Bitcoin (BTC) collapsed by 50%... but STRC and SATA held strong

▲ Strategy (MSTR), STRC, Binance, Bitcoin (BTC)/AI Generated Image ©

In a sharp market downturn where Bitcoin (BTC) plummeted 50% from its peak, STRC and SATA reportedly showed stronger resilience than expected. Matt Cole, CEO of Strive, described the two products as “very high-credit products,” emphasizing the potential of income-generating Bitcoin-linked credit products.

According to crypto media outlet BeInCrypto on April 29 (local time), Cole evaluated the period when Bitcoin fell from its peak of approximately $126,000 in October 2025 to about $60,000 in February as an initial test for digital credit products. He stated, “Bitcoin fell by 50%, but digital credit held up to a level no one could have imagined,” adding, “STRC and SATA are very high-credit products.”

Strategy's (MSTR) STRC is a floating-rate perpetual preferred stock with a yield of approximately 11.5%, while Strive's SATA offers a dividend rate of 12.75% after a recent 25bp increase. Both products are designed to trade near their par value. During the February sell-off, the stock prices of Bitcoin-holding companies like Strategy and BitMine plummeted, but their preferred stocks showed relatively stable performance. Since its launch in November 2025, SATA has recorded a cumulative trading volume of approximately $1.28 billion over 104 trading days.

In March, Strive purchased $50 million worth of Strategy's STRC and also holds approximately 13,311 BTC and cash equivalents. Strive evaluates STRC as a high-quality credit product with significant returns and higher liquidity than traditional medium-term bonds. The SATA dividend rate was also raised by 25bp to maintain its par value around $100, and in March, its trading volume briefly surpassed that of JPMorgan preferred stock.

Strive's annual dividend payment for SATA is approximately $56 million. The company explained that combining its held assets, it could pay dividends for about 19 years based on recent Bitcoin prices. It claims to have secured an asset buffer to keep SATA near its par value even in the event of a Bitcoin crash or instability in the private credit market.

Losses in Bitcoin-linked company stocks showed a clear difference from preferred stocks. Strategy's stock price fell by approximately 70% from its 2025 peak, and BitMine holds about $3.8 billion in unrealized losses related to its cryptocurrency holdings. Cole has evaluated the digital credit market as a multi-trillion dollar opportunity, and BeInCrypto reported that maintaining performance even through long-term market shocks will be the criterion for income-generating Bitcoin-linked products to enter the mainstream credit market.

[Article Summary]

-Even during a period when Bitcoin fell 50% from its peak, STRC and SATA showed relatively stable performance compared to the stocks of Bitcoin-holding companies.

-STRC yields approximately 11.5%, and SATA offers a dividend rate of 12.75%.

-Strive announced that it has secured assets to pay approximately 19 years' worth of SATA dividends, based on holdings including around 13,311 BTC and $50 million worth of STRC.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*