcoinTreasuries ranks Strategy as the largest corporate holder of Bitcoin, with 843,775 BTC. Strive holds 19,921 BTC, placing it seventh among public companies tracked by the platform.

Those holdings create different levels of Bitcoin exposure, but both companies rely on capital-market products to support their treasury strategies. For Strive, SATA provides a path to raise new funds without selling additional common shares. Strategy uses STRC and other securities to finance further Bitcoin purchases.

ETF demand supports STRC despite discount

Institutional demand has already made STRC the largest holding in three major U.S. preferred stock ETFs, even though the security continues to trade well below par.

Michael Saylor, Strategy’s co-founder and executive chairman, disclosed on July 24 that STRC is now the top holding in BlackRock’s iShares Preferred and Income Securities ETF, Virtus InfraCap’s U.S. Preferred Stock ETF and VanEck’s Preferred Securities ex Financials ETF.

According to figures shared by Saylor, the three funds collectively hold $756 million of STRC. Their portfolios also include preferred shares issued by established U.S. companies, giving ETF investors indirect exposure to Strategy’s Bitcoin-linked security alongside traditional income products.

In his X post, Saylor presented the ETF positions as evidence that Strategy’s “digital credit” securities are entering institutional portfolios. The holdings show that asset managers have allocated significant capital to STRC, although its July 24 closing price remained 13.11% below $100.

STRC’s discount is material for Strategy because the company sells preferred shares to fund Bitcoin purchases. When Strategy can issue stock near or above par, it can direct more proceeds into Bitcoin. A large discount reduces the amount of capital raised from each newly issued share.

Issuing additional STRC while it trades near $87 would therefore generate less funding per share than an issuance completed near $100. The lower price could weaken the economics of using the security for Bitcoin accumulation, even if ETF demand remains in place.

That makes the trading relationship between SATA and STRC a test of investor confidence in a still-developing financing model for public Bitcoin treasuries. The key figures to watch are not only the market prices of the preferred shares relative to $100, but also whether dividend adjustments, ETF allocations and issuer balance-sheet actions continue to support demand.

Mow’s view connects SATA’s recovery with a potential improvement in those conditions. If investors interpret Strive’s move back toward par as evidence that variable-rate Bitcoin preferred shares can stabilize, he expects STRC could draw enough demand to narrow its discount and restore a more efficient funding channel for Strategy.